Farmers Land Carbon Credits

Changes to how land sector emissions are reported under the Kyoto Protocol are expected to benefit farmers and rural landholders who will gain greater access to Australia’s carbon markets.    The changes announced in the 2013-14 Budget will see the Government formally account for cropland management, grazing land management and revegetation in its national greenhouse gas inventory.    Parliamentary Secretary for Climate Change, Industry and Innovation, Yvette D’Ath said the decision meant when a landholder stored carbon in soils or vegetation, their efforts would count towards Australia meeting its national greenhouse gas reduction target.    Ms D’Ath said the changes would mean methodologies developed under the Carbon Farming Initiative (CFI) which covered those activities would be able to generate Kyoto-compliant CFI credits.    She said since businesses with obligations under the carbon pricing mechanism could buy and surrender those as offsets against their liabilities, participating farmers now had new buyers for abatement projects on their land.    “This is a win for everyone,” Ms D’Ath said.    “Liable firms will have more flexibility in how they meet their obligations and farmers can now benefit from new buyers and greater access to Australia’s carbon markets.”    She said accounting for those land sector emissions would broaden the base of the CFI, and, by extension, Australia’s carbon pricing mechanism.    “A broad base will reduce the overall cost of Australia meeting its international emissions reduction commitments,” she said. Edition 361f, 17 May 2013 Taylor Scott International