BHP, Rio Tinto, and Qantas Invest in Nature-Based Carbon Credits Fund
Australian Mining Giants and National Airline Team Up to Drive Sustainability
In a major investment that signals a shift towards a greener future, BHP, Rio Tinto, and Qantas have announced a combined investment of A$80 million (US$527 million) in an Australian carbon credits fund.
The fund, which aims to develop high-integrity nature-based carbon projects in Australia, will leverage the expertise of the three founding partners in mining, energy, and transportation to create a robust and scalable carbon market.
"This investment marks a significant step in our commitment to sustainability and decarbonization," said Mike Henry, CEO of BHP. "By investing in nature-based carbon projects, we can help to reduce our emissions and support the creation of a more sustainable economy."
The fund will focus on projects that sequester carbon through reforestation, afforestation, and land management practices. These projects will not only help to reduce greenhouse gas emissions but also provide additional benefits, such as improved biodiversity, water quality, and soil health.
"Qantas is committed to becoming net zero by 2050, and investing in this fund is a key part of that strategy," said Alan Joyce, CEO of Qantas. "By supporting the development of a thriving carbon market, we can help to create a more sustainable future for our customers, our employees, and our planet."
The fund is expected to launch in September 2024 and will be managed by Pollination, a leading investor in climate solutions. Pollination will work with the founding partners to identify and develop a portfolio of high-quality carbon projects.
"We are excited to partner with BHP, Rio Tinto, and Qantas on this groundbreaking initiative," said Cameron Tonkin, CEO of Pollination. "Together, we can create a carbon market that supports the transition to a low-carbon economy and delivers tangible benefits for the environment and the Australian economy."
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