On 9 February 2022, the government introduced legislation to give effect to a national voluntary agriculture biodiversity stewardship market. This will enable agricultural landholders to undertake projects that enhance or protect biodiversity in native species and receive a tradeable certificate for doing so. It will facilitate private investment in projects that will support biodiversity protection and restoration. It will be primarily administered by the Clean Energy Regulator.
The RIS identified the problem of biodiversity decline, biodiversity as a public good, and imperfect market information. 3 options were presented to address the problem, including the status quo, a voluntary biodiversity stewardship market and government funding for biodiversity restoration. The RIS found that the significant opportunities presented by the proposed national biodiversity market provide a strong case that option 2 is likely to provide the highest net benefit.
The Department of Agriculture, Water and the Environment prepared and certified a Regulation Impact Statement (RIS), which the Office of Best Practice Regulation assessed as adequate.
The Department of Agriculture, Water and the Environment estimates the average annual regulatory costs at $1.7 million.
Please note - any accessibility enquiries should be directed to the Department of Agriculture, Water and the Environment.
Assessed RIS outcome
Compliant with RIS requirements