If re-elected, the Miles Labor Government will invest an additional $140 million to triple the size of our nature fund
In an Australian first, the Miles Labor Government will invest $139.5 million to triple the size of Queensland's nature fund and related initiatives.
The investment will incentivise farmers, landholders, and Aboriginal and Torres Strait Islander peoples to create income from their land through the emerging natural capital market.
The new investments will:
- Triple the investment in Queensland's own nature fund, QIC's Queensland Nature Fund
- boost support for Queensland's landholders
- create sustainable jobs for Queenslanders
- drive regional centres and economies
- protect and restore Queensland's ecosystems, and
- enhance liveability.
As the world decarbonises, QIC's Queensland Nature Fund ensures Queensland seizes a first-mover advantage to attract new investment in natural capital projects.
Investors around the world are looking for opportunities to buy high-integrity carbon and biodiversity credits to deliver returns.
The credits are an attractive way for businesses to invest in the natural environment, offset emissions and environmental impacts from their operations, and demonstrate to customers their commitment to nature-positive outcomes.
Queensland farmers, landholders and Aboriginal and Torres Strait Islander peoples can generate natural capital credits to sell on natural capital markets, by taking an ecologically sustainable approach to managing the land.
The Queensland Government's $500 million investment in the Land Restoration Fund and existing $45 million investment in Queensland Natural Capital Fund have enabled Queensland to develop these emerging opportunities.
New funding will also support farmers, by funding carbon and biodiversity baselining and extension supports.
Incentives will be provided for farmers to manage protected areas that enhance their agricultural operations on their properties, while also achieving environmental outcomes.
Queensland is already Australia's leading natural capital market, being named Australia's best carbon faming state for the last three years by the Carbon Market Institute.
The Government will also transfer its 60 per cent majority ownership of North Australian Pastoral Company from the defined benefit pension fund to the Queensland Future Fund, to ensure Queensland retains a long-term stake in this important natural capital business.
A transfer to the Future Fund allows QIC to continue to manage the investment and pursue sustainable agriculture, with a broader mandate of marrying the production of food with addressing the twin imperatives of addressing climate change and maintaining biodiversity.
As stated by Premier Steven Miles:
"The world is looking to do business with those that are working towards decarbonisation.
"Queensland has incredible ecological diversity and ecosystems which are the envy of the world.
"Our nature fund will protect our natural environment while generating new income streams for Queenslanders.
"This will turbocharge Queensland's position as a pristine natural destination, as well as the place leading the transition to net zero.
"This is Queensland's moment to become the world leader in generating nature-based investment opportunities and developing a sustainable and prosperous future for generations to come."
As stated by Deputy Premier and Treasurer Cameron Dick
"Queensland has two competitive advantages when it comes to taking leadership in the emerging market of natural capital.
"We have the extraordinary biodiversity of our vast state, coupled with the world-leading investment expertise of the Queensland Investment Corporation.
Together, this combination puts Queensland landholders in the box seat to make strong returns, while helping decarbonise our economy and protect our vital biodiversity.
As stated by Minister for the Environment Leanne Linard:
"The Miles Labor Government has a track record of doing what matters to protect Queensland's iconic environment.
"This includes our new interim greenhouse gas emissions target, protections for the Lake Eyre Basin, Great Artesian Basin and Great Barrier Reef and an historic investment in growing our public protected areas.
"Thanks to our Government's Land Restoration Fund, Queensland is already the leading jurisdiction for carbon farming. However, we know we can do more.
"The commitments we make today will provide extra help for landholders to enter the carbon and natural capital markets and increase incentives for landholders to work with us to create new private protected areas to safeguard our irreplaceable natural assets on their property."
As stated by Chair of Australian Climate and Biodiversity Foundation Dr Ken Henry
"Queensland is increasingly being recognised as a leader in initiatives to improve natural capital.
"Today's announcement underlines the importance of dealing with climate change and biodiversity enhancement in an integrated way that is also good for agricultural producers.
"This is the only pathway to securing prosperity for future generations."
Other information:
This announcement includes:
- An additional $90 million investment in QIC's Queensland Natural Capital Fund, bringing the total investment in the fund to $135 million, supporting natural capital demonstration projects to attract more investment to preserve our environment
- $23.5 million to support a six-year pilot of an annual stewardship payment program for eligible private protected area landholders
- $20 million to support landholders participating in natural capital markets with advice and support services, including developing natural capital baselines, establishing Regional Natural Capital Accounts, and funding Natural Resource Management Groups to provide extension support
- $2 million to Digital Finance Research Centre to support development of an Australian Impact Exchange
- Supporting the protection of Australia's largest nature refuge working alongside one of Australia's oldest beef producers
- The Future Fund taking over ownership of Northern Australian Pastoral Company from the Defined Benefit pension fund.
