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ARTICLE · 14 FEBRUARY 2022

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Biodiversity Market Proposed For Australian Agricultural Land

Herbert Smith Freehills Kramer LLP
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On 9 February 2022, Agriculture Minister the Honourable David Littleproud MP introduced the Agriculture Biodiversity Stewardship Market Bill (ABSM Bill) which establishes a framework to underpin...

AustraliaEnvironment
Peter Briggs
Peter Briggs
Heidi Asten
Heidi Asten
Melanie Debenham
Melanie Debenham
Kathryn Pacey
Kathryn Pacey

On 9 February 2022, Agriculture Minister the Honourable David Littleproud MP introduced the Agriculture Biodiversity Stewardship Market Bill (ABSM Bill) which establishes a framework to underpin a national voluntary agriculture biodiversity stewardship market. The ABSM Bill facilitates private investment in projects that support biodiversity protection and restoration, allowing agricultural landholders to undertake projects that benefit biodiversity and receive a tradeable certificate for doing so.

Snapshot

  • The ABSM Bill aims to create a nationally consistent framework to describe and verify biodiversity benefits, create a new form of tradeable personal property in the form of a biodiversity certificate and establish assurance and compliance systems to provide market certainty.

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