Reaping the Rewards is a research report that explores ways landholders can improve profitability, reduce greenhouse gas emissions and deliver broader environmental benefits at the same time. These objectives are known as ‘multiple benefits’.
The Authority looked at the barriers to achieving multiple benefits on the land, which include costs to farmers associated with participating in government programs, limited availability of finance for investment, and challenges coordinating the many different government and non-government players that deliver policies on the land and a lack of metrics to support policy development.
The Authority recommends a number of approaches to drive multiple benefits on the land including a voluntary online reporting tool to reduce costs; a new community of practice to coordinate policy; new ERF projects with multiple benefits; and developing a standard to certify carbon credits that provide other benefits such as biodiversity. As a key recommendation, the Authority recommends a new targeted investment fund for the land to provide the necessary finance to farmers for on farm activities that deliver multiple benefits.
The report builds on the Action on the Land issues paper released in March 2017, which sought stakeholders’ views on ways to better coordinate action to reduce carbon emissions on the land while enhancing our natural environment and helping farmers improve their bottom line. Many stakeholders provided input to the research project, including through submissions on the issues paper. The Authority thanks those stakeholders that contributed to the review.
Climate Change Authority, Commonwealth of Australia 2018