The Carbon Market Institute (CMI) welcomes the NSW Government’s $125 Million Primary Industries Productivity and Abatement Program launched today, commending the investment in enhancing the growth and integrity of land sector carbon abatement, while recognising the opportunities for the farmers and land managers in the transition to net zero emission economies.
Importantly, today’s announcement recognises that in the midst of twin climate and biodiversity crises, a robust plan to decarbonise the economy will not only enhance natural capital, but also create jobs, boost regional economies and reduce the cost of doing business.
“We know that land-based solutions like carbon farming have the potential to deliver up to one third of the cost-effective mitigation needed alongside urgent industrial decarbonisation to hold global warming well below 2°C. These should play an important role in protecting, conserving and restoring nature while also aiding sustainable agricultural productivity,” said John Connor, CEO, CMI.
“Today’s announcement strikes a strong balance between addressing urgent climate and biodiversity needs, while also sending important policy signals for greater investment and capacity building in the market. NSW’s announcement builds on programs in other states like Queensland’s Land Restoration Fund initiative seeking to support the integration of carbon, agricultural and conservation goals in land management.”
The three key focus areas of the program will include:
- Developing market and industry foundations – $52 million to develop trusted and transparent data, metrics and frameworks to underpin strong market activity
- Building critical mass and capacity – $72 million to incentivise land managers to take early action on high priority areas and build carbon management and emissions abatement capacity and expertise
- Accelerating finance for natural capital and low carbon farming – $1 million to initiate work with the financial sector to help finance nature-positive and low emissions practices by farmers and land managers.
Connor welcomed the focus on transparency & integrity as important building blocks for the program’s success noting the NSW Government was a Government Partner in CMI’s world leading Carbon Industry Code of Conduct.
“By utilising robust data collection, tradable units that are verified against legislated integrity standards and benchmarking standards to verify and compare projects, the first focus area will lay strong foundation and provide the evidence required for further action and investment.”
The Carbon Market Institute is the independent industry association for business leading the transition to net zero emissions. Its over 130 members include primary producers, carbon project developers, Indigenous corporations, legal and advisory services, insurers, banks and emission intensive industries developing decarbonisation and offset strategies.
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