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Land Restoration Fund

Land Restoration Fund. Royal Geographical Society of Queensland presentation 28 May 2018. Queensland Climate Change Response. Includes the Queensland Climate Transition Strategy and Queensland Climate Adaptation Strategy

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Land Restoration Fund

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  1. Land Restoration Fund Royal Geographical Society of Queensland presentation 28 May 2018

  2. Queensland Climate Change Response • Includes the Queensland Climate Transition Strategy and Queensland Climate Adaptation Strategy • Sets a vision of: an innovative and resilient Queensland that addresses the risks and harnesses the opportunities of a changing climate • Sets targets: • Interim: at least 30% on 2005 levels by 2030 • Zero net emissions by 2050

  3. Carbon farming – a transition industry for Queensland

  4. Queensland’s emissions

  5. Queensland and the Emissions Reduction Fund • 33% of ERF projects are in Queensland (227 projects – majority land and agriculture sector) • Key limitation: co-benefits not recognised

  6. Value to Queensland economy of land and agriculture offsets 2.2 – 9.2 Mha for 32 – 105 MtCO2e in abatement (cf 28 Mha of cleared grazing land in Queensland) This estimate for the period 2017 to 2030 is conservative and assumes low demand in the short term, primarily due to policy uncertainty and the lead time anticipated for strengthening the Safeguard Mechanism.

  7. Land Restoration Fund - objectives Operational requirements $500 million investment by Qld Government to create an entity that is self-sustaining and enduring Conduct funding rounds in ways that maximise value and meet co-benefit objectives Ensure projects meet ‘fit and proper’ person Ensure projects meet additionality requirements Regular, third-party auditing of projects and regular monitoring and enforcing of co-benefits delivery Promoting and facilitating private sector co-investment Undertaking scientific research and development into new carbon farming methods acceptable to the method regulator (Commonwealth) Government will be the cornerstone investor LRF entity operates at arms length to government Public commitment • Facilitate a pipeline of qualifying Queensland-based carbon offset projects, including through private sector investment • The pursuit of environmental & economic co-benefits as defined by the Government • R & D into emerging carbon farming areas where Qld has a comparative advantage for the purpose of establishing new ACCU methods

  8. Interaction with other Queensland policies • Vegetation management: • Amendments to vegetation management legislation passed Parliament on 3 May • Two baselines – 2011 under Commonwealth legislation and new 2018 baseline in some locations • LRF the flipside (incentives) to vegetation management reforms • Reef catchments: • High priority location for leveraging carbon projects to deliver co-benefits • Reef Credits an option • Environmental offsets: • Additionality considerations • Biodiversity priorities (e.g. koalas, threatened species) • Review of the environmental / biodiversity offsets framework (another election commitment) • Biodiversity policy • Protected area management and policy • Agriculture and forestry policies • Regional NRM policy and funding • Carbon Plus fund – offsetting Government vehicle emissions, investing in co-benefit methods

  9. Potential eligible projects pipeline & supporting science

  10. Questions? Further information contact: megan.surawski@des.qld.gov.au

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