Reef Credits: An Indulgence

4 minute read

We believe the AUD1mn contribution from HSBC Australia and the Queensland government to Reef Credit, does not rectify Queensland’s role as a top global coal player.

Reef Credit exists as a program which functions to reduce agricultural offset into the ocean and thus spare the Great Barrier Reef from sediments.

The scheme aims to pays landholders for improved water quality resulting from their on-farm actions but we contrast this so-called safeguarding of the Reef with the concept that climate change itself poses the greatest threat to the Great Barrier Reef.

With the government of Queensland dedicated to its world leading coal industry with associated negative climate effects, the AUD1mn (shared with HSBC) in Reef Credits seems inadequate to generate absolution for its contribution to CO2 emissions and climate change.

We believe that the Reef Credit contribution is likely to be well covered by the submission fees for the 2020 Queensland exploration program for coal, petroleum and gas.

Furthermore, we had hoped otherwise but HSBC’s joint business with the world’s greatest per capita coal producer seems a corollary to the group’s commitment to another top carbon-related issuer of the world, Saudi Aramco.

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