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ARTICLE · 22 DECEMBER 2023

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Commonwealth Nature Repair Market Given The Green Light, Expands The EPBC Water Trigger

Herbert Smith Freehills Kramer LLP
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The Nature Repair Act 2023 (Cth) came into effect on 15 December 2023. The new law delivers one of the key commitments of the Government's Nature Positive Plan...

AustraliaEnvironment
Kathryn Pacey
Kathryn Pacey
Jasmine Wood
Jasmine Wood
Samuel Colwell
Samuel Colwell
Georgina Fulford
Georgina Fulford

The Nature Repair Act 2023 (Cth) came into effect on 15 December 2023. The new law delivers one of the key commitments of the Government's Nature Positive Plan and represents a significant step towards meeting the goal of protecting 30 per cent of Australia's land and seas by 2030.

Snapshot

  • The Nature Repair Act 2023 introduces a market of tradeable biodiversity certificates to encourage investment in nature repair and protection projects, but notably, these biodiversity certificates cannot be used to fulfil offset conditions of state or federal environmental approvals.
  • The 'water trigger' in the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act) has been expanded to capture all unconventional gas projects.

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