SYDNEY, Nov. 12 (Xinhua) -- Australian authorities on Monday rolled out latest green standards for the country's wood products, aimed at the sustainable management of its forests and environment amid increasing demand for timber worldwide.

The new certification will help provide assurances that Australian wood products "are from forests managed to the world's highest standards," according to a statement from Australia's Assistant Minister for Agriculture and Water Resources Richard Colbeck.

Global demand for timber products is projected to quadruple by 2050 and the new standard "will help us tap into this growth market by utilizing a globally recognized trust mark" for green practices, he said.

"Both nationally and internationally, certification has developed as a way of providing assurance to consumers that the wood products they are purchasing are from sustainably managed forests."

Australia's wood products sector has continued its "strong export performance" of recent years, with the total value of wood product exports increasing to 3.5 billion Australian dollars (2.53 billion U.S. dollars) for the 2016-2017 period alone, up 11 percent year-on-year, according to Department of Agriculture and Water Resources research figures.

The new sustainability standard is also expected to complement a national forest industries plan, "which will help plant 1 billion new trees to meet future demand and establish research and production hubs to help set up the industry for decades to come," said Colbeck.