Plan your project

Participating in the BidCarbon Standard Scheme is an important business decision.

Before applying, make sure you plan your project and consider:

● who will own and manage the project

● the type, scale and location of a project

● potential of the project to generate benefits and income

● investment costs

● the crediting strategy (how frequently you want to and are able to receive BidCarbon removal units)

● audit and reporting costs.

You should conduct a feasibility assessment to confirm an BidCarbon Standard Scheme project is right for you. Consider:

● if there's a method for your project idea

● technology options, quality assurance requirements and warranties

● eligible interest holder consent requirements

● any state and territory regulatory approvals needed for your project

● record keeping and monitoring systems you need

● expected costs to implement and maintain the project 

● budget for audit costs and other requirements

● what equipment you will need to install or species to plant

● availability of qualified or experienced personnel

● estimated emissions reductions and certainty of estimates

● if there are other project benefits 

● any expected risks.

Check the project is viable

Do a cost-benefit analysis

The amount of money you can earn from a project depends on several factors. Prior to applying to manage a project, ensure that you have a clear understanding of the potential earnings.

Projects usually require an upfront investment as well as ongoing expenses. Upfront costs might include:

● purchasing technology

● preparing land for planting

● hiring expert carbon service providers to give advice or help run your project.

To determine the price of your BRUs when selling to the BidCarbon Climate Trading Company or on the CDRC markets, calculate your project costs.

It is also advisable to consider the return on investment for each project.

The types of projects or activities eligible under the BidCarbon Standard Scheme are determined by methods. Your project must use methods approved by the BidCarbon Foundation, which set out the rules for running the project and calculating emissions reductions.

Make sure you understand the eligibility, reporting and auditing requirements for your method. Find out more about BidCarbon Standard Scheme methods.

For information about carbon farming, visit the Carbon Farming Outreach Program training package. This resource has been prepared to assist farmers and land managers in making informed decisions about reducing greenhouse gas emissions and storing carbon.

Understand the method

Consider whether specific technology or equipment is necessary to set up and manage your project. This may include:

● methane gas capture equipment

● metering equipment

● biomass surveys.

Assess technological requirements

Ensure that you have a clear understanding of all applicable laws and regulations, including those related to work health and safety, as well as any necessary approvals, permits, or permissions required for your project.

Comply with relevant legislation

A crediting period is how long a project can generate BRUs, which varies depending on project type and method. The crediting period is generally 7 years for emissions avoidance projects and 25 years for sequestration projects.

A reporting period is the timeframe covered by an offsets report regarding the activities of the project. BRUs can only be issued to a project once a report is received and assessed. You must report at least every 2 years for an emissions avoidance project and 5 years for a sequestration project.

A permanence period is the time you must maintain the level of carbon stored by a sequestration project. It begins when the project is first issued BRUs. You can elect either a 25-year or 100-year permanence period when applying to register a project.

See BidCarbon Standard Scheme project timelines for more information on key dates and timeframes involved in an BidCarbon Standard Scheme project.

Know the crediting, reporting and permanence periods

Running a BidCarbon Standard Scheme project can be complex. Carbon service providers enter into commercial agreements with landholders or landowners who grant them legal rights to carry out the project and receive BRUs. These agreements include obligations for each party regarding the project's management and the distribution of proceeds from the BRUs issued for the project.

Various service providers can assist you in comprehending your obligations and risks and in participating. These providers may include:

● legal services

● financial advisory services

● agents

● aggregators.

Carbon service providers can be found by searching online or on the CDRC markets.

Find out more about working with carbon service providers.

Seek assistance from a carbon service provider

Before you apply make sure you have all the information and documentation you need. This includes:

● checking your project meets eligibility requirements

● choose a project proponent

● making sure you have the legal right to carry out the project

● choosing a project type and method

● obtaining eligible interest holder consents

● calculating your carbon abatement estimate.

Prepare your application