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Understanding both the carbon dynamics within Australia's northern savannas and the opportunities presented through diversification into carbon markets is of relevance to pastoral land managers both in Australia and globally. The Indigenous Land Corporation (ILC), through its role in assisting Indigenous people to acquire and manage land for cultural, social, environmental and economic benefits, has operated in the carbon market and is keen to continue working with its partners to explore the opportunities to develop and broaden this further. The Northern Territory Cattlemen's Association, as the major industry body for the pastoral industry in the Northern Territory, has been actively involved in assessing the opportunities which may be presented through greenhouse gas abatement where these are compatible with sound resource and economic management. In recent years, Australian governments have considered and developed diversified carbon abatement opportunities for farmers, particularly through the Carbon Farming Initiative (CFI). Australian Carbon Credit Units generated through the CFI can contribute to meeting Australia's commitments under international agreements to reduce greenhouse gas emissions. The opportunity for economic diversification into carbon farming on marginal land where the primary land use is pastoralism is of particular interest, particularly where it can lead to strengthened economic returns, jobs and other benefits for Indigenous people. Lessons learnt from the ILC's Fish River Fire Project demonstrate the potential, but also emphasise the need for further research into the practicalities of introducing carbon projects into predominantly pastoral landscapes in Australia and internationally. It is suggested that several issues require further assessment by pastoralists who may be considering engaging in the CFI or other carbon markets.