BHP, Rio Tinto and Qantas are backing a $250 million nature-based carbon credits fund, which aims to add rigour and scale to a market that has endured bruising criticisms of its integrity, multiple reviews and a failed attempt to set global standards.

The fund is run by Silva Capital, a joint venture of agriculture-focused private capital investor ROC Capital and C6 Investment Management, a specialist carbon asset and investment manager. It will seek capital from other companies and institutional investors, and provide a market for investors to cash in carbon credits.