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What is the biodiversity offset scheme?

What is the biodiversity offset scheme?

The Biodiversity Offsets Scheme is the framework for offsetting unavoidable impacts on biodiversity from development with biodiversity gains through landholder stewardship agreements. Landholders can establish Biodiversity Stewardship Agreements to create offset sites on their land to generate biodiversity credits.

What is biodiversity offsetting and how would it work?

Biodiversity offsets are conservation actions intended to compensate for the residual, unavoidable impact on biodiversity caused by projects, to ensure at least a no net loss of biodiversity and, where possible, a net gain.

What is a biodiversity policy?

Biodiversity policies promote the protection, conservation, and sustainable use of biologically diverse ecosystems and habitats. In doing so, they create significant public benefits and contribute to social well-being.

Who buys biodiversity credits?

The landholder can: Sell the credits to either the Biodiversity Conservation Trust or a private purchaser such as a developer. The sale will be recorded in the public register of credit transactions. Pay the Total Fund Deposit to the Biodiversity Conservation Trust.

Why is biodiversity offset?

Biodiversity offsets are being increasingly used in a wide range of sectors as a mechanism to help compensate for the adverse effects caused by development projects in a variety of ecosystems. Based on the polluter pays approach, they are normally undertaken within an overall objective of no net loss of biodiversity.

Which process policies have the greatest impact on biodiversity?

By the end of the century, climate change and its impacts may be the dominant direct driver of biodiversity loss and change of ecosystem services globally. Harm to biodiversity will grow with both increasing rates in change in climate and increasing absolute amounts of change.

What does it mean to retire biodiversity credits?

Buying and retiring biodiversity Biodiversity Offsets Scheme (BOS) credits can offset a biodiversity obligation applying to a development or vegetation clearing. Credits may also be voluntarily retired to improve environmental outcomes. Retired credits are removed from the market and can no longer be traded.

What is a biodiversity stewardship site?

A biodiversity stewardship site is the agreed area of your land that you would like to manage for conservation, from which you will generate biodiversity credits. This land will be bound by the terms of the BSA, which clearly defines the area, boundaries and management obligations of the biodiversity stewardship site.

What is offset mitigation?

Biodiversity offsets are the last step in the mitigation hierarchy. Offset: measures taken to compensate for any significant residual, adverse impacts that cannot be avoided, minimised and/or rehabilitated or restored, in order to achieve no net loss or preferably a net gain of biodiversity.