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    Australia's biodiversity agenda: Nature Repair Market

    2 minute read + PDF  19.04.2023 Joshua Dellios, Sarah Barker, Aaron Wood, Dani Davidovits

    The Commonwealth Government recently took a major step in introducing legislation into Parliament to facilitate the establishment of a market in tradeable certificates for nature protection, repair and restoration.


    Key takeouts


    • This development resulted from of a confluence of domestic and international drivers highlighting the need to address the overall decline of biodiversity, along with the opportunities for environmental markets to deliver tangible outcomes in nature protection, repair and restoration.
    • The Nature Repair Market Bill 2023 (Bill) is broadly based on the regulatory architecture already in place for carbon credits in Australia, with a range of adaptions and enhancements to address the unique attributes associated with creating a market relating to nature protection, repair and restoration.
    • The Bill creates opportunities for market participants to monetise nature protection, repair and restoration activities. It will also assist organisations looking to deliver robust and credible outcomes to fulfil their ESG commitments aligned with international expectations. It may also allow organisations to meet their biodiversity offset commitments.

    Over the past two years, momentum towards addressing the staggering biodiversity loss has been steadily building. On the domestic and international fronts, government and industry have explored ways to incentivise a reversal of this decline effectively and economically efficiently. A nature repair market is one initiative (borrowing from the carbon offset market) that government and industry are exploring.

    Unveiled on 29 March 2023, the Australian Commonwealth Government took the major step of introducing legislation into Parliament to facilitate the establishment of a market in tradeable certificates for nature protection, repair and restoration – proposed as the Nature Repair Market Bill 2023 (Bill).

    Our insights step you through the developments which have culminated in the announcement by the Australian Commonwealth Government of a national voluntary nature repair market, which has been self-described as a 'world first' scheme.

    We explore the road that has led to the release of the Bill, the critical aspects of the Bill, and the opportunities it presents for eventual market participants.


    Australia's biodiversity agenda: Nature Repair Market

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    https://www.minterellison.com/articles/australias-biodiversity-agenda-nature-repair-market

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