Below are some frequently asked questions and answers about mecu's sustainability initiatives. If you have a question about mecu's approach to sustainability, email sustainability@mecu.com.au and we will get back to you as soon as possible.
- What is mecu’s Conservation Landbank?
- What is a biodiversity offset?
- What is a conservation corridor?
- Can you tell me more about how the goGreen Car Loan offsets greenhouse gas emissions?
- What are forward credited offsets?
- How do I know my forward credited offsets will be met?
- What is carbon sequestration?
- Why have you chosen a carbon sequestration method that will take such a long time?
- What is habitat 141?
- Who are Trust for Nature?
- What is a Trust for Nature Conservation Covenant?
- What is Landcare CarbonSMART?
1. What is mecu’s Conservation Landbank?
The mecu Conservation Landbank is a world first for a financial institution. The Landbank will help mecu offset the loss of biodiversity resulting from new homes financed by mecu. For example, if a member purchases a block of land at 650sq/m, the equivalent amount of land is allocated for protection and / or revegetation in mecu’s Conservation Landbank. Properties purchased by mecu and ‘deposited’ into the Landbank will be protected against any future development by Trust for Nature Conservation Covenants.
The first property acquired is a 201 hectare site in Victoria’s west Wimmera region called ‘Minimay’. Purchased from the Trust for Nature Revolving Fund, the property is in an area that is home to Victoria's most endangered bird and the South-eastern Red-tailed Black Cockatoo.
mecu’s vision is to develop the bio-diversity of the property to support wildlife and build and protect the native bushland.
The Landbank will also offset the carbon emissions generated by cars financed by mecu and assist mecu to achieve its commitment to become carbon neutral by June 2010. Additional properties will be added to the Landbank.
mecu formed a unique partnership with Landcare Australia and Trust for Nature to develop the Landbank. mecu has appointed Landcare Australia to project manage the Landbank while Trust for Nature will oversee the quality of conservation works.
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2. What is a biodiversity offset?
Biodiversity is the variety of plants and animals in a given area. Biodiversity is often used to assess the health of a given ecosystem – the more diverse the biology of a given area, the healthier it is. Diversity allows for adaptability, which is becoming increasingly important with climate change. When land is cleared to build a new home, there is a biodiversity loss. That is, flora (plant life) and fauna (animals) are cleared to make way for the new home.
mecu’s Conservation Landbank will help mecu offset the loss of biodiversity resulting from new homes financed by mecu. For example, if a member purchases a block of land at 650sq/m, the equivalent amount of land is allocated for protection and / or revegetation in mecu’s Conservation Landbank. Properties purchased by mecu and ‘deposited’ into the Landbank will be protected against any future development by Trust for Nature Conservation Covenants. Furthermore, it is the aim of mecu to purchase properties that will contribute to a conservation corridor, to enable migration of species as the climate changes.
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3. What is a conservation corridor?
A conservation corridor provides a link between habitats and mobility for species migration. Isolated habitats are a threat to endemic species. For example, if the climate of an isolated habitat becomes too warm for a given species to survive, that species is unable to move to a cooler climate - the species is trapped. However, if there is a conservation corridor (a healthy and habitable pathway linking one larger habitat to another) migration can occur, increasing the chances of species survival.
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4. Can you tell me more about how the goGreen Car Loan offsets greenhouse gas emissions?
To mitigate the greenhouse gas emissions from your car for the term of the loan, mecu forward credits offsets by planting trees which will sequester carbon over time. The level of offset is in accordance with advice from Landcare CarbonSMART that the average car in Australia produces 4 tCO2-e per year.
This forward credited offset is provided by mecu planting trees which will absorb enough tCO2-e throughout their life to offset the greenhouse gas emissions generated by your car.
So, if you have a car loan with mecu for 3 years, mecu will plant enough trees to forward credit offsets equal to 12 tCO2-e (3 year loan x 4tCO2-e/year).
Trees will be planted into the mecu Conservation Landbank in accordance with a land management plan developed and implemented by Landcare CarbonSMART and overseen by Trust for Nature. Carbon sequestered from these trees is monitored and reported by Landcare CarbonSMART to ensure your car's greenhouse gas emissions are mitigated over time.
Trees planted in mecu's Conservation Landbank will be protected against any future development by Trust for Nature Conservation Covenants, so you can rest assured trees planted on your behalf will never be harvested. Your car offsets will be permanently locked up in mecu's Conservation Landbank.
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5. What are forward credited offsets?
When offsets are forward credited it means the offsets will be produced in the future. mecu has chosen to plant trees as a means to sequester carbon. Trees continue to sequester carbon over their lifetime. As a result, this means of offsetting takes time to be realised, depending on the quantity and type of trees planted.
mecu's vision is to increase bio-diversity within habitat 141 to support wildlife and build and protect native bushland. This will be done by purchasing properties within the region and adding them to mecu's Conservation Landbank. Properties will include or be adjacent to existing stands of valuable biodiversity. Properties will be protected by Trust for Nature Conservation Covenants. The first property acquired is a 201 -hectare site in Victoria's west Wimmera region called ‘Minimay'. Purchased from the Trust for Nature Revolving Fund, the property is in an area that is home to Victoria's most endangered bird and the South-eastern Red-tailed Black Cockatoo.
As a result, mecu's strategy is to build and develop its Conservation Landbank to ensure biodiversity and carbon sequestration outcomes. This will take time. mecu recognises that forward crediting offsets carries the risk of claiming credits that may not eventuate. mecu has measures in place to ensure estimated sequestration is met.
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6. How do I know my forward credited offsets will be met?
Trees are planted into the mecu's Conservation Landbank in accordance with a land management plan developed and implemented by Landcare CarbonSMART and overseen by Trust for Nature. Carbon sequestered from these trees is monitored and reported by Landcare CarbonSMART over time. This process will determine whether or not forward credited offsets equate to actual tCO2-e sequestered. Measures are in place to ensure any discrepancies identified between estimated tCO2-e and actual tCO2-e are rectified. If required, more trees will be planted to make up for any shortfalls. Furthermore, damaged stock resulting from natural occurrence (e.g. fire or disease) will be replaced if required, to ensure that the greenhouse gas emissions produced by your car are offset.
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7. What is carbon sequestration?
Carbon sequestration is the absorption of carbon from the atmosphere. For example, trees sequester carbon from the atmosphere as they grow.
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8. Why have you chosen a carbon sequestration method that will take such a long time?
mecu's vision is to increase bio-diversity within habitat 141 to support wildlife and build and protect native bushland. This will be done by purchasing properties within the region and adding them to mecu's Conservation Landbank. Properties will be protected by Trust for Nature Conservation Covenants.
mecu's strategy and practical implementation requires time to build and develop its Conservation Landbank to ensure biodiversity and carbon sequestration outcomes. It is important to be selective when purchasing properties for inclusion in our Landbank to maximise both biodiversity and sequestration outcomes. Furthermore, our property decisions are subject to availability.
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9. What is habitat 141?
Habitat 141 is an ambitious project aiming to restore the links between major national parks and nature reserves along the South Australian, New South Wales and Victorian border. The area encompasses a diverse range of ecosystems, including endangered species. The Habitat 141 vision extends over the next 50 years and will create a much needed conservation corridor for flora and fauna migration, a necessity for wildlife in a changing climate.
Further information: http://www.greeningaustralia.org.au/index.php?nodeId=91
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10. Who are Trust for Nature?
Trust for Nature provides bushland conservation protection, management support and monitoring. It encourages and assists private landholders to establish Nature Conservation Covenants. It purchases and on-sells private land with covenants through its Revolving Fund. It accepts donations of private land for conservation via gifts or bequests.
Trust for Nature has protected more than 80,000 hectares of native vegetation in Victoria. This includes more than 900 private properties protected by conservation covenants, 111 properties purchased by Trust for Nature (51 currently retained and 60 transferred to the Crown for inclusion in the reserve system); and 44 properties sold through the Revolving Fund.
Established under the Victorian Conservation Trust Act (1972), Trust for Nature is the only Victorian organisation to protect bushland with land management agreements that last forever. For further information, visit http://www.trustfornature.org.au/
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11. What is a Trust for Nature Conservation Covenant?
A Conservation Covenant is a permanent, legally-binding agreement placed on a property's title to ensure bushland on the property is protected forever. The agreement is voluntary, negotiated between Trust for Nature and each individual landholder. Trust for Nature achieved its first Conservation Covenant in 1987. Trust for Nature now has more than 800 Conservation Covenants, protecting more than 35,000 hectares across Victoria. For further information, visit http://www.trustfornature.org.au/
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12. What is Landcare CarbonSMART?
Landcare CarbonSMART has been developed in response to a growing demand from landholders and corporates to work together to offset carbon emissions. CarbonSMART was launched in March 2007 and now operates in all states and territories.
CarbonSMART is a project initiated by Landcare Australia Limited. Landcare Australia is a not-for-profit organisation that supports landcare, the country's biggest environmental volunteer movement.
Clearing of vegetation in Australia has caused serious environmental problems such as soil erosion, salinity, undrinkable water and loss of biodiversity. Landcare CarbonSMART is not only fighting climate change, but provides a financial incentive for landholders to maintain eligible vegetation on their land. This is achieved by calculating the amount of carbon absorbed by the vegetation on a given property and placing a financial value on it. For further information about Landcare CarbonSMART, visit http://www.carbonsmart.com.au/
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