The Albanese Government’s Nature Repair Market continues to gain momentum, with more ways now available for Australians to get involved.
A second method under Australia’s national biodiversity market has now been launched, allowing landholders to register projects that improve and maintain existing native vegetation or revegetate areas without remnant vegetation.
The Enhancing native vegetation method will also enable landholders to register projects that enhance habitat for threatened species and manage invasive plants and animals.
The Albanese Government introduced the Nature Repair Market in its first term of government to make it easier for landholders, farmers, First Nations groups and conservation groups to invest in activities that help repair nature.
To date, four projects have been registered under the first method, Replanting native forest and woodland ecosystems, meaning an additional 2,656 hectares of land are now being protected and restored.
This second method is expected to further expand eligibility.
The Nature Repair Market also supports the Albanese Government’s environmental reforms passed by the Parliament at the end of last year. Under the second method, proponents can choose to register projects that could also be used for environmental offsets. This is expected to stimulate demand for the Nature Repair Market, while also improving the integrity of environmental offsets. The method will also support proponents to register projects that would not be used for offsets.
Minister for the Environment and Water Murray Watt said this next step will broaden the scope of projects that can be registered.
“The Nature Repair Market is still in its early stages, but by introducing more methods for use, we’re incentivising and rewarding landholders for protecting and restoring biodiversity on their land, including by controlling invasive species,” Minister Watt said.
“We’re keen to see more landholders deliver projects using Nature Repair Market methods.”
“A lot of Australia’s native threatened species call private land home, and by working with landholders to protect that habitat, we get better outcomes for all.”
