Business
Great Barrier Reef credit scheme sees global bank paying farmers to improve practices – ABC News
Can a new scheme where farmers are paid for “reef credits” when they improve the quality of their water run-off help to save Australia’s iconic reef?
As the dust settles on Labor’s Queensland election victory, banana growers and graziers in the state’s north are bracing for increased water-quality regulation.
Key points:
- HSBC has become the first corporate investor in reef credits, paying a farmer to improve practices to protect the Great Barrier Reef
- Australian company GreenCollar launches a market mechanism in response to calls for an incentivised water-quality program
- The farmer was paid an undisclosed sum to prevent 3,000kg of nitrogen from…
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