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

● 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 BCUs when selling to the Australian Government or on the secondary market, calculate your project costs.

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

Projects or activities eligible under the BidCarbon Standard Scheme are determined by approved methods that set out rules for project management and emissions reduction calculations. Your project must use BidCarbon Foundation-approved methods.

Make sure you understand the eligibility, reporting and auditing requirements for your method.

Learn more about the methods of the BidCarbon Standard Scheme.

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 the duration during which a project can generate BCUs. The length of the crediting period depends on the project type and method. Emissions avoidance projects typically have a crediting period of 7 years, while sequestration projects have a crediting period of 25 years.

A reporting period is a period of time for which a project report is prepared to submit to us. You nominate the reporting period based on your project type:

● emissions avoidance projects: 6 months to 2 years

● sequestration projects: 6 months to 5 years.

Understand the duration of the crediting and reporting periods

Running a BCU 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 BCUs. These agreements include obligations for each party regarding the project's management and the distribution of proceeds from the BCUs 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 CDR exchange.

Seek assistance from a carbon service provider

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

● to ensure eligibility, check that your project meets the requirements.

● choose a project proponent

● and confirm that you have the legal right to carry out the project

● select a project type and method

● obtain eligible interest holder consents, and

● calculate your carbon abatement estimate while adhering to metrics and units.

Prepare your application