New forestry methods will give farmers, businesses and industries the ability to earn revenue through projects which will help Australia achieve its emissions reduction targets. Source: Timberbiz
The new methods cover blue carbon, plantation forestry, abatement from industrial and commercial processes, and biomethane.
Minister for Industry, Energy and Emissions Reduction Angus Taylor said expanding the supply of Australian Carbon Credit Units (ACCUs) gives businesses and customers the option to offset their emissions where it makes sense for them to do so.
“The Emissions Reduction Fund is working. Since 2014, the ERF has committed $2.2 billion to projects across Australia, many in regional and rural areas,” Mr Taylor said.
“The ERF has already delivered more than 100 million tonnes of abatement and these new methods will bring on even more projects and abatement.”
The Australian Forest Products Association says the changes will streamline opportunities for planting trees and retain current forest lands to help combat climate change.
The changes will assist tree companies make the decision to proceed to expand their estates. The changes will also allow new sandalwood and African mahogany plantations to participate in the Emissions Reduction Fund.
“Professional forestry experts worked for many months with the Government to develop these changes which will be very helpful for tree planting companies seeking to participate in the Government’s voluntary ERF where eligible activities can earn Australian Carbon Credit Units,” AFPA CEO Ross Hampton said.
One ACCU is equivalent to one tonne of carbon removed from or avoided in the atmosphere and can be sold by companies to generate income, either to the government through reverse auction or in the secondary market.
“Forest industries have enormous potential to help Australia meet its net zero by 2050 commitment. As trees sequester carbon whilst growing, the carbon continues to be stored in timber products and the cycle recommences when the replanting of some 70 million trees takes place each winter,” Mr Hampton said.
The Government’s “Growing A Better Australia – A billion trees for jobs and growth” plan is seeking to plant an additional 400,000ha of production tree plantings which according to recent modelling can capture between 150 to 210Mt C02-e by 2050.
“Promoting more production tree planting is a win, win, win for Australia,” Mr Hampton said.
“Not only will it help meet our climate goals, it also provides a number of co-benefit outcomes such as helping to generate new income for landowners, increasing biodiversity and habitat for wildlife, while helping to supply the vitally needed timber which our builders are so desperate for and increasing carbon stores in the built environment.
“Forest industries look forward to further announcements from the Government regarding removing regulatory barriers so that timber plantations in all key forestry regions can participate in the ERF,” he said.
