News

October 1, 2020

First Reef Credits Issued

A Reef Credit is a tradable unit of pollution reduction

We are pleased to announce the issuance of the first Reef Credits.

A project in the Tully River Catchment, south of Cairns, has become the first to be issued Reef Credits. The pilot project was developed by environmental market developer and investor, GreenCollar, working with a local cane farmer.

The Tully Nutrient Run-off Reduction Project #1, generated 3,125 Reef Credits between January 2018 and December 2019 under the approved Method for Accounting Reduction in Nutrient Runoff through managed Fertilizer Application Version 1.1.

The Reef Credit Interim Steering Committee approved the issuance of Reef Credits for the project following validation and registration of the project by the Reef Credit Secretariat and independent verification by an accredited auditor which confirmed project eligibility, baseline and project pollutant reduction calculations, Reef Credit quantity and that the project was implemented to meet the Reef Credit Standard.

The issuance of the first Reef Credits represents a significant milestone in the development of the Reef Credit Scheme.

We look forward to further project approvals and credit issuances in the near future.