Reef Credits work in a similar way to carbon credits, putting a monetary value on a service that a healthy ecosystem usually provides for free.
For example, a carbon credit represents a quantifiable, verified amount of carbon dioxide removed from the atmosphere – similarly, a Reef Credit represents a quantifiable, verified volume of pollutants (e.g. sediment, pesticides and dissolved inorganic nitrogen) removed from water flowing out to the Reef.
Environmental markets investor GreenCollar originally developed the Reef Credits scheme in partnership with Terrain NRM and NQ Dry Tropics, under the Queensland Government’s Major Integrated Projects initiative.
There is scientific consensus that accelerated local action on improving water quality is one of the most effective ways to safeguard the health of the Great Barrier Reef and help it withstand the effects of climate change.
We already have proven, science-led Nature-based Solutions for stopping water pollutants at the source, before they reach the Reef. The main challenge for landholders and supporting organisations has been securing funding to implement these solutions at the scale required to make an impact on the health of the Reef.
By putting a dollar value on reducing water pollutants, and generating tradeable units for sale, Reef Credits creates a new environmental market where supply and demand drives investment (and impact) to new heights.
Reef Credits are an answer to the urgent need for a market-mechanism to support landholders who sustainably manage their land to ensure water quality is improved for the Reef.
To ensure that investment drives tangible outcomes for the environment, the value of Reef Credits has been purposely set to align with the pollutant reduction targets in the Reef 2050 Plan.
Landholders can diversify their sources of income by generating Reef Credits. They can create Reef Credits by taking proactive action to reduce pollutant run-off into the Reef catchment. For example, landholders can reduce sediment pollutants by remediating non-productive, degraded areas of their property such as eroding gullies.
Landholders can work with Greening Australia and GreenCollar to ensure that their Reef Credit projects pass the auditing process and achieve the verified reductions in pollutants needed to generate tradeable credits.
While GreenCollar facilitates the issuance and sale of the Reef Credits, Greening Australia works with landholders to deliver the on-ground works to stop sediment and nutrient pollutants at the source and ensure the verified reduction in pollutants is met on the landholder’s behalf.
The generated Reef Credits can then be sold to those seeking to invest in water quality improvements, such as government, private business, and philanthropists.
Through our Reef Aid program, we are partnering with GreenCollar to generate Reef Credits from our wetland and gully restoration projects and are keen to see this environmental market grow and thrive so Australia can truly put the eco in economy.
We have plenty of practical, science-based experience in delivering projects to improve water quality for the Reef. Our on-ground gully restoration works have already prevented more than 20,000 tonnes of sediment from reaching the Reef, and we have projects improving the filtering capacity of coastal wetlands from Cairns to Rockhampton.
Combining our experience with GreenCollar’s expertise in environmental markets, we are ramping up our activities to remediate gullies and restore wetlands on properties across the Reef catchments, for the health of the Great Barrier Reef, and for the benefit of us all.
Landholders who are interested in working with us to implement wetland or gully restoration Nature-based Solutions and generating Reef Credits from their holdings can register interest via our landholder portal.
To purchase Reef Credits or enquire about investing in Greening Australia’s Nature-based Solutions, please complete this contact form.