governance and development

Reef Credit Scheme Governance

Eco-Markets Australia and its Board administers the Reef Credit Scheme, and Eco-Markets Australia acts as the Reef Credit Secretariat. The Secretariat is empowered to manage and oversee all aspects of the Scheme with support from Eco-Markets Australia’s Board and the Technical Advisory Committee.
The Reef Credit Secretariat’s role and responsibilities includes:

  • Managing or overseeing all Reef Credit Scheme processes and procedures
  • Issuing, approving and/or updating all Reef Credit documentation
  • Issuing guidance and interpretations related to the Reef Credit Scheme
  • Ensuring the integrity of the Reef Credit Scheme
  • Making decisions regarding the administration or operation of the Reef Credit Scheme, which may include input from the Technical Advisory Committee and Board.

The Technical Advisory Committee provides independent expertise on the methodology approval and modification process, selection of peer reviewers, compliance matters and related issues.

Reef Credit Scheme Development

The Reef Credit Scheme was developed in response to the emerging consensus that a market mechanism to incentivise water quality improvements across catchments of the Great Barrier Reef was urgently needed. In 2017, natural resource management organisations, Terrain NRM and NQ Dry Tropics partnered with GreenCollar, an environmental markets investor, to guide the development of the Reef Credit Scheme and serve as the Interim Steering Committee.  

The Queensland Government officially launched the Reef Credit Scheme in October 2017 as part of two reef water quality projects – the Wet Tropics and Burdekin Major Integrated Projects (MIPs) – with the intent to operate in all catchments of the Great Barrier Reef. Members of the Technical Advisory Committee (TAC) have provided feedback and recommendations at all stages of the Reef Credit Standard and methodology development, as well as on the overall design of the Scheme and subsequent revisions. Funding to support the development of the Scheme, Governance and Registry was provided by the partnership between the Australian Government’s Reef Trust and the Great Barrier Reef Foundation, and Queensland Government.