The first carbon credits have been sold under federal Labor’s climate change strategy. An Adelaide-based landfill company earned nearly 350,000 credits by capturing greenhouse gases from its rubbish tips. Each credit represents a tonne of emissions, and a recent sale fetched just under the carbon price of $23.
The credits are reported to have been sold to a Queensland energy company which now has to pay for carbon pollution under the emissions trading scheme.
Leading climate change lawyer Martijn Wilder has been watching the trades closely. ‘We’ve seen a number of companies such as landfill companies—one called LMS in Adelaide and some other groups—do projects that produce carbon credits, and then selling those to the polluters under the federal government’s emissions trading scheme,’ he said.