What is this review about?
The NSW Biodiversity Offsets Scheme is designed to offset unavoidable impacts on biodiversity from development with biodiversity gains. Under the scheme, landholders can create biodiversity credits, which are then available to the market for purchase.
We have been asked to report on the performance of and competition within the biodiversity credit market for three 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.
Who does this review affect?
Throughout our review, we will be consulting with landholders that have or are interested in establishing Biodiversity Stewardship Agreements to credit biodiversity credits, developers, the Department of Planning and Environment, the Biodiversity Conservation Trust, accredited biodiversity assessors, local government authorities and any other interested parties.