The Carbon Market Institute today welcomed the decision of the West Australian Government to progress to consultation on granting consent to proposed regeneration activities on pastoral leasehold lands in West Australia.
“We are excited to see West Australia joining other states in recognising the regional, environmental and other benefits that come from participation in the Australian carbon market,” said Carbon Market Institute (CMI) CEO John Connor.
“West Australia has just over 4 per cent of the financial value of the almost $2 billion currently invested in active contracts made with the Commonwealth Government’s Emission Reduction Fund.”
“CMI’s 2017 Carbon Farming Industry Roadmap reported that the industry could be worth $24 billion by 2030 with over 20 000 jobs being generated, mostly across regional Australia. We are keen to help WA become a part of this growing industry.”
Carbon farming broadly refers to land management activities that reduce greenhouse gas emissions from agricultural practices or sequester carbon dioxide in the landscape. These activities involve managing: animal diets to reduce emissions from digestive processes; biological processes that absorb carbon in plants and soils and fire to prevent more greenhouse gas releases associated with hot fires.
The land management activities under this consultation are those that allow regeneration of degraded pastoral lands with carbon being stored in the extra trees that have been enabled to grow.
“Carbon farming can help regenerate West Australia’s precious rangelands and provide benefits for pastoralists while working alongside other traditional industries.”
“This is a milestone step forward for both the supply and demand side of Australia’s growing carbon market, with many state-based resources companies looking for opportunities to invest money back into WA-based carbon projects and the local economy.”
“CMI looks forward to continue its work with the WA state government as well as important mining, exploration and pastoral stakeholders to ensure the growth of this important new industry,” concluded Connor.
The West Australian Government has announced a four week consultation period from until 2 October 2019 on proposed “Human Induced Regeneration” projects on pastoral leasehold lands in WA.