IAG to develop new First Nations-led carbon farming projects

Insurance Australia Group (IAG) – which backs NRMA Insurance, CGU, and WFI – has teamed up with the Aboriginal Carbon Foundation (AbCF) to create new First Nations-led carbon farming projects across Australia.

Carbon farming, also known as carbon offsetting, involves projects that draw carbon dioxide from the atmosphere and help limit the impacts of climate change. It also provides social, cultural, and economic benefits to the communities that run them.

The partnership will see IAG and AbCF develop three Aboriginal culture fire management and carbon farming projects across New South Wales (NSW) by 2023 and then expand into Victoria and South Australia in 2024. It was announced as the insurance giant celebrates NAIDOC Week to increase awareness of First Nations culture and engagement with its new Reconciliation Action Plan (RAP).

“We’re proud to partner with the Aboriginal Carbon Foundation to help with the creation of new projects that will benefit the environment and communities,” said Lee McDougall, executive manager for climate action at IAG. “We’ve already been purchasing a portion of our carbon credits from Indigenous projects over a number of years, and we see this as an opportunity to support First Nations-led solutions to the climate challenges we are all facing and expand the number of carbon credits we purchase from Indigenous projects.”

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The AbCF leverages Indigenous land management practices to reduce carbon emissions. For example, savanna fires release strong greenhouse gases (GHG) into the air. Therefore, AbCF leverages Indigenous knowledge to reduce the emissions from savanna fires by burning them in the early dry season when the fuel load is lower and fires are cooler and patchier.

AbCF spokesperson Sean Appoo said the three-year partnership with IAG will enable it to spread further opportunities to Aboriginal land managers in the southern parts of Australia and highlight other sophisticated land management practices built on Indigenous knowledge along with cultural fire practice.

“Throughout our 12-year existence, the Aboriginal Carbon Foundation has worked hard to catalyse life-changing community prosperity through carbon farming,” said Appoo. “We’ve aimed to build wealth for traditional owners with social, cultural, environmental, and economic core benefits through the ethical trade of carbon credits with corporate Australia, government agencies, and international bodies.”