The scheme under question is the fifth-largest nature-based carbon abatement scheme in the world, making the adverse findings of global significance.

Australia’s biggest carbon credit scheme is barely removing any greenhouse gas from the atmosphere, according to a new study, despite hundreds of millions of dollars being pumped into it by businesses and the government.

One of the study’s authors, Dr Megan Evans from UNSW Canberra, said the findings about the Human Induced Regeneration scheme, known as HIR, pointed to “such huge failures that it’s almost beyond belief”.