This new grant scheme is part of the Governments initiative to reach the goal of planting one billion trees by 2028. It reduces some of the barriers that are present in existing afforestation grants and improves incentives for planting trees.
Led by Te Uru Rākau (MPI), the fund has two types of grants, direct landowner grants and partnership projects, with a total combined funding of $238 million. Landowners can receive between $1500 to $6500 per hectare depending on species planted. There is also a new $1000 per hectare grant available for native forest reversion.
Under the previous afforestation grant scheme the Crown retained the carbon credits for the first 10 years. The new 1BT grant scheme allows the landowner to keep all carbon credits, except for radiata pine. For radiata the Crown still retains the first six years of credits.
We can assist landowners with applications to the new Fund which are now open and can be submitted all year round.
Contact us to find out more or visit MPI's website here for more information. You can also watch the launch of the 1BT fund here.