The ERF should provide primary industry with incentives for avoided soil carbon loss, just as it rewards avoided deforestation, according to leading soil carbon experts.
Environmental markets company GreenCollar today announced a partnership with the Queensland Government to carry out projects that improve carbon stored in vegetation, reduce runoff into the Great Barrier Reef and are eligible for ERF funding.
Emissions from a spike in land clearing rates, especially in Queensland, will needlessly cost the economy well over $1 billion between now and 2030, a new report by CO2 Australia shows.
Offset provider Corporate Carbon has successfully registered with the Clean Energy Regulator the first two projects authorised to earn credits by sequestering carbon in soil.
A total of 26 carbon offset projects succeeded in registering with the Clean Energy Regulator in March, compared to only five in the same period last year.
Environment Minister Greg Hunt has gazetted a new carbon credits method that will allow companies and other organisations to obtain ERF money for energy efficiency upgrades.