Queensland leads nation on carbon farming for second year running

• Queensland has been recognised as Australia’s best carbon farming state for the second year running by the Carbon Market Institute
• The latest investment round of the Palaszczuk Government’s $500 million Land Restoration Fund will invest up to $50 million in Queensland’s carbon farming industry, on top of the around $100m already committed
• Queensland is committed to strengthening the integrity of the carbon market by increasing transparency

Queensland has been recognised as the nation’s best carbon farming state for the second year running in a national scorecard that rates how Australia’s states and territories are supporting the carbon farming industry.

The Carbon Farming Scorecard, released this week by the Carbon Market Institute (CMI), found Queensland was once again leading the way in the level of support and investment of carbon farming with a score of 83%.

The result recognises the Palaszczuk Government’s $500 million Land Restoration Fund, strong policy initiatives and ongoing partnerships with key stakeholders, all of which are protecting the state’s environment while also creating jobs through the growth of carbon farming.

The Land Restoration Fund’s third investment round, which was launched recently, will see a further $50 million invested into carbon farming projects that will deliver environmental co-benefits to the state.

The new projects contracted under Investment Round 3 will complement the 22 projects the Palaszczuk Government has already invested more than $100 million into since start of introduction of the Land Restoration Fund.

Quotes attributable to the Minister Linard:

“Queensland’s leadership in environmental protection has been recognised again.

“The Carbon Market Institute assessed Australia’s federal, state and territory governments on how they are developing their land-based emissions offset markets.

“This year’s result recognises that the Palaszczuk Government has taken a proactive approach to sharing information about its investments, enabling investors to make more confident decisions.

“Since the 2022 report card was released, we have increased the amount of data available to the market about each LRF project and each investment round to uphold and improve the carbon market’s integrity and transparency.

“The Palaszczuk Government remains firmly committed to continuing to support carbon farming initiatives which not only helps tackle climate change, but provides economic, social and cultural benefits as well.

Explainer:

Carbon farming refers to practices that increase carbon storage in our landscapes or avoids the release of greenhouse gases such as methane and nitrous oxide, through active management of vegetation, fire, soil or livestock.

Carbon farming is an established and growing industry, which makes a significant contribution to our climate crisis response, whilst also delivering important environmental, economic, social and cultural benefits across the country.

This includes the potential to create new job opportunities and economic benefits in rural and regional areas, including in remote Indigenous communities.

The Palaszczuk Government, through an investment of $45 million from the Land Restoration Fund, has supported the establishment of the Queensland Natural Capital Fund to facilitate private sector co-investment in natural capital asset acquisitions that generate both commercial and environmental market returns while also producing positive environmental, social and economic co-benefits for Queensland.

The Queensland Natural Capital Fund, managed by the Queensland Investment Corporation, complements and extends on the strong carbon farming foundation laid by the Land Restoration Fund by enabling private capital co-investment that leverages Queensland’s robust and leading-edge frameworks for valuing environmental and socio-economic co-benefits.

More information on the Land Restoration Fund can be found at: The Land Restoration Fund.

More information on how to apply for Investment Round 3 of the LRF can also be found at: 2023 Investment Round 3.

ENDS

Media contact: Scott Chandler - (07) 3719 7339