Friday, August 03, 2012
Is that a Featherbeded Silvertail?
What is outrageous about the following sentence:? "The Government has allocated $250 million to the Non-Kyoto Carbon Farming Initiative Fund to purchase non-Kyoto credits from soil carbon and revegetation projects such as Henbury."* Right. The $250 million was meant for corporates like RM Williams? So they have got a market for the carbon credits they earn by locking up 500,000 hectares of rangeland on Henbury Station. Why not? The Government helped RMW buy the place with a $9 million contribution towards the $13 million price tag, taken out of the Caring For Our Country funds. And you can have this treatment, too. Because both the Department and the company believe they are developing a template for others to follow.
The Project expects to sequester 1.5m tonnes CO2-e per year in total, for 10 to 20 years. It can't come out of soil alone. The project has avoided methane emissions from the 17,000 cattle plus eradication of camels (ruminants) and the regrowth of native vegetation. A leaked document reveals that the Company expects to make $78 million out of carbon alone. We have a lot of questions.
*From a Departmental PR release.
Posted by Michael Kiely at 6:18 PM