NSW is planning to create a 476,000 hectare Great Koala National Park, funded in part by selling carbon credits from ending logging in 176,000 hectares of state forests. The Senate recently rejected a bid to block the scheme, keeping the park on track for delivery by March 2027. The carbon credits would be generated through the Australian Clean Energy Regulator, with sales prioritised to manufacturing industries and banned from fossil fuel companies. Supporters argue the park might not happen without this revenue, while critics say governments shouldn't need financial incentives to create parks, and question whether offsets actually drive decarbonisation. The scheme still needs approval from the House of Representatives and the Clean Energy Regulator. The article also highlights concerns from the timber industry about importing substitute materials with higher emissions, and from academics who see offsets as a last resort.
