Louise Edmonds, a soil carbon project developer based in West Australia and CEO of Carbonsync, said that while policies and leadership in Australia have changed, the framework is still very much in place. The Morrison administration, in its 2021–22 budget, promised to deliver $233.6 million in new funding to improve and protect Australia's soil. A large part of the trading under the ERF comprises soil carbon credits. This was repealed in 2014 by the Abbott administration, which introduced the voluntary Emissions Reduction Fund in its place. In 2011, the Gillard administration passed the Clean Energy Act through which a carbon pricing mechanism came into effect. The Australian government invested $9.6 million in its Soil Carbon Research Programme that concluded in 2012. The Carbon Farming Initiative Act 2011 encouraged Australian farmers to earn credits by changing land use practices to store carbon and reduce greenhouse gas emissions. And compared to the soaring popularity of forestry and household credits, it's hard to find registered soil carbon credits on popular standards like Verra and Gold Standard.Ĭlimate change policy has played a huge part in Australian elections and domestic policy over the last 15 years. The process relies primarily on land management practices like preventing overgrazing and tilling, better water management practices and composting.Ī number of factors, however, impede the popularity of soil carbon as a credit. Soil carbon sequestration involves removing carbon from the atmosphere and storing it in soil. announced the sale of $500,000 worth of soil carbon credits to Microsoft, which has pledged to become carbon negative by 2030. In a landmark deal earlier this year, Australian-owned Wilmot Cattle Co. Carbon trading now has a gold-rush feel to it." "We persevered and are now dealing in Paris Agreement-compliant credits," Louisa said. More than 20 years later, Carbon Farmers of Australia-the advisory they founded-has licensed projects spanning 750,000 hectares with a 3,700 sq km project in South Australia. In 2005, when Louisa and Michael Kiely began talking to farmers about soil carbon in New South Wales in Australia, they were met with incredulity. Soil carbon is gaining popularity as a credit, but it is also facing many challenges even in key markets like Australia and the US.
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