The LRF launched Round Two of its competitive funding program today.
The process in this Round is different. There are two stages to the application. The initial application will gather data to enable the LRF to form an assessment about where the project sits on the spectrum of LRF investment priorities, other merit components, and value. Only shortlisted projects will complete the full Final Application. It will include a risk assessment component.
An LRF project requires the delivery of carbon credits registered by the Clean Energy Regulator. There is an obligation to preserve the soil carbon for at least twenty five years. An Australian Carbon Credit Unit ACCU represents one tonne of carbon extracted from the atmosphere by one or more approved methods. There are numerous methods available including soil carbon, vegetation, grazing management and more. A new or intensified activity must be carried out at the project areas.
Summary of the new Round:
Key Dates
| Stage | Date |
|---|---|
| Initial Applications close | 8 October 2021 |
| Invitations to Submit Final Application sent | 6 December 2021 |
| Final Applications close | 4 February 2022 |
LRF Investment this Round
The total amount to be invested through the LRF Investment Round 2 is $25 million, with a maximum of $5 million to be invested in any one LRF project.
LRF Objectives
Projects must contribute to one or more of the LRF objectives. The LRF Round 2 will invest in carbon farming projects that:
- restore and protect Queensland’s environmental assets, with a particular focus on native vegetation restoration and protection;
- benefit the Great Barrier Reef;
- support a commercially and environmentally sustainable land sector, generating new job and revenue possibilities for regional Queensland;
- support regenerative agriculture as a viable farm management approach, especially where biodiversity outcomes are seen; and
- grow the market for carbon farming with measured and verified environmental, socio-economic and First Nations co-benefits.
Each project must provide benefits from at least one of the three classes ie environmental, socio-economic and First Nations. These co-benefits must also be validated, using third-party auditing frameworks.
Support for project development
As part of its commitment to support the evolution of a sustainable land use industry, the LRF provides some financial suppor
- Rebates of up to $10,000 are available to help cover the costs of carbon farming advice received from an LRF Approved Adviser.
- Successful applicants will be offered upfront payments of up to 10% of the project budget, to help with start-up costs.
- And of course, the main purpose: delivering the project as planned could provide regular annual payments for the duration of your carbon farming project.
Get in touch to discuss the opportunity
Your project may be eligible for financial support under the Carbon Farming Advice Rebate Program, which provides a rebate of up to $10,000 per person for professional fees.
We are registered as a Carbon Farming Advisor by QRIDA. We focus on soil health and the soil carbon method, but are able to assist with other methods. Get in touch to discuss your carbon project and clarify your questions.
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