Alternative land use and diversification opportunities in the grazing lands of Queensland: Evaluation of environmental markets and renewable energy projects as diversification opportunities for grazing properties.

Abstract

The global commitment to address climate change is resulting in the largest and most rapid economic transformation since the industrial revolution. Agriculture is a key focus for emissions reductions given the sector is responsible for 16.9% or 21 MtCO2-e (in 2021-22) of Queensland's GHG emissions with 78.3% of these agricultural GHG emissions due to enteric fermentation in ruminant livestock. A key component of Australia’s strategy to reduce GHG emissions and transition to cleaner sources of energy has been the implementation of the Australian Carbon Credit Unit Scheme (ACCU Scheme) to incentivise adoption of new practices or technologies to reduce emissions or store carbon by generating additional income streams. Similar to carbon credits, other environmental markets or co-benefit schemes are emerging and create opportunities for eligible landholders to earn regular income through generating and selling credits. Government policy to increase renewable energy generation also creates opportunities for landholders close to transmission infrastructure to generate income from hosting renewable energy projects.