Key Points:
Landowners can generate income by selling biodiversity
credits.
Biobanking is a market-based scheme created to offset the loss
of biodiversity on sites as a result of development. The NSW
Biobanking scheme commenced in the middle of 2008 by virtue of the
new Part 7A of the Threatened Species Conservation Act 1995
(NSW).
Why are developers interested?
The Biobanking scheme is an alternative to the "7 Part
Test" for assessment of threatened species (which may include
preparing a species impact statement) under the Environment
Planning and Assessment Act 1979 (NSW).
Why are landowners interested?
Landowners can generate income by selling biodiversity credits
in relation to land that may not otherwise be developed by
protecting native vegetation or threatened species or both.
