Introduction:
This glossary provides definitions and explanations of key terms related to carbon management and soil carbon projects in Australia. It serves as a resource for farmers, industry stakeholders, and anyone interested in understanding the carbon credit system and its implications for agriculture.
Glossary Terms:
Australian Carbon Credit Units (ACCUs):
Australian Carbon Credit Units (ACCUs) are the carbon credits issued by the Clean Energy Regulator (CER). ACCUs can be sold in an increasing market, including government and industry, as part of efforts to offset carbon emissions.
Baseline Soil Sampling:
Baseline soil sampling refers to the initial samples taken on each soil carbon project to establish the baseline levels of soil carbon. Future samples are compared with the baseline to determine how much soil carbon has increased over time.
Clean Energy Regulator (CER):
The Clean Energy Regulator (CER) is the government body responsible for administering legislation aimed at reducing carbon emissions and increasing the use of clean energy. The CER handles key administrative tasks under the Emissions Reduction Fund (ERF), including registering projects, running auctions, managing carbon abatement contracts, and issuing ACCUs.
Emissions Reduction Fund (ERF):
The Emissions Reduction Fund (ERF) aims to provide incentives for organisations and individuals to adopt new practices and technologies that reduce their greenhouse gas emissions. The ERF is a key component of Australia's strategy to lower overall carbon output.
Land Management Strategy (LMS):
A Land Management Strategy (LMS) outlines the specific activities that a farmer will implement to increase soil carbon within their project. The LMS is submitted to the CER as part of the project registration process.
Soil Carbon Project:
A soil carbon project is conducted by a farming enterprise to increase the levels of soil carbon. Registered soil carbon projects can earn the farmer ACCUs when increases in soil carbon are measured and reported.
Soil Carbon (or Soil Organic Carbon):
Soil carbon, also known as soil organic carbon, is the carbon stored within organic matter in the soil. It is an important indicator of soil quality and health, allowing the soil to act as a carbon 'sink' that absorbs greenhouse gas emissions.