This article is from the Australian Property Journal archive
THE ALBANESE government’s Nature Repair Market Bill (2023) has been welcomed by industry bodies, as a positive step towards a reaching a balance between environmental restoration and development.
Introduced to parliament on Wednesday, the legislation is a world first scheme that would see, landowners paid by a third party for protecting and restoring nature on their land.
“We’re supporting landholders including farmers and First Nations communities to do things like replanting a vital stretch of koala habitat, repair damaged riverbeds, or remove invasive species,” said Tanya Plibersek, minster for the environment and water.
The bill aims to establish a certification process that makes it simpler for businesses, philanthropists and others to invest in repairing nature across Australia.
“Creating a nature repair market with proper integrity and transparency, gives businesses and philanthropists a way to invest in nature with confidence,” added Plibersek.
“It will allow them to buy a quality product: verifiable, well-regulated nature repair certificates – so they can be sure their investments in protection and restoration have big environmental benefits – and those benefits are lasting.”
With a recent PWC Report finding a biodiversity market could unlock $137 billion to repair and protect Australia’s environment by 2050.
“This Bill is a critical foundation for the future creation of an offset system that will help Australia accelerate environmental restoration hand in glove with the place making needs of our communities,” said Max Shifman, president of UDIA National.
UDIA National did stress that the country still has a long way to go before truly establishing an environmental offset system to support community development, with a shortage of suitable environmental projects currently in the pipeline that offset development requirements.
It was also noted that the bill isn’t attempting to wrestle with the challenging issues presented by offsets, though is still a “positive and necessary foundation”.
“The introduction of the Bill is the right approach and once passed, UDIA National is keen to work with the Government to develop the Nature Repair Market initiative to balance our environmental and place making aspirations,” concluded Shifman.
An independent committee will provide advice to the minister for the environment and water on the methods that set the rules for future projects, with certificates, their status and ownership to be tracked via a public register.
