IPART is monitoring the NSW Biodiversity Credit Market
Healthy biodiversity is important for the quality of life of current and future generations. The credits market plays a key role within the NSW Biodiversity Offsets Scheme. It aims to ensure that biodiversity losses due to development or land clearing are offset by equivalent biodiversity gains.
We have been asked to monitor the biodiversity credits market for 3 years from 2022-23. We will make findings and recommendations with the aim of:
- maintaining and promoting competition
- addressing the interests of existing and potential biodiversity market participants, and supporting fair trading
- identifying opportunities to improve market efficiency and address market failure.
Each December, we will release an annual report on the market's performance in the previous financial year.
In July 2023, we published an Issues Paper, outlining our proposed review approach. Feedback on our Issues Paper closed on 4 August 2023. Thank you to everyone who made a submission or provided feedback. We also held an online public hearing on 12 September 2023.