9 February 2024
The Nature Repair Act 2023 (the Act) came into effect on 15 December 2023. The Act establishes the framework for a world-first, legislated, national, voluntary biodiversity market. The Nature Repair Market (the Market) will make it easier for companies and businesses to voluntarily invest in nature repair projects across Australia.
The Clean Energy Regulator (CER) is working closely with the Department of Climate Change, Energy, the Environment and Water (DCCEEW) to implement this new scheme. As an independent statutory authority, the CER will be responsible for administering the scheme. Our responsibilities will include:
- assessing applications to register, vary or cancel projects
- issuing biodiversity certificates
- performing ongoing assurance, monitoring and compliance activities
- maintaining the public register of biodiversity projects and certificates
- publishing scheme information and education activities to support the market.
Similar to the Australian Carbon Credit Unit Scheme (ACCU Scheme), the Market will have methodology determinations (methods) that outline the rules for eligible projects. These methods are being developed with experts and other stakeholders through collaborative processes led by DCCEEW. The CER will administer both the Nature Repair Market and the ACCU Scheme to support alignment between carbon and biodiversity markets. Where possible, the CER will use its experience to create synergies and streamline processes to make it easier for landholders to participate in both schemes.
DCCEEW is currently seeking highly experienced professionals and technical experts to join the Nature Repair Committee. Applications close 5:00pm on 26 February 2024. Learn more about the Nature Repair Committee.
Find out more information about the Nature Repair Market on DCCEEW's website, email naturerepairmarket@dcceew.gov.au and subscribe to be informed about method development and when the scheme will open for project registrations.