New biodiversity credits scheme will pay Australians to nurture environment
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Australians will be PAID to repair and nurture the environment under a new ‘biodiversity credit’ scheme unveiled by Anthony Albanese
- Anthony Albanese says govt will introduce laws to set up a market for biodiversity
- It will work much like the carbon credits scheme and was announced on Friday
- The credits scheme will pay Australians to repair and nurture the habitat on their properties
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New biodiversity credits scheme will pay Australians to repair and nurture the habitat on their properties.
The scheme, outlined by Prime Minister Anthony Albanese at an event in regional NSW on Friday, will work much like the carbon credits scheme.
Anthony Albanese (pictured left, alongside his girlfriend Jodie Haydon) has told a rural summit the government will introduce laws to set up a market for biodiversity similar to the carbon credits scheme
Farmers would receive biodiversity certificates or credits for planting vegetation along a hillside to stop erosion and protect the local soil.
It would also reward the creation of connectivity between different habitats, providing corridors for survival for threatened species.
Mr Albanese told The Daily Telegraph Bush Summit it’s a ‘once-in-a-lifetime opportunity not just to protect Australia’s natural environment but to kickstart a nationwide restoration’.
‘We will introduce legislation to underpin a market for biodiversity,’ he said.
The markets for biodiversity and carbon credits will operate in parallel and be regulated by the Clean Energy Regulator.
Farmers would receive biodiversity certificates or credits for planting vegetation along a hillside to stop erosion and protect the local soil
‘As companies look to invest in carbon offsetting projects like tree planting, we need to make sure there is a path for farmers and the environment to benefit,’ Mr Albanese said.
‘We need to protect waterways, provide habitat for native species, reduce erosion, protect topsoil, improve drought resilience and create shelter for livestock.
‘Placing a market value on biodiversity helps us achieve that.’
The Australian Land Conservation Alliance estimates over $1 billion a year is needed to restore and prevent further landscape degradation.
Companies that have to offset unavoidable environmental impacts could also be potential buyers in a biodiversity credits market.
The prime minister also announced $75 million for mitigation measures for NSW communities hit by this year’s devastating floods.
The funding will go to the 62 local government areas hit by flooding in February and March this year.
Among the projects to be funded are: a flood impacts and risk management measures report, a levee assessment and improvement program, valley level flood risk management assessments, flood warning infrastructure, flood mitigation infrastructure and voluntary house raising.