Newspaper article The Northern Star (Lismore, Australia)

Gas Project a Credit to Council

Newspaper article The Northern Star (Lismore, Australia)

Gas Project a Credit to Council

Article excerpt

Byline: MEGAN KINNINMENT megan.kinninment@northernstar.com.au

Carbon Farming Initiative

The Carbon Farming Initiative (CFI) allows farmers and other land managers to earn carbon credits by storing carbon or reducing greenhouse gas emissions on the land.

These credits, known as Australian Carbon Credit Units (ACCUs), can be sold to people and businesses wishing to offset their emissions.

The CFI also helps rural communities and the environment supporting sustainable farming by creating incentives for landscape rehabilitation.

In much the same way as financial markets trade in different currencies, carbon markets trade different types of carbon credits.

For example, carbon permits are generally issued by governments as part of a carbon pricing mechanism and carbon offsets are issued for abatement projects through schemes like the CFI.

Each carbon credit represents one tonne of carbon dioxide equivalents (CO2-e).

Abatement from all sorts of activities, including those that reduce methane or nitrous oxide emissions, can be measured in tonnes of CO2-e.

This standardisation allows the credits from different activities to be traded more easily.

Source: climatechange.com.au

BYRON Shire Council has transformed its smelly tip into a money spinner, earning $150,000 from carbon credits.

The credits were earned through the council's Myocum Landfill gas flare project in which methane is collected in pipes and then burnt at temperatures between 700 to 800 Celsius to create carbon dioxide; up to 24 times less damaging to the environment.

The gas flare project was approved under the federal government's Carbon Farming Initiative in September last year.

Under the scheme, each carbon credit represents one tonne of carbon dioxide equivalents (CO2-e).

Projects that avoid emissions of methane, for example methane from the digestive tract of livestock, or projects that avoid emissions of greenhouse gases from the operation of a landfill facility are eligible for credits. …

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