CO2 Australia acquires Ecofund from Queensland Government

CO2 Australia, a division of CO2 Group, has reached agreement and settlement with the Queensland Government to acquire its 100% share of the independently operated Ecofund Queensland (Ecofund).

“The acquisition of Ecofund underscores our commitment to delivering a full range of environmental services and solutions to companies and organisations both in Australia and overseas,” said Andrew Grant, CEO of CO2 Group.

“Ecofund is one of Australia’s largest traders of voluntary carbon offsets and is highly regarded in advisory services across renewable energy, environmental and biodiversity offsets, and will complement our well-established offerings in project management, environmental trading and carbon advisory services,” Grant added.

“Our strategy for the company over the past two years has been to focus on expanding our business activities in emerging carbon markets, commercialising our intellectual property and diversifying into advisory services and environmental markets trading. This announcement continues CO2 Group’s growth strategy across environmental markets in Australia, New Zealand and Asia, and follows the successful Carbon Farming Initiative (CFI) methodology determination in relation to reforestation and afforestation announced last month.”

The Minster for Environment and Heritage Protection, Andrew Powell, said Ecofund is a well-established company providing specific carbon trading services - services best provided by the private sector.

“Ownership by the state and the policy constraints are limiting opportunities for the company’s future growth and therefore it is timely for the government to divest its shares and allow the company and its purchaser to reach their full potential,” Powell said.

CO2 Australia is the country’s largest developer of reforestation-based carbon projects, having developed more than 26,400 ha (or 39 million trees) of dedicated carbon plantings in Australia that are now in the process of being registered in the CFI to enable the creation of Australian Carbon Credit Units (ACCUs) under the Australian carbon pricing mechanism.