This future market is being designed with big corporations front and centre as the private sector continues to prove they’ll happily pay for the privilege of labelling themselves ‘green and clean’.
The Federal Government will soon begin consultation on legislation which will underpin this new national voluntary market.
According to the government, the legislation will provide a “credible way“ to measure biodiversity outcomes, create a new form of tradeable property and establish a compliance system to ensure the integrity of the market.
Agriculture Minister David Littleproud said the legislation would provide a means of earning a drought-proof income from less productive farmland.
“Many corporations in Australia are interested, or already investing, in projects with biodiversity benefits,” Mr Littleproud said.
“The private sector would also gain access to an easy and cost-effective way to invest in credible on-farm biodiversity.”
The legislation will build on the existing Agriculture Biodiversity Stewardship Package (the Package) where participating farmers in trial regions are being paid for undertaking plantings for carbon, managing vegetation and enhancing remnant vegetation.
The Package was created to see if a biodiversity market was possible in Australia.
Mr Littleproud said the legislation would build on the success of the Package and its pilot projects.
“As part of these pilots, the Australian National University has created the processes and protocols that measure and reward farmers for undertaking the projects, delivering a system that will be respected by international markets,” he said.
“A Biodiversity Trading Platform will link farmers with potential buyers and importantly, provide information to farmers to plan projects while maintain agricultural production.”
No deadline has been given for when this legislation — and its new market — will be solidified.
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