Already a subscriber?Economist Ken Henry is pressing Labor to deploy “billions” of dollars to establish a nature repair market linked to land-based carbon sequestration credits, helping meetDr Henry, who chairs the Australian Climate and Biodiversity Foundation, said the government should establish a public fund to spur corporate involvement in “nature-positive” land protection and repair.
Australia is expected to become one of the largest producers of carbon credits in the world, with ACCU demand peaking at 31 million units in 2031, according to Carbon Market Institute and Westpac analysis published on Wednesday, before subsiding to 24 million by 2035. Demand for ACCUs could rise further, according to S&P Global, following the recent approval of the Santos Barossa project, which will be subject to safeguard rules from day one.
, which Mr Connor said highlights the degree to which Australia and the world is “entering a critical stage” in the challenge of reaching net-zero by 2050. He called for market infrastructure to establish “high-integrity” nature repair trading to complement the existing carbon market, as well as a public fund to kick-start nature markets.