BHP, Rio Tinto, Qantas to invest $53 mln in Australian carbon credit fund
SYDNEY, Aug 12 (Reuters) -BHP BHP.AX, Rio Tinto RIO.AX and Qantas QAN.AX will invest a total of A$80 million ($52.7 million) as early-stage investors in an Australian carbon credits fund that aims to invest in land reforestation projects, according to statements from the fund and the companies on Monday.
The fund, managed by Silva Capital - a joint venture between Roc Partners and C6 Investment Management, aims to raise A$250 million to generate and manage Australian Carbon Credit Units (ACCUs) from reforestation initiatives.
ACCUs are issued by the Australian government's $3 billion Emissions Reduction Fund (ERF) to help the country slash its carbon emissions by 43% from 2005 levels by 2030.
The ERF issues credits mostly to projects that avoid deforestation, regenerate native forests or collect methane from landfills. Those projects can sell credits to the government or to companies looking to meet their emissions-cutting targets.
Companies operating in high-emitting industries like mining and aviation are increasingly looking to buy carbon credits as they seek to buy offsets for their emissions.
"This fund represents not only an investment in carbon abatement but a significant milestone in Australia's carbon market, that will, importantly, support the long-term success of our farming communities and nature repair," Raphael Wood, Silva Capital Co-Managing Director, said in a statement.
Silva Capital has plans to invest in farmlands to develop large carbon sequestration projects that promote sustainable agricultural and land management practices, Wood added.
($1 = 1.5193 Australian dollars)
Reporting by Renju Jose in Sydney; Editing by Himani Sarkar
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