CarbonCare™ Co-Benefits
A Valuation Report
The CarbonCare™ Co-benefits report, undertaken by Point Advisory, was conducted with the objective to identify, quantify, and value restoration planting projects. The report focused on a carbon offsetting project, registered with the International Gold Standard Foundation.
The case study is located in Western Australia’s northern agricultural region called The Yarra Yarra Biodiversity Corridor (YYBC), a Carbon Neutral Pty Ltd project. The need for focus on restoration in the Western Australian Wheatbelt is imperative as over 90% of the Northern Wheatbelt has been cleared for agricultural planting since the 1920s. The valuation of the entire project (13,000+ hectares) was extrapolated by assessing an area planted by Carbon Positive Australia called Hill View.
Hill View
A Biodiversity Valuation
The Hill View area (approx 617ha) was a baseline monitoring survey for the YYBC and the first and only systematic baseline survey conducted at any of the Yarra Yarra properties.
The biodiversity value of the Hill View area has been estimated at between $2M and $4.5M over the life of the project. As the area is within one of the only 35 globally significant biodiversity hotspots, the results are encouraging for biodiversity restoration.
Key Findings
- High biodiversity value for the project area
- 2.8 National Restoration Standards recovery score
- Increase in local direct employment (43 full time equivalents, including 9 Indigenous FTEs were generated)
Approach
- Information collection and review
- Identification of core co-benefits related to the product
- Assessment of quantification and valuation methods
- Recommendations for next steps
Recommendations
- Project monitoring including water quality, soil quality, biodiversity, local employment and skills, and indigenous cultural heritage
- Application of SERA National Restoration Standards
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