Previously “wasted” land is earning a NSW farmer millions with its ability to store carbon to reduce Australia’s emissions. Peter Yench of Cobar’s Bulgoo Station has received nearly $1 million a year over the past three years from carbon farming.
Some 9300ha of his 21,000ha property is set aside for carbon storage under the avoid deforestation method. Mr Yench has a permit to clear the land but earns money by choosing not to and opting to revegetate it instead. Under the 100-year deal, Mr Yench is paid carbon credits for the first 20 years with a requirement to maintain the land for the remaining 80.
“It was a wasted area of ground and by tying it up for 100 years and getting a payment for carbon storage it made it very valuable. At the end of the day it is a big advantage for the landowner and the country. We’ve got to do something about our atmosphere and biodiversity. If somebody doesn’t do something and doesn’t do it now, I don’t know what it will be like in another 50 years’ time. It’s got to be cleaned up.”
This video was produced in collaboration with the Clean Energy Regulator.