Reef Credit Scheme
An Australian first, the Reef Credit Scheme aims to deliver water quality benefits for the Great Barrier Reef and works in a similar way to Carbon Credits.
Farmers and landholders in Reef regions can earn an additional, regular income through generating and selling Reef Credits by taking actions on their land to reduce nutrient or sediment run-off flowing to the Reef.
For corporates like global bank, HSBC who have already purchased Reef Credits and private investors and philanthropic organisations, it’s a unique opportunity to invest in work that directly protects the Great Barrier Reef, while meeting their own individual policy, investment or corporate responsibility charters.
The Queensland Government is kick-starting the market with a $10 million investment to purchase some of the Reef Credits generated by landholders. As part of this, Expressions of Interest (EOI) were also called for brokers to work with landholders in delivering on-ground Reef Credit projects. The EOI has now closed, with shortlisted applicants to be invited to submit an offer in September 2021.
The Reef Credit Scheme was initially established with financial support from the Queensland Government through the Wet Tropics Major Integrated Project.
How does the scheme work?
The Reef Credit Scheme is managed by not-for-profit company, Eco-markets Australia.
For a project or action to be eligible to earn Reef Credits, it must follow certain rules, the Reef Credit Standard, and be undertaken in a certain way using a particular method or methods.
These rules are administered by Eco-Markets Australia to ensure the reductions in nutrient or sediment run-off can be measured and verified. All Reef Credit projects must be registered with Eco-Markets Australia to earn Reef Credits.
Find out more about the Reef Credit Scheme.