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Prioritizing carbon credits from new plantation forests

The Federal Government will prioritise its focus on securing carbon credits from establishing new plantation forests, the Energy and Emissions Reduction Minister Angus Taylor announced on Friday. Source: Timberbiz

In his keynote address to the Climate Markets Institute Summit on Friday Mr Taylor said that in 2021, the Federal Government would be prioritising five key Emissions Reduction Fund methodology areas.

“These are: soil carbon, carbon capture use and storage, bio-methane or green gas, plantation forestry, and blue carbon,” he said.

Australian Forests Products Association CEO Ross Hampton said the focus would underpin a move to a lower emissions future and will back Aussie jobs, communities and businesses.

“With this announcement the Government has made an important step in evolving Australia’s economic environment to be more resilient and allow our renewable forest industries to play a significant role in reducing emissions and supporting Australia’s recovery from COVID-19,” Mr Hampton said.

“AFPA is encouraged by the Government’s recognition that our renewable forest industries value chain can reduce emissions, store carbon and produce renewable forest products and energy in all its forms, if the right investments are supported. This initiative to effectively streamline the plantation forestry methodology, will allow new projects to participate faster and more effectively in the ERF.”

Mr Hampton said wood fibre was a sustainable biological resource that produced renewable wood and paper products, including new emerging innovative bioproducts such as biomaterials, biochemicals and bioenergy.

Apart from replacing existing products manufactured from fossil fuels these products provided social, environmental, and economic benefits.

“Investing in new production trees not only stores carbon and reduces emissions but also comes with multiple benefits for farmers and other landowners including reducing salinity, soil erosion while supporting regional jobs, businesses and economic growth,” Mr Hampton said.

“We look forward to working with the Morrison Government on this important initiative.”