The Queensland Government has created the $500 million Land Restoration Fund (the Fund) to expand carbon farming throughout the state by supporting projects which deliver emission reductions alongside environmental, social, economic and cultural co-benefits. The Fund is designed to support farmers and landholders to generate additional, regular and diverse income streams through these carbon farming projects.
The 2020 Investment Round includes a financial support package where applicants can “pre-qualify” to be eligible to receive reimbursement for professional advice, including legal advice to develop a carbon faming project.
Participants in the Fund may receive the following funding and regular income from the Queensland Governments in relation to their carbon farming projects:
- an up-front payment towards the start-up costs of establishing their project, including the cost of obtain advice from approved advisers;
- regular payments for the purchase of Australian Carbon Credit Units generated by their project; and
- annual payments for meeting co-benefit milestones associated with carrying out their project.
Our solicitors Shannon Talty and Christine Lea are approved advisors, meaning you can apply for a grant to cover the cost of the independent advice we provide you in relation to your carbon farming project and funding arrangement from the Fund.
The funding application is a contractual agreement you enter with the funding body, and contains record keeping, auditing, reporting, environmental preservation and other obligations. You should seek advice before signing any funding agreement.
Further information on the Fund can be found here.