There is movement on the environment in Canberra, with the announcement of details in the Nature Repair Market Bill, which was introduced to Parliament on 29th March.

Its goal is to help Australia meet our commitments to protect at least 30% of our land and seas by 2030 – under the United Nations Convention on Biological Diversity.

Details are provided here, and the Parliamentary progress and current bill are here. A short summary follows:

• Who will benefit:
  • All landholders, including First Nations people, conservation groups, governments and farmers
• Types of Projects:
  • improving or restoring native vegetation through activities such as fencing or weeding
  • planting a mix of local native species
  • protecting rare grasslands that provide habitat for an endangered species.
• Where does the money come from:
  • A single tradable certificate will be issued for each project, which can be sold to buyers under commercial contracts. These will be listed on a public register.
• Will it work:
  • We shall have to wait and see, but it is great to see evidence of what is at least an attempt.
• Any Red Flags:
  • The opening paragraph for the establishment of the market includes: “Australia’s natural environment is deteriorating. The job of reversing this decline is too big for governments on their own. Private investment is also needed.” Yet they can spend nearly $12 b per year to subsidise the fossil fuel industry??? (Yes, that is Twelve Billion Dollars!) This smells like an excuse to even further reduce spending on our much-abused and under-funded environment, but there is no evidence of that yet.

More news as it happens.

– Summary by Greg Holland, cartoon from here.