Here comes the biodiversity market or ‘nature repair’ market… Are you ready?
The Nature Repair Market Bill has been introduced into Parliament – let’s get ahead of this new market with knowledge!
Now that we (Australia) have a carbon farming industry worth $3 billion to the economy, it’s time to evolve.
In its wisdom, the government has recognised that sequestering carbon may still not slow the loss of habitat, nor improve biodiversity. And it is complex habitats that are more resilient to a changing climate.
Q: How could we marry the improvements from increased carbon storage (in soils and vegetation) such as more shade and shelter, better water holding capacity, etc with improvements in flora and fauna biodiversity?
A: Enter the Nature Repair Market Bill. Here is the general explanation – the bill can also be accessed here if you are inclined to read such things!
Now, this is yet to be finalised, and must get through the Senate, however, there are some principles which are clear:
- It is designed to run ‘alongside’ the ERF. “The market will operate in parallel with the carbon markets, so landholders can get certificates from carbon projects that create biodiversity,”. So, think of an ACCU plus biodiversity.
- This actually has precedent in the QLD Government Land Restoration Fund: https://www.qld.gov.au/environment/climate/climate-change/land-restoration-fund/about
Carbon Projects which also have monitoring for biodiversity are rewarded. Higher prices. (There is an open round at the moment, so please contact us for details if you are in QLD and are hoping to put in an ERF project. We can assist)
Some other principles:
- You will need to monitor the improvements, using a reliable standard. There will be guidelines for what standards can be used.
- Importantly, there is no ‘newness’ test. So if you have already started some biodiversity activities you won’t be excluded from entering this market.
We’ll be explaining how it might work at the Nature-Based Solutions Conference & Expo, so that YOU can get into this market from the beginning!
We will have:
- Experts giving us the plain English version of what it is and how it is most likely to work
- We’ve invited the Department to give us the timeline and other department information
- A showcase of some biodiversity measurement systems and standards. One such can be found here: https://holisticmanagement.au/verification.php
- We also hope to bring you the results of a full fauna review of a South Australian pastoral lease which shows how such monitoring can result in remarkable findings – e.g. four previously unnamed bees! – in the Rangelands.
And there will be MORE consultation prior to it all being approved: “Further consultation will occur in 2023 as the government develops details of the market required to open for trading in the second half of 2024, including methodology and rules”.
Therefore, you need to get to the conference so you are well informed and ready to get in on the ground floor of this new market.
Many more topics and speakers coming to light… Really starting to get exciting!
Expert, independent knowledge on how to access carbon and biodiversity markets, in plain English. Register now for Early Bird rates!
Monday 17–Wednesday 19 July 2023