Wooden Stake

This afternoon, the Albanese government announced a revision to Regional Forestry Agreements with broad consequences for farmers, the forestry industry and mining. The Department of Resources portfolio has been extended with new powers to ensure reforestation and supersedes the purview of mining and exploration. In line with the science, the creation of carbon sinks are now the priority for Australian and global efforts to ameliorate climate disasters. 

According to the government, farmers who had cleared more than 75% of their land in comparison to pre-settlement are having leases revoked. All 99 year leases not currently granted are being assigned to the Department of Indigenous Affairs and no new Leases will be granted over Crown land. Carbon Credits have been extinguished and all business with a value over $200,000 will be assessed on their independent carbon emission reduction efforts. 

Financing for reforestation and creation of a carbon negative Australia will be funded with the termination of all subsidies to fossil fuel companies and mining within Australia and its territories with standard taxation being applied to all company activities within national boarders. Labour has also ended political contributions and lobbying under the Commonwealth Electoral Act. This unprecedented move immediately generated approximately $500 billion in funds which Albanese has ear-marked for nationalisation of public services and the creation of carbon negative industries.