Farmers, Indigenous rangers and local councils are a step closer to being paid to protect nature, with the federal government introducing legislation that would establish a biodiversity trading scheme.
The Nature Repair Market Bill seeks to establish a market for biodiversity certificates that would be regulated by the Clean Energy Regulator and traded similar to Australian Carbon Credit Units.
In what the government claims is a world first, land managers could earn credits for projects such as planting native species, removing feral cats and weeds or fencing livestock out of waterways.
Federal Environment Minister Tanya Plibersek said the market could unlock billions of dollars of investment, complementing the existing carbon credit scheme while improving Australia's environment.
"We've got an estimate from a Price Waterhouse that suggests we could see $137 billion of investment flow into nature repair between now and 2050 from a scheme like this," Ms Plibersek said.
Paying farmers to protect and boost nature was first promoted by the former Coalition government, with former-agriculture minister David Littleproud establishing a biodiversity stewardship pilot.
Ms Plibersek said the government's legislation would expand that scheme to apply to more landholders.
"That can be farmers, it can be private landholders, it can be First Nations people on Indigenous protected areas … we've also substantially increased the integrity measures, we need to make sure that if people are investing in repairing nature, that we actually get those long-term benefits," she said.
"We cannot allow any sort of greenwashing, or we have to ensure that the benefits that are promised are actually realised."
The scheme would be open to all landholders including conservation groups and businesses.
Last year's State of the Environment report showed the number of species listed as threatened had increased by 8 per cent since 2016, and there are now more non-native plant species in Australia than native ones.
The government wants to protect 30 per cent of land and 30 per cent of oceans by 2030 and with most of Australia's land privately owned or managed by Indigenous groups, it hopes by incentivising land managers it will address part of the biodiversity decline.
Similar plan suggested by Coalition
When in government, Mr Littleproud argued incentivising farmers that improved the landscape, rather than punishing those who did not, would create better outcomes for the agriculture sector and the environment.
"Farmers should be rewarded for having plants and animals on their farm, not penalised through banning them using that land and offering no compensation," Mr Littleproud said when he introduced the Agriculture Biodiversity Stewardship Program in 2019.
"I'm offering a carrot to farmers who look after biodiversity and absorb carbon, not additional and unnecessary regulation."
Now in opposition, it is not clear if the Coalition will support the legislation.
Mr Littleproud argued Labor had copied his legislation "word-for-word".
"It's the same world-leading program we devised," he said.
Greens environment spokeswoman Sarah Hanson-Young said the legislation "raised serious concerns".
"Australia’s environment needs protection, not a ‘Green Wall Street’ propped up by bogus offsets," Ms Hanson-Young said.
"Nothing in this bill will save Australia’s koalas from extinction."
Australian National University ecologist David Lindenmayer consulted on the initial pilot and has spent decades studying biodiversity on farms.
"I think it helps if there's another income stream to help motivate farmers to do some of the science-based, evidence-based work," Dr Lindenmayer said.
He said monitoring compliance, input and outcomes were "absolutely critical" to ensuring nature repair markets worked and that a "biodiversity dividend" was achieved.
In a submission, responding to the draft legislation, environmental campaigners The Bob Brown Foundation rejected the nature repair market proposal describing it as an "extreme expression of failed neoliberal economics".
"Establishing and operating a Nature Repair Market is bad policy, a waste of taxpayer funds and will maintain the state and trend of the environment in Australia as poor and deteriorating," it said.
In its submission the National Farmer's Federation supported the legislation, saying it provided "a critical step towards achieving sustainable and resilient ecosystems in Australia".
Ms Plibersek said the nature repair scheme would include a public register of biodiversity certificates, their status and ownership.
She hoped the scheme could be operating next year.
"We need to set up the market, set up the regular develop the methodologies," Ms Plibersek said.
"What we're doing this week, is passing the foundational legislation that will allow all of that work to commence.
"It is a part of what we will do to protect, restore and repair nature and it's got very broad support so I am very hopeful that the parliament will pass it."
