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Carbon Farming Initiative Overview. Presentation outline. Carbon markets Carbon Farming Initiative (CFI) Australian Carbon Credit Units (ACCUs) Potential activities Positive and Negative Lists Methodologies Integrity principles. Carbon markets.
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Carbon Farming Initiative Overview
Presentation outline • Carbon markets • Carbon Farming Initiative (CFI) • Australian Carbon Credit Units (ACCUs) • Potential activities • Positive and Negative Lists • Methodologies • Integrity principles
Carbon markets A ‘carbon market’ exists when market-based mechanisms are used to limit or reduce greenhouse gas emissions • Compliance markets: • Kyoto Protocol • National or regional emissions trading schemes • Australia’s Carbon Price Mechanism • Offset markets: • Clean Development Mechanism • Non-government offset schemes • Carbon Farming Initiative
Carbon Farming Initiative (CFI) • Federally legislated, voluntary offset scheme • Supports efficient farming practices • CFI carbon credits are know as:Australian Carbon Credit Units (ACCUs)
Kyoto versus non-Kyoto credits Kyoto ACCU activities: • Reforestation • Avoided deforestation • Agricultural emissions avoidance • Non-Kyoto (voluntary) ACCU activities: • Feral animal management • Wetland restoration • Potential Kyoto ACCU activities: • Forest management • Non-forest revegetation • Crop and grazing land management
Potential activities SEQUESTRATION EMISSIONS REDUCTION Fertiliser management Manure management Reduced enteric livestock emisisons Savanna fire management Feral animal culling Landfill gas flaring • Reforestation • Revegetation • Managed regrowth • Rangelands restoration • Native forest protection • Improved management of existing vegetation • Soil carbon • Avoided deforestation
Methodologies • A methodology contains the detailed rules for implementing and monitoring a project • Methodologies can be developed by any entity • Methodologies must meet CFI integrity principles • Methodologies are assessed by the Domestic Offsets Integrity Committee (DOIC)
CFI integrity principles • Additionality • Ensuring permanence • Accounting for variability • Accounting for all emissions sources and sinks • Emissions are measurable, verifiable and conservative • Internationally consistent • Based on peer-reviewed science
Additionality • A project must result in abatement that would not have occurred in the absence of the CFI • Only additional abatement can legitimately be used to cancel out, or ‘offset’, emissions generated elsewhere • Additionality under the CFI has two parts: regulatory additionality and the common practice test
Common practice • Based on level of adoption for an activity within a specific industry and/or region • Practices which are common are already being undertaken for reasons other than creating carbon credits • Ensures integrity of the scheme while reducing complexity for individual project
Permanence • Only applicable to sequestration projects • For the CFI, permanence is considered to be 100 years • The 5% Risk of Reversal Buffer insures the scheme against temporary losses
Dealing with natural disturbances • Project proponents do not have to hand back any carbon credits if there is a loss of carbon associated with a natural disturbance such as bushfire or drought • The proponent must take reasonable steps to re-establish carbon • If reasonable steps are not taken: • the Regulator can require the proponent to hand back (relinquish) credits • a carbon maintenance obligation may be imposed on the property if a relinquishment requirement is not met
Accounting for variability • Sequestration activities must account for any variability: • Variation driven by fluctuations in climate • Production cycles
Accounting for all emissions sources and sinks • Methodologies must take into consideration all changes in greenhouse gas emissions • Emissions occurring within project boundary(created by the project and in the control of the project proponent) • Leakage
Emissions must be measurable, verifiable and conservative • Abatement must be credibly measured • It must be possible to verify abatement • Estimates, projections or assumptions in the calculation of abatement must be conservative
Internationally consistent • Methodologies need to meet internationally recognised accounting standards. • Methodologies must not be inconsistent with the National Inventory Report
Based on peer-reviewed science • Estimates, projections or assumptions must be supported by relevant scientific results published in peer-reviewed literature • This ensures that robust scientific evidence is underpinning the methodologies
Thank you This presentation/event and all associated material is supported by funding from the Australian Government Department of Agriculture, Fisheries and Forestry as part of the Carbon Farming Futures Extension and Outreach Program