Buyback ensures sustainability of North Coast timber industry
Minister for Primary Industries, Katrina Hodgkinson said the move would involve ‘buying back’ 50,000 cubic metres of timber each year for the next 9 years.
“This buyback will allow the continued maturing of North Coast forests and has been agreed in negotiations between the Forestry Corporation of NSW and its largest hardwood customer on the North Coast, Boral,” Ms Hodgkinson said.
North Coast forests are currently certified sustainable. However, projections show that without the buyback the industry would need to substantially reduce logging after 2023 to ensure long-term sustainability.
In May 2012, the Government established the Project 2023 Steering Committee to review North Coast timber supply. The buyback scheme is based on recommendations following this review. You can download a summary of the review here.
Image courtesy EPA NSW