The government has set aside $107 million over three years to establish a new fund dedicated to buying biodiversity credits and on selling them.
The NSW government will enter the nascent market for biodiversity credits as it aims to boost the number of conservation and regeneration projects across the state and to make it easier for land users to offset their environmental impact.
NSW has a biodiversity offsets scheme in place which forces developers or land users building on threatened ecosystems or species to conserve habitat elsewhere in the state through the buying and selling of “biodiversity credits”. Under the new plan, the government will create a Biodiversity Credits Supply Fund which it will furnish with credits bought from biodiversity stewardship partners as well as conservation and regeneration projects across the state.
The initiative is expected to drive more activity in the market for biodiversity credits across the country, which are similar to carbon credits but reflect improvements in biodiversity and habitat quality rather than carbon abatement or sequestration.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Treasury sounds warning over NSW credit rating ahead of big spending budgetWhile Moodys have forecast a stable outlook, spending measures spark warning over triple A rating
Read more »
KKR Australia/NZ boss Scott Bookmyer heads homeKKR has tapped two dealmakers to share the firm’s top job in Australia and New Zealand.
Read more »
Australia news live updates: power shortfall warning as energy crisis escalates; Robert Hughes set for releaseElectricity shortfalls are predicted in NSW and Queensland as a long cold snap rolls on
Read more »
Allegro taps bankers to deliver Pizza Hut exit
Read more »
People warned to stay away from NSW beaches as huge swells batter coastlineAuthorities warn people enjoying a chilly, but sunny, public holiday in New South Wales to avoid coastal activities, as wild swells batter beaches from Byron Bay in the north, all the way south to Eden.
Read more »
Lismore to get incident centre in more than $130 million funding boost for NSW SESLismore will get a new incident control centre in an effort to ramp up the NSW State Emergency Service's presence in the Northern Rivers in the wake of this year's devastating floods.
Read more »