CO2 Australia (ASX: COZ ) is Australia's market leader in the establishment and management of major commercial forest 'carbon sinks' designed to lock-up carbon and lessen the impact of greenhouse gas emissions.
Carbon offset specialists CO2 Group has entered into the Queensland market under a deal to reduce Bundaberg Brewed Drinks’ carbon footprint.
The company will develop a carbon offset project at Moura, about 300 kilometres west of Bundaberg, with support from the Queensland Department of Employment, Economic Development and Innovation (DEEDI).
CO2 said the project paves the way for it to provide carbon management solutions to a new market in Queensland, including its burgeoning resources industry.
While the company has traditionally used mallee eucalypts in Australian-based carbon sink plantings, it will introduce a new species of eucalypt that’s best suited to the Queensland landscape.
Seed from elite provenances will be provided by the DEEDI for the planting.
Besides reducing greenhouse emissions, the project will also serve as a resource for research and development work over coming decades.
CO2 has 22,000 hectares of carbon sink plantings, or about 33 million trees, under its management.
Its clients include Woodside Energy (ASX: WPL), Origin Energy (ASX: ORG), Rio Tinto (ASX:RIO) and Qantas Airways (ASX: QAN).