The Federal Government today announced the creation of a biodiversity certificates scheme which recognises landholders who restore or manage local habitat and grants them biodiversity certificates which can then be sold to other parties.
The scheme will operate in a similar way to the current carbon crediting legislation, but will make it easier for businesses, organisations and individuals to invest in landscape restoration and management.
As companies look to invest in carbon offsetting projects like tree planting, the government says there needs to be a path for farmers and the environment to benefit, including protecting waterways, providing habitat for native species, reducing erosion, protecting topsoil, improving drought resilience and creating shelter for livestock.
A biodiversity market will also promote management of existing, remnant vegetation that provides habitat for native species.
“As the recent State of the Environment report found, Australia’s environment is poor and deteriorating and government cannot foot the bill alone.”
The markets for biodiversity and carbon credits will operate in parallel, both regulated by the Clean Energy Regulator.
Over coming months the government will be consulting widely on the detailed rules for scheme – for example the rules on how biodiversity benefits should be measured and verified.
Prime Minister Anthony Albanese said as we move toward net zero, a once-in-a-lifetime opportunity has been created – not just to protect Australia’s natural environment but to kickstart a nationwide restoration.
“Our market will be open to all land managers – whether they’re farmers, people interested in conservation or Indigenous land managers.
“This is a chance to support farmers using their knowledge and expertise in a way that benefits us all – a chance to shape a better future.”
Minister for Environment and Water Tanya Plibersek said the aim is for carbon planting projects to deliver broader benefits for the environment.
“We can provide habitat for threatened species while also helping to address climate change.
“Businesses and philanthropic organisations are looking to invest in projects to protect and restore nature. We need to make this easier.
“Repairing nature is good for productivity. Reducing erosion, protecting topsoil and providing shelter for livestock – it’s all good for business.”