Prospects for integration of carbon and biodiversity credits: an Australian case study review

BACKGROUND:

Global trends indicate a grim prospect of achieving the IPCC’s carbon emission reduction targets and the UN’s goals for biodiversity preservation by 2030, given the intertwined challenges of economic growth, rising carbon emissions, and biodiversity loss. The study introduces an innovative approach to address these challenges through the integration of carbon and biodiversity credit schemes, using Australia as a case study. By demonstrating how a joint carbon and biodiversity credit/offset scheme could maximize benefits and reduce adverse outcomes on marginal agricultural lands, even at low carbon prices, this approach offers a viable strategy to progress environmental goals both within Australia and globally.

GOALS AND METHODS:

The authors aim to explore the feasibility and benefits of integrating carbon and biodiversity credits to enhance environmental conservation efforts, using Australia as a detailed case study. The paper uses a comprehensive review of existing literature and case studies that examine the effectiveness of separate and integrated offset schemes for carbon and biodiversity. By analyzing these schemes, the study aims to demonstrate how a joint carbon and biodiversity credit system could be implemented to maximize ecological and economic returns, particularly on Australia’s marginal agricultural lands.

CONCLUSION AND TAKEAWAYS:

The study concludes that integrating carbon and biodiversity credits could significantly enhance the effectiveness of environmental conservation efforts, providing a holistic approach to addressing the interlinked crises of climate change and biodiversity loss. The authors advocate for policy reforms that support the development of joint carbon and biodiversity credit schemes to meet global sustainability targets better and foster synergistic outcomes for climate and conservation goals.