Carbon sequestration is the storage of carbon through projects like planting trees, which take in carbon dioxide and release oxygen back into the air throughout their lifecycle. Trees store the carbon until the timber is burned or begins to break down.
Qantas has joined the Silva Carbon Origination Fund, providing finance from the airline’s $400 million Climate Fund.
Alongside generating carbon storage, the carbon origination fund will deliver projects which increase biodiversity and ensure land can still be farmed.
The fund will grant Qantas carbon credits which will help it to meet its overall decarbonisation targets and can be traded with other companies who want or need offsets.
Achieving net zero carbon emissions by 2050 for every industry, from aviation to business events, will not be possible without carbon offsets.
However Qantas uses its investment in these projects, they will take carbon out of the atmosphere, which helps with the fight against climate change and its impacts.
“For hard to abate sectors, such as aviation, high-integrity carbon offsets will play an important role in achieving climate targets,” said the Qantas chief sustainability officer, Andrew Parker.
“We expect the demand for carbon offsets to continue to grow into the future and it’s going to take partnerships across industries to enhance the overall availability of high-quality, high-integrity carbon credits.
“The Silva Carbon Origination fund will enable us to continue to elevate our carbon market strategy, while also helping to positively shape the development of the overall industry.
“We’re continuing to evolve our carbon portfolio to not only include high-quality, high-integrity carbon projects but also align to nature-based solutions.
“Through our Climate Fund, we continue to turn our attention to Australian projects that create ecological and economic benefits,” he said.
While Qantas is also working to reduce the amount of carbon it produces through its flights and operations, as with many industries, there will be some carbon emissions which cannot be avoided, which is where offsets come into play.
