A Year in Review: Reflecting on Growth, Achievements, and the Year Ahead
As 2024 draws to a close, we want to extend our sincere thanks to all of Eco-Markets Australia’s stakeholders and partners for your ongoing support and collaboration. This has been a year of reflection, growth, and progress—one that positions us for even greater impact in the year ahead.
Strengthening Our Team and Governance
This year saw changes across our team, offering us an opportunity to reflect on the evolving needs of the organisation as we prepare to expand into new markets and opportunities. Our team restructure is continuing with the appointment of our new Head of Programs, who commences in mid-January.
Our Board also welcomed new leadership this year, with Wilfred Finn appointed as Chair following the tenure of our inaugural Chair, Jo Sheppard. Additionally, the Eco-Markets Australia Technical Advisory Committee expanded from three to seven members, broadening our expertise across biodiversity, water quality, and environmental markets.
Advancing the Reef Credit Scheme
Under our administration, the Reef Credit Scheme has undergone significant progress this year:
- Comprehensive Scheme Review: Mid-year, we released Version 2.1 of the Reef Credit Standard following a comprehensive review. The enhancements aim to improve accessibility and address barriers to participation.
- Credit Pricing Growth: Credit pricing rose over the year, with credits generated under the Nitrogen Use Efficiency (DIN) Method increasing from $100 at the start of 2024 to $170 per credit by year-end.
- First Wastewater Method Project Registered: The first project under the Wastewater Method was registered on the Eco-Markets Australia Registry this year—a wastewater treatment facility located in Burdekin. This method uses macroalgal technology to reduce Dissolved Inorganic Nitrogen entering the waterways of the Great Barrier Reef catchment. Reef Credits from the Burdekin facility are expected to commence generation in early 2025.
- Grazing Land Management Methodology Released: This methodology reduces fine sediment runoff through improved grazing land management practices. Project registrations are anticipated in early 2025.
This brings the total number of approved methodologies under the Reef Credit Scheme to four:
- Nitrogen Use Efficiency Method
- Gully Method
- Wastewater Method
- Grazing Land Management Methodology
We are also continuing to assess a Constructed Wetlands Method, with updates to follow in the new year. The increasing suite of methodologies makes the Reef Credit Scheme more accessible for landholders seeking to participate in the Scheme and generate Reef Credits.
Broadening Our Impact: The Cassowary Credit Scheme
This year marked a significant step toward our expansion into biodiversity markets. We have been assessing Terrain NRM’s Cassowary Credit Scheme and Rainforest Replanting Methodology through our rigorous Review and Approval Process. Following a public consultation, both are continuing to progress through this process. Under Eco-Markets Australia’s administration, this will mark our first biodiversity credit market—expanding our remit beyond water quality improvements under the Reef Credit Scheme to include broader nature repair outcomes.
Looking Ahead
As we close out the year, our office will be closed over the Christmas period from COB Friday 20th December, and reopening on Monday 6th January.
We remain committed to building integrity, trust, and innovation in environmental markets and look forward to continuing our work in 2025.
