BHP (BHP.AX), opens new tab, Rio Tinto (RIO.AX), opens new tab and Qantas (QAN.AX), opens new tab will invest a total of A$80 million ($52.7 million) as early-stage investors in an Australian carbon credits fund that aims to invest in land reforestation projects, according to statements from the fund and the companies on Monday.

The fund, managed by Silva Capital – a joint venture between Roc Partners and C6 Investment Management, aims to raise A$250 million to generate and manage Australian Carbon Credit Units (ACCUs) from reforestation initiatives.