Aboriginal Carbon Foundation (AbCF) Project Manager Sean Appoo has called for increased private investment in carbon and biodiversity projects where First Nations people play a key role in safeguarding the land and mitigating future climate risks.
After participating in a panel at the Australian Sustainable Finance Summit, held on Gadigal land and focused on investing in nature for a resilient economy, Mr Appoo, a descendant of the Kabi Kabi and Birra Gubba Nations, spoke to the Indigenous Business Review about the urgent need for immediate investment in First Nations-led climate projects.
He highlighted that initiatives like cultural burning, which utilise traditional First Nations fire knowledge, are essential for reducing the risk of intense bushfires exacerbated by climate change.
However, Mr Appoo pointed out that a lack of funding in this area, coupled with unstable political conditions, has led to minimal progress.
"Many corporations are still grappling with what it means to invest in nature. There's a lot of politics involved as well. I believe we need more courage from our corporate leaders to acknowledge that we could have conversations about nature investing indefinitely," Mr Appoo said.
"This has been going on for a long time, yet we still lack concrete action plans for achieving a stable climate. We heard one of the keynote speakers say that we've already passed six of the nine planetary boundaries. At what point are we going to take this seriously and actually do something?"
Mr Appoo explained that First Nations communities are eager to engage in the carbon industry and the nature-positive space but face challenges due to the upfront investment needed to launch their projects.
He stated that the opportunity to rightfully connect First Nations people with their Country, along with the lack of financial support for communities, further widens the gap between First Nations people and government reconciliation efforts.
"Closing the gap has been going on since, what, 2008? And the government's not on track for many of those targets either," Appoo said.
"Funding these kinds of projects is a real way to meet many of those closing-the-gap targets. What we see with these projects is that there are significant social, cultural and environmental benefits. Therefore, it's crucial that government recognises and values the work of getting Indigenous people and traditional owners back on Country, as it could solve many of these issues."
While investing in nature is still a nuanced concept, Mr Appoo explained that most corporations purchase carbon credits from organisations like the AbCF and embed the strategy into their Reconciliation Action Plans.
Following the purchase, the foundation engages First Nations communities to run various projects, enabling traditional cultural land practices to be carried out, which in turn generates revenue for the community.
"We need to find a way to secure more private investment to get projects up and running,'' Appoo said.
"Perhaps the federal government could underwrite some of these efforts. We might also explore options like social impact bonds to fund these projects. But right now, we're just talking a lot about what could happen without taking enough action.''