Pegasus Carbon Project (Revoked)

The Pegasus Carbon Project (Revoked) was a soil carbon sequestration initiative located near Perry Bridge, approximately 25km east of Sale in the Gippsland region of Victoria. Registered in March 2018, the project covered a land area of roughly 352 hectares situated near the northern shores of Lake Wellington. The surrounding region is predominantly utilized for dryland grazing and dairy farming, taking advantage of the fertile alluvial plains associated with the Gippsland Lakes system.

The project operated under the Sequestering Carbon in Soils in Grazing Systems methodology (2014). This method generates carbon credits by altering land management practices, such as introducing regenerative grazing, pasture cropping, or improving fertilizer efficiency, to increase the amount of carbon stored in the soil profile. To generate credits, the project would have been required to demonstrate a measurable increase in soil organic carbon levels over time compared to a baseline, typically verified through rigorous soil sampling rounds.

Environmentally, the East Gippsland coastal plains region typically experiences a moderate rainfall climate, averaging between 600mm and 700mm annually. The local soil profiles are generally characterized as texture-contrast soils, often consisting of sandy loams overlying clay subsoils, or alluvial soils closer to the lake and river systems. These soil types are common in the Gippsland plains and can be highly productive for pasture when managed effectively to prevent issues like waterlogging or salinity.

On December 12, 2024, the project was voluntarily revoked under section 30 of the CFI Rule. Public registry data indicates that no Australian Carbon Credit Units (ACCUs) were issued to this project prior to its revocation. This suggests that the project either did not proceed to the reporting stage or did not demonstrate the required net abatement to generate credits before the proponent, Corporate Carbon Solutions, elected to withdraw it from the scheme.