Media release: Wednesday 26 October 2022 – The announcement by Qantas today that it is purchasing Reef Credits from GreenCollar is significant because it is both a major investment in the health of the Great Barrier Reef marine environment and a high profile demonstration of corporate commitment to scaleable actions that deliver high integrity, tangible results.
The acquisition by Qantas follows major investments in Reef Credits from the Queensland Government and HSBC in 2020, along with other investors.
“This is an historic moment for the Great Barrier Reef and this ‘world first’ water quality market, which was specifically designed to improve the health of this enormous ecosystem by scaling up long term corporate investment in actions that make a real difference,” said James Schultz, CEO of leading environmental markets developer, GreenCollar. “When businesses of the stature of Qantas purchase Reef Credits, it significantly enhances confidence that investing in this burgeoning market delivers high integrity, independently audited and proven reductions in water pollution resulting from changed land management projects.”
Land management projects conducted in partnerships between GreenCollar and Queensland farmers have generated over 35,000 Reef Credits to date, reducing nitrogen pollution to the Great Barrier Reef by 35 tonnes. The investment by Qantas will further reduce nitrogen pollution.
“Poor water quality is recognised as the second biggest threat to the future of the Great Barrier Reef, after climate change, and each Reef Credit is one less kilogram of dissolved inorganic nitrogen entering its waters,” said GreenCollar, General Manager of Water, Carole Sweatman. “Reef Credits are directly contributing to United Nations-endorsed water quality targets which aim to reduce nitrogen, sediment and pesticides flowing to the reef.”
Reef Credits provide land managers with a diversified income stream, which is reinvested into ongoing farm practice improvements in the Queensland agricultural industry – such as more efficient fertiliser usage, repairing gullies or installing wetlands – to deliver cleaner water to the reef.
“GreenCollar’s Reef Credit-producing partnerships with farmers, graziers and land managers in the Great Barrier Reef catchment are incentivising improvements in land management practice while supporting local communities in the process,” Ms Sweatman said.
“Investments like Qantas’ underpin confidence and support growth and liquidity across the Reef Credit market, encouraging investment by other corporate, institutional, and retail entities,” James Schultz said. “It also directly supports Queensland agriculture, and values positive change across the board, while it fulfills its most important role of helping the recovery of our marine environment. Reef Credits are one vital tool in a suite of solutions, of which we must take advantage if we are to restore health to this internationally renowned natural wonder.”