28th November 2023 |
On Saturday 25th of November we hosted an information afternoon on Navigating Carbon & Biodiversity Markets at the Huonville Town Hall.
Image: © Yimin Liew
The Australian Government is designing market mechanisms to encourage investment in carbon reduction and biodiversity. The hope is that these markets will accelerate investment into addressing climate change and protecting and restoring Australia’s rich biodiversity.
These markets will be particularly valuable for land managers. They should provide some economic return for good farm and land management practices and lead to considerable co-benefits for biodiversity, productivity, efficiency and reduced carbon emissions.
In this informative session we aimed to help landholders navigate this (often confusing) world of carbon and biodiversity markets. We explored the pros and cons of involvement in these markets including how to register a project, who to turn to for advice, whether or not to sell the credits/certificates or to keep them for your own business, the benefits of monitoring biodiversity and carbon to inform management decisions, and the co-benefits of managing for carbon and biodiversity.
We were very lucky to have speakers from the federal Nature Repair Market Team (Department of Climate Change, Energy, the Environment and Water), The Tasmanian Institute of Agriculture (TIA), Tasmanian Land Conservancy and NRM South for presentations and questions.
A big thank you to our presenters, Matthew Harrison, James Hattam and Yolanda Hanusch for sharing their expertise and experience, and to Catherine Riordan, Miles Leschen and Alison Brown for travelling from Canberra to provide current information on the Nature Repair Market.
For a suite of resources and tools for measuring carbon and biodiversity on your land, check out our brand new Reading Room resource page.
Associate Professor Matthew Harrison provided a detailed overview of carbon practices and markets in the agricultural sector. The focus was on managing on-farm emission sources, indirect emissions, and carbon stocks. The key takeaway emphasized the importance of conducting a baseline assessment to monitor progress accurately.
Key recommendations included improving production efficiencies to reduce greenhouse gas emissions, protecting and conserving existing carbon and biodiversity, and considering carbon offset options while comparing greenhouse gas emissions intensities against baselines.
In the realm of carbon markets, Professor Harrison covered ACCUU schemes for the land sector, emphasizing the implications of selling carbon credits, on-farm greenhouse gas budgets and national inventories.
- Tools and resources for measuring and monitoring carbon and greenhouse gases were discussed, and these are now available on our website: https://www.landcaretas.org.au/measuring_carbon_and_biodiversity.
The Nature Repair Market Team from Canberra provided updates on the Nature Repair Market Bill, detailing two pilot projects and current tools being used for monitoring and assessment. They addressed common questions about monitoring biodiversity, quantifying it, and eligibility criteria for participation.
Two biodiversity stewardship pilot projects were discussed, highlighting challenges in engaging landowners and the complexity of carbon market interactions. Barriers to participation included the need for upfront capital, reliable advice, and the importance of flexibility.
The National Stewardship Trading Platform, a tool for managing Nature Repair Market projects, currently available for pilot projects, was introduced and is expected to be open to the public in the future.
Catherine Roidarn provided an overview of the Nature Repair Market framework, outlining the timeline for the Bill's progress through various legislative stages. Audience questions raised concerns about additionality, the role of the Clean Energy Regulator, and the government's consideration of existing data and frameworks.
James Hattam discussed the Tasmanian Land Conservancy's New Leaf Carbon Project and the challenges of using the Accounting for Nature framework, emphasising the importance of adapting monitoring approaches for better results.
Yolanda Hanusch highlighted the benefits of increasing insect biodiversity for pollination and ecosystem services, suggesting the planting of species attracting native insects for insect biodiversity and pollination.
The “Navigating Carbon & Biodiversity Markets” event is part of Landcare Tasmania’s Huon/Channel Landscape Restoration Project and funded by the Tasmanian Government’s Landcare Action Grants Round 6.
Delivered with support from Milford, NRM South, Tasmanian Institute of Agriculture, Tasmanian Land Conservancy and the Department of Climate Change, Energy, the Environment and Water.