Rio Tinto and Woodside are seeking recognition of stranded carbon credits, an Indigenous CO2 fund wants a tradable 'Aboriginal Carbon Unit' and dairy behemoth Fonterra is calling for a farm-wide approach, in newly-released submissions on the Carbon Farming Initiative.
Sequestration projects by farmers and foresters would receive a huge boost under changes to the Carbon Farming Initiative proposed today by Professor Ross Garnaut, who wants it linked with the mooted price regime but warns it won't deliver cut-price carbon to companies.
Farmers are still ambivalent about a price on carbon, but if the Gillard Government doesn't introduce a pricing mechanism then taxpayers should fund the purchase of farm-based credits, the National Farmers Federation says.
Commercial timber plantation owners say proposed rules for a Government carbon credits regime will lock them out, but the carbon sink forestry and landfill sectors have praised the scheme's design.
Companies seeking to purchase credits to offset their carbon emissions could soon have more certainty, after Climate Change Minister Greg Combet took the first step towards resuscitating a domestic offsets market, in the wake of the demise of the Greenhouse Friendly scheme and in the lead-up to its proposed Carbon Farming Initiative.
The Government has confirmed today that it will legislate to underpin an election pledge for a voluntary scheme that creates carbon credits from land-based projects and will also fast-track methods to calculate credits from carbon sink forests, soil carbon and biochar.