Description: The Reef Credit Scheme was developed to improve Great Barrier Reef water quality. A Reef Credit represents a tradable unit of pollutant reduction.
reef credit scheme What is the Reef Credit Scheme? The Reef Credit Scheme is an innovative, market-based solution offering a new way to improve the quality of water entering the Great Barrier Reef. The Reef Credit Scheme was conceived in response to the consensus that a market-mechanism to incentivise water quality improvements across catchments of the Great Barrier Reef was urgently needed.
The Reef Credit Scheme enables land managers to undertake projects that improve water quality through changes in land management to generate a tradeable unit of pollutant reduction or ‘Reef Credit’. A Reef Credit represents a quantifiable volume of nutrient, pesticide or sediment prevented from entering the Great Barrier Reef catchment.
The relative value of pollutant reduction from nutrient, sediment or pesticide is set using the reef wide pollution reduction targets described in the Reef 2050 Water Quality Improvement Plan (2018). These values will be periodically amended by the Reef Credit Secretariat to reflect changes to the pollution reduction targets. A Reef Credit can then be sold to those seeking to invest in water quality improvements, such as government, private industry and philanthropists.