Monday, June 27, 2011

Carbon Farming Moves Through Australian Parliament

The Carbon Farming Initiative (CFI), a scheme designed to generate carbon credits for offset projects undertaken in forestry and agriculture, has been passed by the Australian House of Representatives and is now headed for the Senate. The CFI is notable for the fact that it would grant credits for both reforestation and biochar projects, two key CDR strategies. The CFI is tied to carbon price (tax) legislation currently under development (not to be confused with the failed Emissions Trading Scheme which helped bring down the previous Labor government of Kevin Rudd). The current Labor government, led by Julia Gillard, intends to hold a Senate vote on the CFI by the end of this month, although a national carbon tax is not proposed until 2012. In the absence of an effective price on carbon, it is difficult to see how a market in agroforestry offset credits will take off.

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