Crop rich in soil carbon and organic matter
Corporate Carbon and AgriProve welcome the Australian Government's announcement to fast track investment and deployment of new low emissions technologies.
In particular, we support the ongoing funding and support for the Australian Renewable Energy Agency (ARENA) and Clean Energy Finance Corporation (CEFC) and the expansion of their mandates to include support for technologies such as soil carbon sequestration, where carbon is removed from the atmosphere and stored in soil, hydrogen, production of low carbon steel and other ways to reduce energy use.
Corporate Carbon was created in 2010 with the purpose to make carbon credits a commercial reality, creating financial and environmental outcomes by reducing emissions. We have worked across all major sectors of the Emissions Reduction Fund (ERF), identifying opportunities for the scheme and industry, which has positioned us at the forefront of innovation. Farming opportunities have been a prime example; we founded sister company, AgriProve in 2018 to unlock the potential benefits of agricultural activities, through soil carbon projects. Our involvement ensures emissions reductions, carbon sequestration and co-benefits for the environment, farmers and businesses.
Corporate Carbon and AgriProve see large opportunities for new technology and new project development that will reduce emissions, draw down carbon out of the atmosphere and create many other positive environmental, economic and social benefits. “We have been developing a number of innovative planforms for emissions reductions and enhanced carbon sequestration” said Managing Director, Matthew Warnken. “The announced package with more than $300 million towards supporting new pilot projects and grants is particularly welcome.”
The commitment of $95.4 million towards a Technology Co-Investment Fund to help agriculture, manufacturing, industrial and transport businesses reduce their emissions is also valuable. “This will provide a funding model to deploy real world solutions into industry,” said Executive Director, Gary Wyatt.
AgriProve’s flagship project in Victoria is the first soil carbon project to receive carbon credits under the ERF. Mr Warnken said “the potential for soil carbon sequestration in Australia is enormous and it is great to see this referenced as a key priority in the low emissions package.”
“We also welcome the Government’s commitment to slash the time taken to develop new ERF methods from 24 months to less than 12 months” added Mr Wyatt. “And we look forward to a new method development process involving industry in co-design and implementing other recommendations from the King Review”.
Media contacts: Alexandra de Blas M: 0414 509 404 E: [email protected]