Citola Blog
Australian Carbon Farming Initiative
The Australian Governments’ Carbon Farming Initiative (CFI) is seeking to provide a framework to combat climate change and stimulate a ‘green’ economy in the absence of the Carbon Pollution Reduction Scheme and a compliance carbon price.
The Carbon Farming Initiative will look to open up new opportunities for the Australian carbon markets by the Federal Government facilitating the sale of carbon offsets on international carbon markets through the ability to produce Kyoto-compliant Assigned Amount Units (AAUs) and Removal Units (RMUs).
"This is another example of action being taken by the government to tackle climate change," Climate Change Minister Greg Combet said in a statement.
The Australian Government believes the Carbon Farming Initiative will provide a strong incentive to identify and implement low-cost methods to reduce pollution in the agriculture and forestry sectors.
Angus MacNee, CEO of Citola Group plc, attended the Carbon Farming Initiative ‘Stakeholder Consultation Session’ in Canberra on Friday with representatives of the Department of Climate Change.
"There is more work to be done, however, any progress on stimulating demand and tying into international markets is positive,” Angus MacNee said. “The ability to monetise carbon offsets on international markets is positive and of great interest to Citola who operates in these markets.”
Consequently, Citola has joined the Australian National Registry of Emissions Units. The Australian National Registry of Emissions Units (ANREU) is a system designed to meet one of Australia’s commitments under the Kyoto Protocol. The Protocol requires each country with an emission reduction target to establish a national registry to ensure accurate accounting of the issuance, holding, transfer, acquisition, cancellation, retirement and carryover of Kyoto units.
The CFI Consultation Session topped off a busy week for Citola who met with the Victorian Department of Sustainability and Environment to discuss the BushBroker program and the New South Wales Department of Environment, Climate Change and Water to discuss BioBanking.
The BioBanking and BushBroker initiatives are mechanisms to fund biodiversity and conservation. They provide a cost-effective and flexible ‘product’ for developers to meet environmental compliance objectives and achieve sustainable development.
“Biodiversity offsets and Native Vegetation Credits are the future for biodiversity conservation and environmental compliance in the face of a commodity carbon market that only values volume and (low) price.” Angus MacNee said. “There is a large commercial opportunity that will deliver positive environmental and conservation outcomes and Citola is greatly encouraged by BioBanking initiatives that are assisting to create this market”.
Citola Carbon Farming Initiative Products
Citola provides client access to a long-term, fixed price provision of carbon offsets (Australian Carbon Credit Units - ACCUs) eligible in the Australian Carbon Farming Initiative (CFI) and subsequent carbon price legislation.
Post new comment