The Australian branch of project developer South Pole this week launched a new product for voluntary buyers combining carbon offsets with credits from biodiversity projects.
The new credit, called EcoAustralia™, is a first of its kind and is primarily targeting the Australian market but is also available for international buyers.
"This product is tailored to the needs of Australian business and delivers measurable conservation outcomes for Australia's unique biodiversity. We are looking forward to providing this solution to the Australian carbon market," said key account manager Jan van Rijn.
South Pole has a large portfolio of international carbon credits certified under the Gold Standard and Verified Carbon Standard, which are eligible under the Australian government's National Carbon Offset Standard.
Meanwhile, the biodiversity credits – each representing 1.5 square metres of permanently protected land – will be sourced in cooperation with Cassina Environmental, a Victoria based nature protection firm.
Initially, EcoAustralia™ credits will offer Australian Biodiversity Units from two projects in Victoria – one that protects one of the few remaining cool temperate rainforest areas in the region and one protecting native trees and species in the state's lowland forests.
South Pole has already sold the combination credits to several voluntary buyers, including Melbourne Airport. The product launch comes as market participants increasingly focus on co-benefits in a bid to attach value to carbon credits beyond just the emission reductions involved.
Article by Stian Reklev originally published in Carbon Pulse.