Financiers, Developers And Consent Authorities: Implementation Of Biodiversity Banking And Offset Scheme – Just Weeks Away

The Biodiversity Banking and Offset scheme, introduced almost two years ago, will shortly be implemented in New South Wales. It will provide certainty to developers when seeking development consent where there may be a loss to biodiversity values on development sites. Consent authorities will be able to force developers to purchase biodiversity credits in return for development consent. In addition, pitting local council experts against developer experts is likely to be substantially minimised providing significant cost savings to both developers and consent authorities.

For financiers, this is also a major step forward. Biodiversity banking is a business. For example, a biobanking site is an area to which a biobanking statement applies and can earn an income. It follows that in assisting the landowner or the developer in developing that resource, financiers may provide biodiversity finance facilities.