Eco-Markets Australia hands down first Annual Report
Eco-Markets Australia, the nation’s first independent administrator of environmental markets, is pleased to hand down it’s first Annual Report following the inaugural Annual General Meeting hosted on 4 November 2021.
This report looks back on our first year in business and is a great way for stakeholders to see the milestones achieved, including establishing our inaugural Board of Directors and issuing over 20,000+ reef credits.
During 2020, a project in the Tully River Catchment, south of Cairns, became the first project 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.
At the end of the financial year, Eco-Markets Australia commenced work on beta phase review of the Reef Credit Scheme and development of an online registry platform to track the generation, transfer and retirement of credits. Both projects are expected to finish in late 2021.
The momentum continues as we look forward to a number of key projects for the remainder of 2021 including the review of the Reef Credit Standard, the establishment of our online registry platform and educational initiatives to assist farmers in particular, better understand the reef credit and environmental market opportunity more broadly.
We look forward to the year ahead as we strive to move beyond start up phase through a consolidation period and growth opportunities.