Last year, as part of our commitment to be carbon neutral we purchased 1,620 tonnes of carbon offsets that support local Australian projects. These offsets included Forestry Protection in Tasmania and Savannah Burning using traditional land management practices in the Northern Territory.
Bank Australia purchased fewer carbon offsets last year (down 6.8%) as our total greenhouse emissions are decreasing. Total greenhouse gas emissions have fallen by 18% since 2010.
Forestry Protection in Tasmania – reducing emissions from harvesting
Forestry Protection protects native forest that would be logged without carbon finance. Protecting forests from timber harvesting reduces emissions caused by harvesting, maintains the forest carbon stock and protects the rich biodiversity of the natural forests in Tasmania. Providing carbon finance to farmers to replace income from logging is a win/win scenario, as it protects the environment and financially benefits local landholders.
Learn more about forestry protection here.
Savannah Burning in the Northern Territory – reducing emissions from fire
Savannah fires release methane and nitrous oxide into the air, which are strong greenhouse gases. This project reduces emissions by applying traditional patchwork burning: by burning in the early dry season when fires are cooler and patchy, and burning less country, there are fewer emissions of these greenhouse gases. Also, having good fire breaks can help to reduce the risk of hot fires spreading in the late dry season when the country dries out.
Bank Australia supported the Kowanyama project. To learn more about this project and others like it, visit Aboriginal Carbon Fund.
The Forestry Protection project is certified by the Verified Carbon Standard, and the Savannah Burning project is accredited under the Carbon Farming Initiative.