The Morrison Government has welcomed Fiji as the first international partner to join Australia’s recently established Indo-Pacific Carbon Offsets Scheme.
The Indo-Pacific Carbon Offsets Scheme (the Scheme), announced in April, is modelled on Australia’s successful Emissions Reduction Fund and is designed to develop a high-integrity carbon offset scheme in the Indo-Pacific region.
The Government is also investing an additional $44 million, on top of the $59.9 million originally invested into the Scheme, taking the total investment to $104 million over 10 years.
Prime Minister Scott Morrison and Prime Minister Josaia Voreqe Bainimarama signed the agreement in Glasgow, which lays the foundations for a high integrity and accessible carbon market for Fiji.
“The partnership will see our two countries share expertise to ensure Fiji is internationally recognised as a source of high-integrity carbon mitigation outcomes,” Prime Minister Morrison said.
“We look forward to working with Fiji, other members of our Pacific family and Asian partners to share our expertise and drive investment in low emissions technologies.
“The Australian Government is also providing further support to help countries in the Indo-Pacific region meet their international reporting obligations, attract investment to lower emissions and set up high-integrity carbon offset schemes with a $44 million boost for the Indo-Pacific Carbon Offsets Scheme.
“We’re encouraging the wider adoption of Australia’s world-leading approach to emissions solutions to support our neighbours reduce emissions and grow their economies. This is essential to ensure all countries can take advantage of the global transition to the new energy economy.”
Minister for Industry, Energy and Emissions Reduction Angus Taylor said Australia would share technical expertise in carbon accounting with countries in our region to enable them to meet new Paris Agreement emissions reporting obligations.
“Australia is the gold standard when it comes to transparency and accountability in emissions reporting,” Minister Taylor said. “We expect all major economies to be held to the same high standard and we will support countries in our region to build the capability of their emissions reporting.
“Our Plan to get to net zero emissions by 2050 recognises there is a role for voluntary purchases of high integrity credits from our region. We are putting in place the building blocks to enable that to occur.
“The scheme will also help Australia’s private sector meet its emissions reduction targets by enabling investment in credible projects in the region that demonstrate high environmental integrity.”