In October this year, GreenCollar announced HSBC Australia and the Queensland Government as the first-ever private and public sector buyers of Reef Credits. Reef Credits are a tradable unit that quantifies and values the work undertaken by farmers to reduce pollutants and improve water quality flowing onto the Great Barrier Reef. The first water quality market of its kind in the world, Reef Credits will play a pivotal role in protecting the future of the Great Barrier Reef as both an Australian and international icon. As Australia’s leading environmental market developer and investor, GreenCollar developed the Reef Credit Scheme in partnership with landholders, the Queensland Government and natural resource management organisations. Similar to the carbon offset market which incentivises the reduction of carbon dioxide from the atmosphere, the scheme pays landholders for improved water quality resulting from their on-farm actions to reduce pollutants, without compromising the productivity of their land.
For buyers, Reef Credits provide a measurable, audited water quality outcome tracked against internationally recognised targets and based on actual reduction in pollutants entering the reef. GreenCollar estimates that the market could be worth over 6 Million Reef Credits by 2030, opening the door for more businesses to invest in the future of the reef as part of their environmental, social and governance (ESG) strategies.
For farmers and graziers, Reef Credits provide an opportunity to recognise, value and monetise the critical actions they undertake to provide cleaner water to the Great Barrier Reef. GreenCollar builds long term partnerships with landholders to improve the productivity of their land and generate an additional, diversified income stream. Through this, landholders are able to integrate sustainable practices into their existing operations.