The scheme will reward landholders who restore and manage their environmental assets.
Mr Albanese said the scheme would “kickstart a nationwide restoration”.
“Our market will be open to all land managers — whether they’re farmers, people interested in conservation or Indigenous land managers,” Mr Albanese said.
“This is a chance to support farmers using their knowledge and expertise in a way that benefits us all — a chance to shape a better future.”
Farmers for Climate Action chief executive officer Fiona Davis said a scheme of this kind was one of FCA’s key requests heading into the last Federal Election.
“Paying farmers for the biodiversity in their remnant forest has the potential to greatly reduce Australia's emissions by reducing land clearing,” Ms Davis said.
“If a farmer is making money from the remnant forest on their land they will be less likely to clear it. This approach uses a carrot, not a stick, and will protect vital habitat for our birds, reptiles and animals.”
This announcement builds on the success of the Emissions Reduction Fund model.
NFF president Fiona Simson said she was “delighted” by the scheme.
“The NFF has been a long-standing advocate for mechanisms which recognise and support the stewardship work of Australian farmers,” Ms Simson said.
“Our 2030 Roadmap includes a target for five per cent of farm income to be derived from environmental services by 2030, and today’s announcement takes us one step closer to that goal.”
The scheme has bipartisan support, with Nationals leader David Littleproud saying it should be “implemented as soon as possible”.
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