QLD Government commits $10m investment in Reef Credits
Eco-Markets Australia welcomes the news of Queensland Government’s commitment to invest $10 million to support the state’s emerging Reef Credit market.
The Queensland Government has awarded contracts to two organisations as part of commitment to help boost the Reef Credit Scheme, which is administered by Eco-Markets Australia (EMA).
The two organisations, Palladium and GreenCollar, will now help secure new investment and work with landholders to develop on-ground Reef Credit projects.
Palladium will work with Griffith University to carry out a series of projects on grazing properties to rehabilitate eroded gullies and generate credits.
GreenCollar works with a wide range of delivery partners and landholders to generate credits from land management projects that reduce run-off of dissolved inorganic nitrogen from fertiliser and fine sediment from gully erosion on agricultural properties. Partners include the Neilly Group, Agriprove, Verterra and NQ Dry Tropics.
The credits generated from the projects may then be on-sold to corporations, private investors and philanthropic organisations who are motivated to protect the Reef, or are trying to meet their own policy, investment or corporate responsibility charters.
Being an independent environmental market regulator, it’s important to EMA to maintain the integrity of the scheme, which includes verifying project outcomes and providing a secure and transparent registry system.
As a pinoneer nature positive market administrator EMA is
EMA CEO Maree Ashead said environmental markets, like the water quality Reef Credit Scheme, create a viable channel for investment in key natural assets such as the Great Barrier Reef.
“We know how important the Reef is to Queensland’s economic future and this project is a very smart way to catalyse change for good.
“Eco Markets Australia is delighted to be involved and is looking forward to sharing the many positive outcomes this project will deliver for years to come,” she said.
