Regulating Natural Capital Markets: An Agricultural Perspective

In late 2023, the Federal Government passed the Nature Repair Act, which provides for a voluntary nature repair market in Australia. This development allows for biodiversity certification and markets for biodiversity credits. Effectively, this means that business can invest in nature-based products and assist landowners with a new source of income. The use of biodiversity credits has some similarities to the Australian Carbon Credit Framework. These developments are arguably a world first if we distinguish England’s recent Biodiversity Net Gain amendments to the Environment Act 2021 (UK), which has some similarities but substantive differences. The question of whether a biodiversity market can work and what opportunities and challenges a biodiversity market offer the agricultural sector is the focus of this presentation. If it is going to work, Rhett argues it must align closely with the agricultural sector requiring clear regulatory oversight.

Associate Professor Rhett Martin researches and publishes on the regulatory alignment of law with sustainability objectives, environmental law, and principles of ecologically sustainable development.

For more information, please email Sarah McKibbin.