The Reef Credit Scheme is designed to operate similarly to other successful voluntary and compliance ecosystem services markets around the world. The Reef Credit Scheme encompasses all elements needed to deliver verified water quality improvements through ecosystem service payments, primarily to farmers, in the Great Barrier Reef catchments.
Components of the Reef Credit Scheme are:
Reef Credit Guide – the overarching explanatory document that details the rationale for the Reef Credit Scheme, the core principles, the participants, and the process and framework to generate, register, and issue Reef Credits from a Reef Credit Project.
Reef Credit Standard – sets out the rules and requirements for developing projects and methodologies, the validation, registration, monitoring, verification, crediting and issuance process and the governance arrangements.
Reef Credit Registry – the ledger that tracks Reef Credit transactions and ownership.
Reef Credit Methodology – approved ways of undertaking projects that provide verifiable pollutant reductions.
Reef Credit Project – activities that conform to an approved Reef Credit Methodology.
Reef Credit Governance – the Reef Credit Scheme is administered by Eco-Markets Australia Limited, an independent not for profit company limited by guarantee incorporated in Queensland, Australia. The company is governed by a skills-based Board of Directors, with the day-to-day administration of the Reef Credit Standard delegated to the Secretariat. The Members of the not for profit company are organisations and agencies that have endorsed the principles and objectives of the Reef Credit Guide and Standard.
The Board and Secretariat are supported on technical aspects of the Reef Credit Standard and Methodologies by a Technical Advisory Committee.
More details about the Reef Credit Scheme and water quality management in the Great Barrier Reef can be found here
Details on current Reef Credit Scheme public consultations can be found here