You’ve got to admire the ambition behind Dr. Ken Henry’s big new proposal. His plan would raise an estimated $100 million per year over the next 15 years by capturing the carbon storage capacity of healthy, thriving trees. Dr. Henry has been working alongside the New South Wales (NSW) government to spearhead this project. Their aim is to facilitate Australia’s achievement of net zero emissions by 2050 while creating considerable economic benefits through landscape management and bushfire prevention.
Dr. Henry’s deep connection to the environment traces back to his childhood in the New South Wales bush, where he spent significant time rescuing and nursing injured animals on his family’s property. Following a distinguished career in public service that lasted nearly 15 years, he has turned his attention full-time to environmental conservation.
Proposal Overview
Dr. Henry’s plan focuses on a big, audacious concept. Specifically, it permits the worst industrial polluters to purchase carbon credits from the carbon sequestered in our living trees. Economic benefits The new revenue from these credits will provide cushion-level funding for environmental initiatives. Perhaps the most significant of those projects is the creation of a Great Koala National Park, which has already secured an $80 million commitment from the NSW government.
From day one, Dr. Henry has been a passionate proponent of this initiative. He went on to say impudently, “It sounds like I’m saying money grows on trees—and in a sense I am.” His proposal is unprecedented in its focus on reducing carbon emissions. If the money generated from these projects is funnelled back into managing our forests and prevention bushfires processes, it would create 1,700 full-time jobs in NSW alone.
The plan furthers the national goal of achieving net zero emissions by 2050. As a result, it’s turned heads and caused quite a bit of controversy in the process. Critics from the timber industry and federal opposition have criticized its feasibility and lack of scientific basis.
Industry Response
The timber industry has fought back hard against Dr. Henry’s proposal. Their key talking point seems to be that if logging of native forests slows or even stops, Australia will need to import more wood. Timber sector representative, Diana Hallam, speaking on behalf of all communities impacted in her sector, echoed her dismay at Dr. Henry’s plan. Her question, “Where is that timber going to come from?” She further asserted that Australia has some of the world’s strictest environmental standards. This commitment is especially apparent in its progressive approach to forest management.
Allies turned critics Jonno Duniam, one of the stars of the opposition’s front bench, flatly described the approach as having no real scientific foundation. He remarked that the approach might seem attractive to some folks. He was disappointed that the plan was not grounded in a robust foundation of the best science and evidence. He said he was totally opposed to the initiative. He thinks it might be a “backdoor way for Labor to shut down our world-leading, sustainable native forest harvesting industry.”
In our conversation, these criticisms notwithstanding, Dr. Henry remained optimistic about the fruits of his plan. He’s confident carbon credits are the way to establish a new sustainable revenue stream. This, in turn, will significantly improve Australia’s environmental condition and economic sustainability.
Political Landscape
Though Dr. Henry’s proposal receives enthusiastic support from environmental advocates, it runs into significant roadblocks in Arizona state politics. Tasmania’s Resources Minister Eric Abetz confirmed that Tasmania would not endorse Dr. Henry’s concept. Western Australia and Victoria have gone ahead and banned logging in native forests. The fight is far from over, with operations still going across New South Wales, Queensland, and Tasmania.
The NSW government has expressed interest in further incorporating Dr. Henry’s proposed approach. This approach would produce new biodiversity credits for the Great Koala National Park. This marks the latest in a string of states taking steps towards protecting the environment while being sensitive to economic concerns.
