Buzzword of the month: Nature Repair Market
Our buzzword for the month of May is Nature Repair Market. The Nature Repair Act 2023 came into effect on December 15th 2023 and was the first step in creating a legislated, national and voluntary biodiversity market where Biodiversity Credits can be earned, bought and sold.
Since the Nature Repair Act 2023 has come into effect the Department of Climate Change, Energy, Environment and Water (DCCEEW) has been working to create the supporting framework and methods that convert the law into an actual market that works.
The DCCEEW website is the starting point for discovering more about this government initiative which will incentivise actions to restore and protect the environment.
For more information please follow the link to the DCCEEW website
The scheme establishes a marketplace where individuals and organisations can undertake nature repair projects to generate a tradable certificate.
Projects under the Nature Repair Market encourage land management practices that improve biodiversity. These projects could include:
· planting trees on farmland
· re-establishing vegetation along waterways
· protecting and managing existing habitat or native vegetation.
Projects can be undertaken on Australian land and waters, or both.
Eligible participants in the Nature Repair Market include:
· landholders
· farmers
· First Nations people and organisations
· conservation groups
· investors.
The Clean Energy Regulator administers the Nature Repair Market. To learn more about participating in the market, including how to apply to register a project, visit the Clean Energy Regulator
Wheatbelt NRM see great potential through the Nature Repair Market to generate new funding streams for delivering the environmental conservation work the Wheatbelt community has been undertaking over the past 30 years.
It is an exciting time for conservation in what is one of the world’s biodiversity hotspots – the Wheatbelt!
For those interested in learning more about how Wheatbelt NRM can help landholders in the Wheatbelt and its community become involved in this new market please contact us