Carbon Futures Australia, in association with the Australian Industrial Hemp Alliance (AIHA), launched its hemp carbon certification methodology at the Global Hemp Summit in Melbourne last week.
The company uses blockchain technology to analyse the impact of hemp in the sequestering and long-term storage of carbon.
While hemp captures carbon in above-ground biomass and soil, it also produces emissions from cultivation, processing and manufacturing which necessitates the gathering of data on emissions as defined by the Greenhouse Gas Protocol.
Carbon Futures uses this data to design a life-cycle analysis that balances inputs and outputs in hemp products such as hempcrete.
The voluntary carbon market is tipped to reach US$10-25 billion by the end of the decade and Carbon Futures CEO James Vosper said this was a potentially lucrative new opportunity for farmers.
The firm is focussed on credits generated from harvested biomass, taking advantage of the crop’s vigorous growth (90-120 days) and large volumes of carbon sequestered per hectare (22 tonnes).
Vosper said: “According to the World Bank, carbon prices need to reach $50-100 per tonne by 2030 to meet the targets of the Paris Agreement. At 22 tonnes of carbon per hectare, this represents a potential incremental gross income of US$2,200 per hectare, per crop.
“By engaging with Carbon Futures to gain AIHA certification, Australian farmers can access a significant additional income stream.”
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