The Aboriginal Carbon Foundation (AbCF), a not-for-profit organization that connects communities that supply carbon credits, has partnered with Insurance Australia Group Limited (IAG), the largest general insurer in Australia, whose brands include CGU, WFI, and NRMA Insurance, to support the building of new First Nations-headed carbon farming projects across Australia.
Under this collaboration, both the organizations, in a period of three years, aim to establish three-carbon farming and Aboriginal cultural fire management projects across NSW (New South Wales) by 2023 and expand into South Australia and Victoria by 2024.
Carbon offsetting or carbon farming includes projects that extract carbon dioxide from the atmosphere and support limiting the impact of climate change.
This project offers cultural, social, economic, and environmental benefits to communities that operate them.
While commenting on the move, Sean Appoo, AbCF spokesperson, said that over the past 12 years, Aboriginal Carbon Foundation has been working hard to induce life-changing community prosperity via carbon farming.
The firm is dedicated to building wealth for the Traditional Owners with environmental, cultural, social, and productive core benefits via making the virtuous trade of carbon credits with government agencies, international bodies, and Corporate Australia.
This collaboration with IAG will help the firm to offer opportunities further to Aboriginal Land Supervisors in the southern parts of the country and draw attention to other advanced land management practices created on Indigenous Expertise in cooperation with cultural fire practice, he said.
Meanwhile, IAG holds a long history known for supporting the reconciliation movement and issuing its first Reconciliation Action Plan in 2013.
IAG released its 4th RAP last month, which included a commitment to supporting the development of the First Nations-headed carbon offset projects.
This Aboriginal Carbon Foundation partnership is entrusted with that commitment. Furthermore, IAG plans to procure a part of its carbon credits from these projects as more carbon offset projects keep developing over time.
This alliance also aligns with the commitment of IAG defined in its latest Climate and Disaster Resilience Action Plan.