The Nature Repair Market will encourage and support biodiversity projects to restore and protect nature.
The scheme will put in place the rules and foundations to provide integrity and confidence and will leave room for innovation and evolution by Market participants, including sellers, buyers, organisations involved in standard-setting and certifying, and professional service providers.
We are establishing the Market in close consultation with First Nations organisations, eNGOs, ecologists, environmental market participants and others.
To maximise the opportunity from this legislated market scheme, we will work with those already actively developing standards, guidelines, accreditation frameworks, crediting approaches and providing advisory services.
Landholders who can take part
Landholders that can take part in the market include:
- First Nations people
- conservation groups
Types of projects
Projects can be:
- on land
- part of inland waterways (lakes and rivers)
- in marine and coastal environments (within 12 nautical miles of the low water mark)
- on the Australian mainland or external territories.
Projects may include:
- improving or restoring native vegetation through activities such as fencing or weeding
- planting a mix of local native species
- protecting rare grasslands that provide habitat for an endangered species
- hessian bag seagrass plantings to restore seagrass meadows
- removing tidal barriers to restore mangroves, saltmarshes and mudflats.
Landholders can also undertake projects to protect existing habitats, restore and improve damaged areas and establish new plantings to promote biodiversity and animal habitats.
Governance and integrity
The Nature Repair Act 2023 (the Act) underpins the market. This legislation establishes a transparent framework, issuing Australian landholders with tradeable biodiversity certificates.
The Act will provide the rules that ensures integrity, enforcement, and genuine environmental benefit.
The Act provides for an expert committee – the Nature Repair Committee – to review proposed methods. Methods will set the rules for projects. The committee will advise the Minister whether they comply with biodiversity integrity standards as defined in the Act.
The standards will ensure projects deliver genuine improvements in nature. Biodiversity certificates contain reliable information about these improvements.
Each project will have a single tradable certificate. Owners can sell these certificates to buyers under commercial contracts.
Certificates will provide standard information to enable the Market to confidently compare and value projects. Regular project reports will describe and verify the environmental outcomes.
Certificates, their status and ownership are trackable via a public register. This will help certificate owners show how they are supporting nature repair.
We will work with the ACCC and ASIC to make sure claims about certificates are accurate and are not misleading.
Aligning carbon and biodiversity markets
The Clean Energy Regulator will administer both the Nature Repair Market and the Australian Carbon Credit Unit (ACCU) Scheme to support alignment between carbon and biodiversity markets.