INPEX, ANZ, and Qantas have entered into a memorandum of understanding (MoU) to evaluate a project combining carbon farming and renewable biofuels in Western Australia's Wheatbelt region. The initiative aims to support reforestation and decarbonization using drought-resistant native tree crops integrated with existing farming systems.
Following an initial assessment of the carbon farming project, the parties will conduct a detailed feasibility study on harvesting and processing native biomass crops and selected agricultural waste residues to produce low-carbon renewable biofuels. Under the MoU, the first planting of native trees is expected in winter 2023, pending stakeholder engagement completion.
The project model emphasizes collaboration among sponsors, landowners, and rural communities. It seeks to diversify the regional agribusiness economy while supporting local employment and infrastructure investment in Wheatbelt farming communities.
The three MoU sponsors bring resources, complex project development experience, and a long-term commitment to this collaboration. INPEX CORPORATION's Representative Director, President, and CEO Mr. Takayuki Ueda expressed pride in contributing to a lower carbon future through this project. "We look forward to realizing this exciting collaboration," Mr. Ueda said.
ANZ Chief Executive Officer Shayne Elliott highlighted that the project aligns with ANZ's focus on supporting customers' transition to net zero as part of its environmental sustainability strategy. "We’re looking forward to working closely with landowners and rural communities," Mr. Elliott stated.
Qantas CEO Alan Joyce noted that the MoU demonstrates Qantas's commitment to sustainability by potentially contributing towards developing a domestic sustainable aviation fuel (SAF) industry. "This partnership ticks a lot of boxes," Mr. Joyce commented.