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Insights April 2024

8 April 2024 |Carbon & climate

Insights April 2024

8 April 2024 |Carbon & climate

Update on the Integrated Farm and Land Management (IFLM) Method

The ACCU Methods section of the Department of Climate Change, Energy, the Environment and Water (DCCEEW) continues to work with stakeholders to develop a draft IFLM method. The proposed IFLM method combines several existing soil and vegetation sequestration methods. The expired Human Induced Regeneration method will also be combined into a single method. Project managers will be able to conduct two activities on the same plot when this method is released. For example, a vegetation method sequestering above ground. While the soil method is also sequestering within the ground.

A method must meet legislative requirements. The ACCU Methods section will confirm when it is satisfied with the draft of an IFLM method. After this it will be sent to the Emissions Reduction Assurance Committee (ERAC) for its assessment. DCCEEW noted in its update that the scope of the draft method is not yet decided. It continues to consult widely with land management academics, and carbon market participants.  

DCCEEW hopes to take a draft of the IFLM method to the ERAC in the second half of this year.

It is expected that the revised version of the Reforestation by Environmental and Mallee Plantings method will be sent to ERAC for assessment in May 2024. The Environmental Plantings 2024 method will address relevant administrative and technical issues in the 2014 version of the method, but otherwise is intended to be largely the same as the 2014 version of the method.

Visit the DCCEEW website for updates and news on the methods in development.

National Climate Risk Assessment Report Released

The Australian government recently released Australia’s first National Climate Risk Assessment. Over the past decade, there have been individual industry assessments and state assessments. Though there have been no integrated national assessment of impacts. 

A preliminary phase of the Risk Assessment was conducted to prepare the Risk Assessment methodology. The assessment will also conduct some initial scoping of physical risk. Using these tools the DCCEEW, in partnership with the Australian Climate Service carried out the first pass assessment. 

The Risk Assessment provides an insight into the results. It is encouraging to see the importance placed on understanding the integrated impact on Australian society. The risk ratings for each topic are incorporated into the report.

A key output of this first pass assessment is a list of nationally significant risks and a subset of these as priority risks. Noteworthy is the presence of Primary Industries and Food as a priority risk.

The National Climate Risk First Pass Risk Assessment Report can be accessed via the following link:

Eighth Annual Carbon Farming Forum in Cairns

Hosted by the Carbon Market Institute, the 8th annual Carbon Farming Industry Forum is being held between 20 -22, May 2024. The event will be at the Shangri-La The Marina in Cairns

The Forum is the opportunity to meet with stakeholders from across the supply chain of Australia’s carbon farming industry. It’s also a chance to dive into themes including:

Carbon Farming and Market Developments: Examining and taking stock of the carbon market and recent developments.

  • Industry stocktake.
  • Governance and transparency improvements
  • Understanding Safeguard Mechanism interactions
  • Net zero agriculture and Land sectoral plan links
  • New methods and proponent-led design
  • Technology for scaling up
  • Integration with Farming Operations

Building Integrity and Capacity: Sharing developments and best practice in compliance and voluntary market integrity, assurance and capacity building.

  • ACCU Review implementation
  • High integrity practices
  • Embedding integrity in corporate transitions
  • Building carbon market literacy
  • Market readiness tools and resources

Nature-Based Solutions (NBS) and Natural Capital: Exploring the rapidly expanding interest in Nature-Based Solutions.

  • Co-benefits and natural capital
  • Nature repair and biodiversity markets
  • Unlocking finance and investment in NBS
  • Data, accounting models and natural capital assessment frameworks

Indigenous Carbon and Regional Community Opportunities: Investigating opportunities in Australia and the Indo-Pacific

  • Outcomes from COP28 and Biodiversity COP16
  • Regional co-benefit and community opportunities
  • Next steps in Indo Pacific engagement

Interested persons can register at the Carbon Market Institute website.

This article is intended to provide general information on a particular subject or subjects and is not an exhaustive treatment of such subject(s). The information herein is believed to be reliable and has been obtained from public sources believed to be reliable. Rural Bank, a Division of Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL/Australian Credit Licence 237879, makes no representation as to or accepts any responsibility for the accuracy or completeness of information contained in this report. Any opinions, estimates and projections in this report do not necessarily reflect the opinions of Rural Bank and are subject to change without notice. Rural Bank has no obligation to update, modify or amend this article or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth therein, changes or subsequently becomes inaccurate. This article is provided for informational purposes only. The information contained in this article does not take into account your personal circumstances and should not be relied upon without consulting your legal, financial, tax or other appropriate professional.

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