Changes to the Carbon Farming Initiative welcomed
Friday 28 Jan 2022The Forest Products Association (AFPA), has welcomed just announced changes to the new plantation forestry method which will streamline opportunities for planting trees and retain current forest lands to help combat climate change.
Minister for Energy and Emissions Reduction Hon Angus Taylor has announced several changes to the Carbon Farming Initiative (CFI) methodology relating to timber production forests which will assist tree companies make the decision to proceed to expand their estates. The changes will also allow new sandalwood and African mahogany plantations to participate in the Emissions Reduction Fund (ERF).
Chief Executive Officer of AFPA Ross Hampton said, “Professional forestry experts worked for many months with the Government to develop these changes which will be very helpful for tree planting companies seeking to participate in the Government’s voluntary ERF where eligible activities can earn Australian Carbon Credit Units (ACCUs).
One ACCU is equivalent to one tonne of carbon removed from or avoided in the atmosphere and can be sold by companies to generate income, either to the government through reverse auction or in the secondary market.
Note: The Emissions Reduction Fund (ERF) will use an improved method to credit eligible projects that store additional carbon in trees. The Australian Government introduced the method following public consultation. It will replace the current plantation forestry method. Existing projects will be able to transfer to the new method.
The new method aims to increase opportunities for plantation forestry projects by providing greater flexibility. It adds 2 new project activities to retain forest on land that would have otherwise converted to non-forest land use:
- continuing plantation activities
- transitioning a plantation to a permanent (not-for-harvest) forest.
The new plantation forestry method is one of 5 priority methods developed in 2021 under the ERF.
Find out more about the method by clicking here.
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