Almost $140 million extra will be injected into a fund to promote green initiatives by an incoming Queensland Labor Government.
State Labor leader Steven Miles said if a Labor Government was elected following the October 26 election, an additional $139.5 million would be allocated the Queensland Nature Fund.
Mr Miles said the investment would triple the size of the fund and related initiatives.
“The investment will incentivise farmers, landholders, and Aboriginal and Torres Strait Islander peoples to create income from their land through the emerging natural capital market,” he said.
“As the world decarbonises, QIC’s Queensland Nature Fund ensures Queensland seizes a first-mover advantage to attract new investment in natural capital projects.”
Mr Miles said investors around the world were looking for opportunities to buy high-integrity carbon and biodiversity credits to deliver returns.
He said the credits were an attractive way for businesses to invest in the natural environment, offset emissions and environmental impacts from their operations, and demonstrate to customers their commitment to nature-positive outcomes.
“Queensland farmers, landholders and Aboriginal and Torres Strait Islander peoples can generate natural capital credits to sell on natural capital markets, by taking an ecologically sustainable approach to managing the land.”
Mr Miles said new funding would also support farmers, by funding carbon and biodiversity baselining and extension supports.
He said incentives would be provided for farmers to manage protected areas that enhanced their agricultural operations on their properties, while also achieving environmental outcomes.
“The Government will also transfer its 60 per cent majority ownership of North Australian Pastoral Company from the defined benefit pension fund to the Queensland Future Fund, to ensure Queensland retains a long-term stake in this important natural capital business.”
He said a transfer to the Future Fund allowed QIC to continue to manage the investment and pursue sustainable agriculture, with a broader mandate of marrying the production of food with addressing the twin imperatives of addressing climate change and maintaining biodiversity.
