Forests in Tasmania valued at $3 billion on carbon market
A study in the Australian state of Tasmania has valued it's forests at nearly $3 billion on the carbon market.
A study in the Australian state of Tasmania has valued it's forests at nearly $3 billion on the carbon market.
The state's Labor-Green government report concluded that the island's forests store over 4 billion tonnes of carbon.
CO2, the energy and carbon management company, have estimated that this would be worth in the region of $280 million in current carbon markets but up to 10 times that value if Australia commits to the Kyoto Protocol's policy on forest management.
The forestry industry and environmentalists in Tasmania are seeking to end a bitter 30-year forests "war" and peace talks between the two groups are ongoing.
Cassy O'Connor, Tasmania's Climate Change Minister said the international carbon market has ballooned from $11 billion in 2005 to $176 billion in 2011.
CO2 representative James Bulinski said there were still hurdles for the state to jump, but countries like New Zealand were already seeing tens of millions of dollars flowing into their economies.