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Carbon Farming Initiative Overview

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

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  1. Carbon Farming Initiative Overview

  2. Presentation outline • Carbon markets • Carbon Farming Initiative (CFI) • Australian Carbon Credit Units (ACCUs) • Potential activities • Positive and Negative Lists • Methodologies • Integrity principles

  3. 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

  4. Carbon Farming Initiative (CFI) • Federally legislated, voluntary offset scheme • Supports efficient farming practices • CFI carbon credits are know as:Australian Carbon Credit Units (ACCUs)

  5. 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

  6. 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

  7. Positive and Negative List

  8. 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)

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

  14. Accounting for variability • Sequestration activities must account for any variability: • Variation driven by fluctuations in climate • Production cycles

  15. 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

  16. 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

  17. Internationally consistent • Methodologies need to meet internationally recognised accounting standards. • Methodologies must not be inconsistent with the National Inventory Report

  18. 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

  19. 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

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