The Clean Energy Regulator has today issued the first Australian carbon credit units (ACCUs) to a soil carbon project under the Emissions Reduction Fund.
Corporate Carbon was today credited with 406 ACCUs on their Grounds Keeping Carbon project, which uses SoilKee renovator technology to increase soil carbon, in line with the Sequestering Carbon in Soils in Grazing Systems Methodology.
David Parker, Chair of the Clean Energy Regulator—who today presented the first soil carbon ACCUs at the project site near Drouin, Victoria—said this was a great landmark event for the scheme.
“This the first time in Australia a project has generated carbon credits on the land by increasing levels of soil carbon,” Mr Parker said.
The project relies on direct measurement through soil sampling as well as taking action on the ground to increase soil carbon using innovative technology to aerate the soil, build organic matter, top dress pasture and plant seed.
The Emissions Reduction Fund soil carbon methods provide land owners and managers the incentive to change land management and improve soil health.
“Soil carbon capture and sequestration is an innovative emissions reduction measure. There is a triple win to address climate resilience, improving soil health and food productivity, and the bottom line for farmers.”
“This project is an example of the co-benefits that can be achieved under the Emissions Reduction Fund, and a beacon of innovation in the agricultural sector,” Mr Parker said.
Over 59 million tonnes of abatement has been credited under the Emissions Reduction Fund.
The Clean Energy Regulator encourages farmers and land managers who are interested in bringing forward new soil carbon projects to contact the Clean Energy Regulator.
The Emissions Reduction Fund is a voluntary scheme that aims to provide incentives for a range of organisations and individuals to adopt new practices and technologies to reduce their emissions or store carbon. It is enacted through the
Carbon Credits (Carbon Farming Initiative) Act 2011, the Carbon Credits (Carbon Farming Initiative) Regulations 2011 and the Carbon Credits (Carbon Farming Initiative) Rule 2015.
A number of activities are eligible under the scheme and participants can ACCUs for emissions reductions.
One ACCU is earned for each tonne of carbon dioxide equivalent (tCO2-e) stored or avoided by a project. ACCUs can be sold to generate income, either to the government through a carbon abatement contract, or to contracted private parties or through periodic sales in the secondary market.
Sequestering Carbon in Soils in Grazing Systems method for more information on project requirements under the method.
The Government has announced a Climate Solutions Fund program to provide $2 billion in funding through the Emissions Reduction Fund from 2020 onwards.
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.