A Year and a Half in, What Progress Has Been Made on Australia’s Nature Repair Market?
Lily Robinson – Program Coordinator, ILCN
In December 2023, an Australian law came into effect to enable the world’s first national voluntary biodiversity market and establishing the infrastructure for it to function with transparency and integrity. The Nature Repair Act 2023 (the Act) paves the way for a marketplace that will open in 2025 where individuals and organizations can benefit financially from nature repair projects that generate tradable certificates.
“The Nature Repair Market is an important opportunity to establish new pathways for private and public financial investment for nature,” wrote Victoria Marles, Chairperson for the Australian Land Conservation Alliance.
The market will be accessible to most people and groups, including First Nations people and organizations, conservation groups, and farmers. Eligible projects include re-establishing vegetation along waterways and keeping pests and feral species from destroying native species and ecosystems. Projects may restore or protect water or land areas in Australia.
Over a year after the Act was passed, its potential impact remains uncharted. “Considerable work still needs to be done to create the necessary certainty for the private sector to invest,” wrote Marles. “For example, market methods and standards will need to deliver integrity and quality and not be too costly. Right now, there is no huge demand for the market.”
The delay may help the nation roll out its new legislation right. It is still in the process of developing methods for monitoring, verifying, and measuring the biodiversity outcomes of projects.
When it does launch, the marketplace’s success depends on demand and the Australian Government will have a strong role to play in kickstarting trust and interest. “In the meantime, cornerstone investment from the Government is needed to get the market going, to build confidence, and leverage early private sector investment,” wrote Marles.
The Nature Repair Act is part of Australia’s Nature Positive Plan. Learn more about this and the Act here.
Have news? Share updates from your organization or country by emailing ilcn@lincolninst.edu.