Media release
18 March 2014
The Coalition Government is making it easier
for farmers and landholders to be able to
participate in the Emissions Reduction Fund
by storing carbon in their soil, improving
farm productivity and contributing to action
on climate change.
The land management
activity ‘sequestering carbon in soil in
grazing systems’ will be added to the Carbon
Farming Initiative Regulations—the ‘positive
list’ of activities that reduce greenhouse
gases.
This paves the way for
developing methodologies for soil carbon
sequestration, under which projects can
participate in the Emissions Reduction Fund.
In addition to removing
carbon from the atmosphere, sequestering
carbon in agricultural soils can increase
farm productivity through improved soil
structure, water-holding capacity and fertility.
Farmers will be able
to earn carbon credits and bid in the Emissions
Reduction Fund reverse auctions, to sell
the Government these credits.
The Government is continuing
to work closely with landholders, scientists
and key interest groups to develop an initial
methodology, to be ready in mid 2014.
Further soil carbon
methodologies will also be developed, for
introduction in late 2014.
Farmers and landholders
will have the flexibility to choose from
a number of different measurement and model-based
soil carbon methodologies that best cater
for the unique commercial and environmental
characteristics of their project.
They will also be able
to aggregate smaller projects to bid into
the Emissions Reduction Fund.
Through the Emissions
Reduction Fund, the Government will deliver
an important election promise to make it
easier for farmers to take part in the Carbon
Farming Initiative. The Government is introducing
a 25-year option for carbon sequestration
projects, in addition to the current 100
year option.
These important measures
are part of the Government’s commitment
to reduce emissions by five percent by 2020,
from 2000 levels.
Carbon Farming and Direct Action
