We at CO2 Australia are incredibly proud to have Australia’s first ever environmental account, certified by Accounting for Nature Ltd! The third-party certification underpinning our Lake Wivenhoe revegetation project is recognised as applying the most scientifically credible and trusted environmental accounting standards in the world. Today marks an exciting new chapter in Australia, as environmental accounting drives better investment, policy and management decisions in natural capital.
CO2 Australia’s project involved the planting of more than 150,000 trees across seven sites adjacent to Lake Wivenhoe in south-east Queensland. The planting sites, which were initially identified by the World Wide Fund for Nature (WWF-Australia), are within an important koala habitat corridor in south-east Queensland. At least 90% of the trees planted will be species that provide habitat for the koala. This will increase the amount and quality of habitat for the koala in the corridor and provide connectivity between existing areas of habitat. The project will also reduce the amount of sediment runoff entering Lake Wivenhoe, thereby improving water quality in south-east Queensland’s largest water storage.
CO2 Australia applied an Accounting for Nature® Accredited Method to monitor and track improvement in biodiversity co-benefits associated with the project through the calculation of Native Vegetation Econds®. The Accredited Method applied was developed and trialled by CO2 Australia over 18 months, and following certification by the Accounting for Nature® Standards and Accreditation Committee, was one of the first certified national native vegetation condition assessment methodologies. To gain certification, CO2 Australia undertook a rigorous third-party verification process to ensure its project complied with the Accounting for Nature® Framework – this project is now formally recognised as the first environmental account in Australia, applying the most scientifically credible and trusted environmental accounting standard in the world.