Pegasus Carbon Project (Revoked)

Pegasus Carbon Project (Revoked) is a soil carbon project located approximately 25km southwest of Bairnsdale in the East Gippsland region of Victoria. It was registered in March 2018 and covers an area of 351.90ha.

The project operates under the Sequestering Carbon in Soils in Grazing Systems (2014) methodology. Soil carbon projects involve implementing new agricultural management practices to build and store carbon in the soil. Standard requirements for this method include establishing a baseline carbon level, introducing materially different management activities, and conducting regular rigorous soil sampling to verify sequestration over the project's operational life.

The East Gippsland coastal plains area is heavily utilized for livestock grazing, dairy farming, and mixed agricultural enterprises. The region experiences a temperate climate with average annual rainfall generally falling between 500mm and 700mm. Soils in this locality are typically texture-contrast types, such as Sodosols and Dermosols, featuring a loamy or sandy loam surface layered over a heavy clay subsoil.

Spearheaded by project proponent Corporate Carbon Solutions Pty Ltd, this project aimed to increase soil organic carbon in its grazing systems by employing regenerative agricultural practices, such as actively managing grazing and pastures. While a 25-year permanence period was nominated, the project was voluntarily revoked on December 12, 2024, under Section 30 of the CFI Rule.