2022 has been another huge and busy year for GreenCollar and our project partners. It has also been an eventful year for the planet.
With multiple reports supporting the UN Secretary-General’s warning that we are at “code red” for the environment and humanity, 2022 brought heightened attention and louder calls for increased action and investment to tackle climate change and biodiversity loss.
Following the change of government in May, GreenCollar celebrated Australia’s renewed commitment to stronger climate targets. It is also encouraging to see signs of meaningful pledges to halt extinctions and biodiversity loss domestically and internationally.
2022 has also been a tough year for many of our project partners and our team. Just as the pandemic seemed to stabilise, floods devastated huge parts of the country and foot-and-mouth disease presented real and present biosecurity risks for producers, including GreenCollar project partners. As we step into summer, fire risk is increasing in many areas.
With characteristic resilience, our project partners, their communities and our team continued to tackle every challenge with collaboration, practicality and action.
Key highlights of 2022
Looking back at 2022, these are just some of the milestones GreenCollar has celebrated with project partners across Australia:
- 4.5M+ ACCUs generated in 2022 with more than 33M tonnes of emissions avoided or sequestered by GreenCollar projects since 2011
- On track to achieve our targets of 150M+ tonnes of CO2e avoided or abated by GreenCollar projects between now and 2040.
On-ground data collection and measurement: This year, GreenCollar field teams have completed over 1000 field survey plots, collecting hundreds of thousands of data points across multiple locations. This information has supported 30 independent audits, over 420 offset reports and more than 480 environmental market project assessments.
Independent ACCU Review: In September, GreenCollar was pleased to host the independent panel reviewing the carbon crediting framework, led by Professor Ian Chubb, on GreenCollar carbon projects near Cobar NSW. The site visits gave the panel an opportunity to meet landholders and see first-hand the operation of our high quality, science-led carbon projects, including identification and assessment, project design, implementation, data collection and monitoring. GreenCollar also made two submissions to the independent review, including a joint submission with the Australian National University and University of New South Wales ERF research team.
With the review due any day, GreenCollar eagerly awaits the panel’s recommendations. Independent reviews are central to robust regulation. Continuous improvement of governance and methods are critical to maintaining Australia’s position as the most rigorous and highest integrity carbon market in the world.
No fossil fuel ownership: GreenCollar proudly remains the only major Australian carbon project developer not wholly or partly owned by fossil fuel companies. This means none of our projects are being developed to support fossil fuel expansions.
Sale of Credits only where buyers have credible transition plans: In 2022, GreenCollar recommitted to sell credits only to buyers with robust net-zero transition plans in place. We are working with reputable global agencies to ensure we can deliver on this commitment, and details of the policy will be available in early 2023.
Significant sale of Reef Credits: In October, Qantas announced the largest purchase of GreenCollar Reef Credits by a single buyer to date. Reef Credits directly contribute to United Nations-endorsed water quality targets which aim to reduce nitrogen, sediment and pesticides flowing to the reef. The purchase by Qantas represents a significant scaling up of long-term corporate investment in actions that make a real difference to the enormous ecosystem of the Great Barrier Reef.
NaturePlus Credit Launch: In November, GreenCollar launched NaturePlus Credits, generating substantial interest from across Australia and around the world. NaturePlus provides a much-needed scaleable and scientifically-robust biodiversity credit scheme. It aims to drive investment into measured outcomes for nature, requiring improvement to be independently audited and then third-party verified under world-leading environmental accounting standard, Accounting for Nature®.
With 20 pilots underway, the first NaturePlus Credits will issue in early 2023. This is a significant step and provides a way to build large scale private sector investment into tackling the extinction crisis facing Australia’s precious and threatened wildlife. Alongside NaturePlus Credits, we are also looking forward to engaging with the Commonwealth as it develops its Nature Repair market.
Fire prevention: A cycle of drought-breaking rains has seen substantial growth in vegetation and ground cover in some regions this year. As this can also bring increased fire potential, over the coming weeks, GreenCollar will be in touch with project partners located in regions AFAC has identified as having higher than normal fire risk to discuss implementation of fire risk mitigation strategies.
Tackling plastic waste: Great progress this year has seen multiple projects in Far North Queensland on track to issue plastic credits in 2023. Under this program, reduction in plastic waste on banana plantations is measured, reported and third-party verified to create plastic credits under the Verra Plastic Standard. These credits can be sold to investors on a new voluntary market, helping them to address their own plastic footprint. We are also actively expanding projects into Africa and the Asia-Pacific.
Carbon Industry Code of Conduct: As part of our ongoing obligations as a foundation signatory to the Carbon Industry Code of Conduct, we enclose a copy of the Code of Conduct Fact Sheet for your information. The Carbon Industry Code of Conduct is a voluntary Code that aims to promote market integrity, consumer protection and appropriate interaction with project stakeholders, including Native Title Holders, representative bodies, land managers and project owners.
Looking forward to 2023
After a huge 2022, we are looking forward to 2023 with energy and hope. Alongside our diverse, hard-working and resilient partners, it’s been a year that has strengthened our resolve to redouble our efforts, tackle challenges head-on and stand firm in our commitment to drive real, positive, measurable environmental impact at scale.
All the very best for a safe and happy festive season from the The GreenCollar Team.
