CO2 Australia sees 681% increase in inquiries from landholders investigating carbon sink opportunities since August 2011 launch of government's carbon farming initiative
DUNEDIN, New Zealand
February 24, 2012
– Landholders spiralling interest in carbon forests has resulted in CO2 Australia investing an estimated AU$23.3 million in rural economies during 2011. CO2 Australia land acquisition manager Mark Ritchie told The Fifth Estate that the organisation had secured revenue of AU$35 million for the 2011 financial year and manages a contract portfolio exceeding AU$160 million.
It expects a significant increase in interest by companies looking to manage their carbon liability. The number of landholders investigating carbon sink opportunities with CO2 Australia had increased by 681 per cent since the introduction of the government’s carbon farming initiative in August 2011.
“It is early days for the CFI and difficult to judge the size of the market however the potential is substantial given the new carbon tax,“ he said. More companies will be looking at ways to hedge against the future cost of carbon emission permits. Carbon forests are a low-cost alternative for companies to offset their emissions, rather than pay a more expensive carbon tax.”
CO2 Australia has carbon sink sites in NSW, Victoria and Western Australia, and is also investigating opportunities in Queensland and the company has more than 22,000 hectares of carbon sink plantings under its management. Source: The Fifth Estate