Monday, August 22, 2011

Australian Carbon Farming Passes

After moving through the House of Representatives earlier this summer (see Carbon Farming Moves Through Australian Parliament, 6/27), Australia's Carbon Farming Initiative (CFI), designed to promote agroforestry offset projects, has been passed by the Australian Senate. Approved with minor amendments, the bill must now be rubber-stamped by the House before it becomes law. Importantly, the CFI is unlikely to make a significant impact until Parliament passes a more comprehensive carbon package which would introduce a limited carbon tax in July 2012. Analysts expect most CFI investments to flow toward reforestation projects--an offset methodology for "environmental plantings" is currently under review. Soil carbon storage and biochar are also likely to be eligible under the CFI, although necessary methodologies have yet to be considered. The CFI will be the world's first national agroforestry carbon credit system.

1 comment:

  1. We need to roll this out world-wide! Biochar to prevent worst case scenarios!

    The Climate Progress Wikipedia