Nature-based solutions business Canopy and its parent company Greening Australia have responded to rising demand for high-integrity carbon projects from corporate Australia with a native reforestation carbon aggregation, which will see over 2.26 million diverse native plants established across 1,228 hectares in 2023 – that’s almost three times the size of Melbourne’s CBD.
The project, registered with the Clean Energy Regulator, brings together 14 landholders from across Western Australia, South Australia, New South Wales and Victoria, doubling the number of landholders engaged in our previous 2022 record-breaking aggregation.
While the wider carbon industry navigates increased public scrutiny, heavy-weight corporates are craving reliable, trusted partners to help meet their ambitious environmental commitments.
The strengthening of the Safeguard Mechanism – the first successful national reform to cut Australia’s emissions in a decade – is expected to further contribute to growing demand in the carbon market, with approximately 30 percent of Australia’s total emissions falling under the scope of the revised law.
Canopy Executive Director and Greening Australia Acting COO Paul Della Libera said that while less than one percent of the carbon market is currently made up of Australian Carbon Credit Units (ACCUs) generated by native environmental plantings, this method is critical to delivering tangible biodiversity restoration outcomes alongside carbon sequestration.
“The year-on-year growth of Canopy and Greening Australia’s carbon aggregations is a testament to our position as a market leader delivering high-integrity carbon projects that unlock positive outcomes for nature at scale, while driving financial returns for local landholders and helping large businesses meet environmental commitments.
“We don’t have a moment to waste tackling the environmental challenges we collectively face. We’re committed to continuing our leading role in delivering innovative nature-based solutions that tackle climate change while simultaneously restoring Australia’s unique biodiversity,” said Mr Della Libera.
For participating local Western Australian farmer Clinton Dolan, the opportunity to work together with Canopy and Greening Australia to reinvigorate an area of semi-arable land he leases could not be passed by.
“We have witnessed firsthand the process undertaken by our neighbours who have had extensive areas planted and are achieving amazing results. Partnerships such as this enable our business to make steps towards leaving the farm in a more thriving and healthy condition for our children, who are beginning to make their way back home to the farm,” said Mr Dolan.
“We’ve got 60 to 65 hectares of saline land with some good pockets of loamy country through it, but basically it’s non-productive land. At the moment, we’re not really getting any grazing value… so anything we get off the land at this point is going to be a bonus. The project is planting that land in shelter belts using native species – salmon gum, white gum and then saltbush through the salty country – to basically regenerate the land.”
The aggregation is expected to generate over 250,000 ACCUs via the environmental planting methodology, and is Australia’s largest carbon aggregation via reforestation plantings by number of landholders and area.
Interested in taking action on climate change and biodiversity loss by investing in high impact nature-based solutions like this carbon project? Get in touch with the Canopy team.
