world
New South Wales to receive carbon credits for koala park after federal approval
The federal government approved a carbon credit scheme that will pay state governments for storing carbon in native forests. The funding will allow the long-planned koala national park to proceed once state officials receive final clearance.
forbes.comAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
The federal government approved a carbon credit scheme that will pay state governments for storing carbon in native forests on public land. The credits are expected to total hundreds of millions of dollars and will support the creation of a national park in New South Wales.
Background on the park plan State officials had previously locked in the park boundaries and imposed an immediate ban on logging within the designated area. The park is intended to protect an estimated 12,000 koalas. The assistant climate change minister told Nine newspapers that the federal government had cleared the way for the credits to be awarded.
State officials are now waiting on final federal sign-off before moving forward with the project.
Next steps for implementation Once the credits are formally issued, state authorities can begin the administrative steps required to establish the park. The funding is tied to the preservation of forests that had been slated for timber harvesting.
