Money does grow on trees for mecu?

In what is believed to be a world first in conservation, Victoria's largest credit union, mecu, has launched a Conservation Landbank that will receive a percentage of annual profits to help build and preserve Australian native forest.

The Landbank will offset the carbon emissions associated with its goGreen Car loans, its operations and the loss of biodiversity associated with the building of new homes that mecu finances.

For every new home construction mecu finances, the credit union will set aside an equivalent land area of native bushland into its Landbank. Properties purchased by Landbank will be protected by Trust for Nature Conservation Covenants against any future development.

The initiative has been applauded by Landcare Australia and Trust for Nature, who have partnered with mecu and described the Landbank as an exciting model for business and organisations that are serious about their environmental impact and conservation.

mecu General Manager, Development, Rowan Dowland said a 201-hectare property, 'Minimay', had been acquired in Victoria's west Wimmera region. Purchased from the Trust for Nature Revolving Fund, the property is in an area that is home to Victoria's most endangered bird, the South-eastern Red-tailed Black Cockatoo. Only 30% of bushlands remain untouched in Victoria, and this project will assist in the much-needed preservation of private bushlands.

The Minimay property is half wooded bushlands and half cleared land, on which mecu is planting trees for generating carbon sequestration. mecu plans to trade in Net-Gain biodiversity offsets and carbon offsets from Landbank, providing developers with an opportunity to offset the environmental impact of their own developments. This strategy provides an economic win, as well as a win for the environment.

"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 assist mecu to achieve its commitment to become carbon neutral by June 2010," Mr Dowland said.

Landcare Australia will project manage the Landbank while Trust for Nature will oversee the quality of conservation works.

Landcare carbonSMART General Manager, Matthew Reddy, said the collaborative partnership model developed by mecu has enormous potential to be replicated across Australia and supported by the Landcare movement.

"It is exciting because it has potential to open up a new funding stream for the land economy, where corporates can work creatively with the Landcare movement to identify and realise market opportunities for offsets and carbon trading.

The project expects to cover its upfront costs in approximately two years. It is a model that can easily be replicated by other businesses that are seeking an environmental strategy that is also economically viable.

For more information about mecu's Landbank, call 132 888.