26 October 2023
RegenAqua technology approved for Reef Credit Scheme
A new technology developed by sustainable wastewater treatment company Pacific Biotechnologies Australia (Pacific Bio) has recently secured approval for Reef Credits within the framework of a new scheme aimed at improving water quality.
The Reef Credit Scheme, facilitated by Eco Markets Australia, the nation’s first independent administrator of environmental markets, is an innovative market-based solution offering a new way to improve the quality of water entering the Great Barrier Reef.
The scheme provides opportunities for stakeholders wanting to reduce nutrient run off to earn additional income by generating and selling Reef Credits which can be attained through adopting practices and projects that demonstrably reduce nutrient and or sediment run-off.
The credits generated from the projects may then be on-sold to corporations, private investors and philanthropic organisations who are wanting to protect the Reef, or are trying to meet their own policy, investment, or corporate responsibility charters.
CEO of Eco Markets Australia Maree Adshead said each credit awarded represents a kilogram of Dissolved Inorganic Nitrogen (DIN) that has been prevented from entering the waters of the Great Barrier Reef.
Pacific Bio recently received this Reef Credit approval for their innovative water treatment solution, RegenAqua, which uses endemic river grasses to strip wastewater of environmentally harmful pollutants, like nitrogen, phosphorus before they enter our waterways and oceans.
Pacific Bio CEO Sam Bastounas said this was an important milestone for the company and hopes it will incentivise further adoption of the RegenAqua technology across the country and in regions around the world in desperate need of cost-effective wastewater treatment.
“Pacific Bio’s RegenAqua technology is a world leading system and when combined with our new methodology will allow those who seek to reduce nutrient water pollution to be rewarded by the sale of Reef Credits,” said Mr Bastounas.
“Users of RegenAqua technology can now directly benefit financially from their efforts to improve water quality, and it is a significant step forward in ensuring widespread environmental improvement in water quality.
“Having Eco Markets Australia alongside us in the role of Market Administrator carries immense weight. The rigour and standards they’ve applied in this process gives me confidence that we have a methodology of the highest standard with integrity and transparency giving future buyers of our Reef Credits absolute confidence that every credit they purchase directly correlates to a unit reduction in nutrient water pollution entering the Great Barrier Reef.”
Ms Adshead said the approval process includes verifying project outcomes and providing a secure and transparent registry system, all of which are critical in maintaining the integrity of the scheme.
“Approving Pacific Bio’s wastewater methodology, RegenAqua, co-developed with Greencollar under the Reef Credit Scheme, has really boosted interest in the environmental markets we administer at Eco Markets Australia,” says Ms Adshead.
“We hope this will enhance the flow of public and private investment into worthy environmental initiatives. We’re excited at the prospect of generating more Reef Credits and showcasing that sustainability and financial profitability do not need to be mutually exclusive.”
Julie Johnston 0415 908 896