Land managers who wish to undertake plantation forestry projects to sequester carbon will now have the opportunity to participate in the carbon market, following Australian Government approval of a Plantation Forestry Method under the Emissions Reduction Fund (ERF).
Assistant Minister for Agriculture and Water Resources Anne Ruston welcomed the new method, which was approved by the Minister for the Environment and Energy, Josh Frydenberg.
"We know that Australia's plantations are some of the best managed in the world, and that they provide a sustainable and renewable resource—not to mention playing a vital role in many rural and regional economies," Minister Ruston said.
"Approval of the Plantation Forestry Method recognises the important contribution this clean and green industry can also make to reducing our nation's carbon emissions, and meeting our international commitments under the Paris climate agreement.
"The Plantation Forestry Method also means that land managers who undertake plantation forestry projects that sequester carbon may be able to generate an additional income stream by participating in the carbon market through the ERF.
"I encourage plantation forestry managers to find out more about the opportunities that they could access under the ERF."
The method is now available on the Federal Register of Legislation at legislation.gov.au/Details/F2017L01038. Information on the method will be available on the Department of the Environment and Energy's website: www.environment.gov.au.
To find out more about the ERF, visit cleanenergyregulator.gov.au/ERF.
- The Emissions Reduction Fund is a voluntary scheme that credits activities by Australian farmers, land holders and industry that adopt practices and technologies to reduce Australia's greenhouse gas emissions.
- Following the 5th auction in April 2017, the Emissions Reduction Fund has contracted 189 million tonnes of carbon abatement, at an average price of $11.83 per tonne. The total funding committed under the ERF is $2.2 billion, which involves 387 contracts and a total of 435 projects.
- Approximately 64,300 Australians are employed in forestry, logging and wood manufacturing.