Welcome to WA Carbon Connections
Welcome to this, the first ‘WA Carbon Connections’ newsletter from Carbon West.
The intention of this initiative is to provide a monthly update on some of the new things happening in the fast-moving carbon industry which could be of interest to landholders.
Let’s start with the question everyone asks… how much?
Carbon price update
As at date: Price: Source:
Carbon Spot Price 25/02/2021 $18.50 www.accus.com.au
ERF Average Auction Price 10/09/2020 $15.74 www.cleanenergyregulator.gov.au/ERF/Auctions-results
EU ETS Carbon Market price 22/02/2021 €38.53 ≈ AUD$59 https://ember-climate.org/data/carbon-price-viewer/
On to some carbon news:
Carbon Industry Overview...
A good start is to direct you to a new resource that Carbon West developed for the WA Landcare Network and Gondwanalink. It’s called, quite simply, 'Carbon Industry Overview’. The idea behind this resource is to provide an introduction to some of the basics of the carbon industry/market and carbon offsets. The carbon industry is not rocket science, but … this document aims to help all stakeholders feel more confident of how the whole industry ticks.
Soil carbon methodology reviews underway…
For those who don’t know (because you haven’t read the Carbon Industry Overview yet!😜), the Emissions Reduction Fund (ERF) is the Commonwealth Government scheme which enables the generation of carbon credits through a range of different project types (known as ‘methodologies’). One of those is the most recent Soil Carbon Methodology, a piece of legislation passed in 2018. The news is that the Clean Energy Regulator, which administers ERF projects, is conducting a review of that methodology and it is expected that a new, improved methodology will be introduced within the next year. As the 2018 methodology is definitely not perfect, this is good news!
There are four other methods also under review, one of which is the plantation forestry method, which may be of interest to some landholders.
WA State Government moves on carbon…
Also of interest to WA landholders will be the State Government’s recently announced ‘WA carbon farming and land restoration fund’ initiative. This is a good, tangible display of ’support’ for carbon farming from the WA Department of Primary Industries and Regional Development. The planned program is designed to help support landholders in developing carbon projects. As DPIRD’s ‘carbon farming’ team says on its website, the program aims to "unlock the potential of carbon farming in the South West agricultural zone and enable rural businesses to establish carbon farming projects that deliver priority environmental, community and economic co-benefits.”
Beyond the ERF...
Those looking to get involved in a carbon project need to understand that the ERF is not the only option for them to consider. Other verified options exist, such as the international Gold Standard. Another option available is the soil methodology offered by the world’s largest carbon verification agency, Verra. All have their pros and cons.
Further to the verified options, there are a growing number of organisations offering unverified methodologies. Though most of these are based in the US, Canada or Europe, many operate internationally.
For those particularly interested in soil carbon (my favourite kind of people!!!), Gold Standard has recently launched the “Soil Organic Carbon Framework Methodology”. If you want to know more about this option, the Gold Standard has a webinar available from last year which was helpful! (the presentation can also be viewed as a document here.)
Upcoming events...
Carbon Regional Forum - Cranbrook, March 4, 9am - 3pm
The Carbon Regional Forum is being presented by the WA Landcare Network, at the Gillami Centre in Cranbrook next week. Jennifer West will be presenting a carbon industry overview from 9:40am at the Cranbrook Sporting club as part of the event. View more information and register for the forum here.
Quote of the day…
““Perfection is the enemy of progress””
While the ‘British Bulldog’ probably wasn’t referring to carbon when he uttered the wartime words, the words do have relevance in the context of soil carbon. Taking some action, rather than waiting for the perfect plan to be developed, was just as important in the second world war as it is today. The world needed to act against Hitler then just as much as it needs to restore landscapes and degraded soils today. The carbon industry may not be perfect, but the best time to start making it better is now.
Spread the word...
If you know of anyone else who may be interested in receiving our monthly newsletter, please forward this on to them. Should they wish to continue receiving WA Carbon Connections newsletter from Carbon West, they can subscribe through the link below.
The Carbon West team
Jennifer West (jennifer@carbonwest.com.au)
Sam Ewart (samuel@carbonwestcom.au)
Kerryn Maddams (kerryn@carbonwest.com.au)