The Carbon Market Institute welcomes the $100 million ‘solutions multiplier’ investment by the Queensland Government in its Land Restoration Fund and the Australian carbon market.
“We are all seeing how climate change is a tragic and costly threat multiplier. Through this Land Restoration Fund announcement we can see how climate action can be a solution multiplier,” said Carbon Market Institute (CMI) CEO John Connor.
“This welcome investment leverages Commonwealth support for the growing market for land-based carbon reduction activities and additionally values other environmental and social benefits through its grant scheme.
“This will help enable Queensland to gain greater access to the employment, regional, indigenous and environmental benefits that come from participation in the Australian carbon market.”
Queensland’s Non-Executive Director of the Carbon Market Institute, Dr Matthew Bell, also Ernst & Young’s Asia Pacific Managing Partner of Climate Change, welcomed the announcement.
“We know that addressing climate change will require coordinated action, but we also recognise that those States able to seize the early advantage of fast-growing and valuable markets will win out,” Dr Bell said.
He said Queensland has some of the world’s richest natural resources, as well as an established and progressive agriculture sector.
“The Land Restoration Fund taps into these two aspects to enable Queenslanders, and particularly regional Queenslanders, to diversify into attractive carbon and other environmental markets.
“Queensland has a unique ecosystem that people want to see protected. The Land Restoration Fund goes beyond just locking away carbon from the atmosphere, it helps support co-benefits like protecting the reef, supporting biodiversity, and helping native species.”
CMI’s 2017 Carbon Farming Industry Roadmap reported that nationally the industry could be worth $24 billion by 2030 with over 20 000 jobs being generated, mostly across regional Australia. Queensland’s own research shows that with the right policy settings there could be up to $8 billion of investment in Queensland.”
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; encouraging take up of carbon in plants and soils and; fire practices, such as indigenous savannah ‘cool burns’ that prevent more greenhouse gas releases associated with hot fires.
“CMI looks forward to continue its work with the Queensland government, important mining and farming stakeholders as well as indigenous communities, to ensure the growth of this important new industry and to maximise the potential benefits that can come from appropriate sharing of the land,” concluded Mr Connor.
For further information contact John Connor 0413 968 475
The CMI is the independent peak industry body at the centre of business and climate action. CMI has 75 corporate members and speaks for business leading the transition to a net-zero emissions economy.