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BIOME5
14th January 2022
Hon Angus Taylor MP
Minister for Industry, Energy and Emissions Reductions
Australian Parliament House
By email
CC: Hon. David Littleproud MP, Minister for Agriculture and Northern Australia
Dear Minister,
Consultation on proposed rule changes under the Emissions Reduction Fund. The changes are short-sighted and seem to represent a knee-jerk reaction to one or two politicians who do not represent the majority of sentiment of landholders across Australia. This is reflected in the disappointing and rather cynical consultation period of one month allowed- which fell over the Christmas New Year period.
The proposed changes directly affect landholders’, including our own, property rights. They add significant red tape in an area that is already overburdened with bureaucratic detail. This additional burden makes continued investment in the new technology-based provision of ecosystem services unviable. If the changes were to be introduced, they will limit access to new sources of income diversification including in technology-based investment.
The changes create a sovereign risk in regional communities that need the diversified investment that natural capital is going to provide which is estimated to the World Economic Forum (https://www.weforum.org/projects/nature-action-agenda) to be in the trillions of dollars globally. Carbon farming and associated ecosystem services markets will bring billions of dollars into regional communities. This will need new rules as the sector matures and these should be developed in collaboration and consultation with the community and business, not in the manner conducted by you in this instance.
I look forward to your response,
Regards
Dr Penny van Oosterzee
Director
