Aussie state to bolster environmental credit trading scheme

SYDNEY, June 14 (Xinhua/APP): The government of the Australian state of New South Wales (NSW) has invested 106.7 million Australian dollars (74 million U.S. dollars) in a bid to stimulate its “biodiversity offset credits” scheme, which rewards private individuals and companies for environmental protection.
While making the announcement on Tuesday, NSW Treasurer Matt Kean said the new fund would help public and private proponents to secure biodiversity offset credits through an efficient and trusted government fund.
“The Biodiversity Credits Supply Fund is great progress for industry and for the environment, and will strengthen economic activity while striking the right balance for conservation,” said Kean.
Under the scheme, individuals and companies are required to purchase “biodiversity credits” to offset development projects that would cause environmental impact.
Similarly, projects that have a positive impact on the environment would get the same credits which could later be sold.
For example, a farmer clearing a patch of trees to extend their farmland would be required to purchase an equivalent number of credits that would go towards conservation elsewhere in the state.
“The fund will ensure there’s a strong pipeline of biodiversity offset credits ready to roll out when needed, and link those credits with the proponents that need them,” said NSW Minister for Environment James Griffin.
“Ultimately, landholders will benefit by getting paid for generating biodiversity offset credits if they wish to participate, all the while, protecting and conserving biodiversity across New South Wales,” he added.
Thus far, the scheme has been leveraged to benefit one of the state’s most iconic and newly-endangered animals, the koala bear.
About 7,000 hectares of private land across the state has been funded for koala conservation across the state.
“At least 60 percent of Australia’s land is privately owned or managed, and many important ecosystems are found on private land, including precious koala habitat,” said Griffin.
In total, the trust has resulted in the signing of a total of 129 conservation agreements covering 81,100 hectares of high-conservation value land and ecological assets across the state.