Queensland landholders interested in developing a new carbon farming project or entering the carbon farming industry can apply to the Land Restoration Fund (LRF) following a streamlined two-stage application process.
The LRF contracts carbon farming projects that deliver Australian Carbon Credits and additional environmental, socio-economic and First Nations outcomes, known as co-benefits. These co-benefits help to create regional jobs, provide habitat for threatened species and improve the health of our land and waterways.
In its Investment Round 1, the LRF invested about $92 million in carbon farming projects. As part of Investment Round 2, the LRF is investing $25 million in carbon farming projects, with up to $5 million in funding available per project. Investment Round 2 focuses on:
- projects located in the Great Barrier Reef catchments
- projects that restore or retain vegetation, including as a component of regenerative agricultural practices.
Applications are open for the LRF Investment Round 2, with deadlines for the two-stage application process as follows:
- Stage 1 Initial Applications: 2pm AEST on October 8, 2021
- Stage 2 Final Applications: 2pm AEST on February 4, 2022.
For more information about the application process and to apply, visit the Queensland Government website.
The Carbon Farming Advice Rebate Program
The Carbon Farming Advice Rebate Program (CFAR), administered by the Queensland Rural and Industry Development Authority, provides rebates of up to $10,000 to help cover the costs of carbon farming advice received from a LRF approved adviser.
Approved advisers provide advice within their area of expertise tailored to each landholder's circumstances and property. They may be able to assist landholders with information about:
- the opportunities and implications of undertaking a carbon farming project
- the underpinning regulatory framework and approved methods of generating carbon credits in Australia;
- the LRF and its relationship with carbon farming, including co-benefits
- how to access and interpret site-specific information, including land tenure restrictions and requirements, obligations for the commitment of land in both area and time, application of potential methods and potential co-benefits
- legal and financial considerations of undertaking a carbon farming project, including an indicative cost benefit analysis that could influence a landholder's decision to lodge an application for the LRF.
Applications under the current round of CFAR close on March 31, 2022 (or earlier if funding is fully allocated).
To learn more, see the LRF and CFAR guidelines.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.