Part of the package includes building the nation's largest carbon sink by planting about 116 million trees, which the company said would soak up to 121 million tonnes of carbon dioxide over 28 years.

Also part of the plan is a proposal to build the nation's biggest ethanol plant by using heat produced by the shale oil plant to generate electricity that would help in the production of ethanol.

However, Greenpeace remains unimpressed by SPP's latest environmental strategy. "We're still looking at substantial increase in Australia's greenhouse gas emissions if all SPP's shale deposits are developed," said Greenpeace climate campaigner Gareth Walton.