BHP Group (NYSE:BHP), Rio Tinto (NYSE:RIO), and Qantas (OTCPK:QABSY) (OTCPK:QUBSF) announced a collective investment of A$80M (~$53M) as early-stage investors in an Australian carbon credits fund focused on land reforestation projects, Reuters reported.
The fund is managed by Silva Capital, a joint venture between Roc Partners and C6 Investment Management, and aims to raise a total of A$250M for carbon credit units from reforestation efforts.
This initiative was confirmed in statements from the companies and the fund on Monday, August 12, 2024, according to the report.
These credits are part of Australia’s Emissions Reduction Fund (ERF), which is designed for a 43% reduction in carbon emissions by 2030.
