The New Zealand Emissions Trading Scheme (NZ ETS) established in 2008, was one of the first schemes to include the forestry sector. The Australian Carbon Farming Initiative has been designed to cover all land-based sector emissions and sinks, the Republic of Korea passed the Carbon Sink Act in 2012, which integrates the forestry sector into its scheme. Forest sector offsets are also under consideration in the Japanese Bilateral Crediting Offset Mechanism (BCOM), and emissions trading schemes in Chile and China.