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The Guardian - AU
The Guardian - AU
National
Lisa Cox

NSW pricing watchdog recommends overhaul of biodiversity offsets scheme

New South Wales IPART Ken Henry
Kangaroos in bushland
The biodiversity credits market ‘is not performing well and requires several changes,’ a report has found. Photograph: Dean Lewins/AAP

The New South Wales pricing watchdog has recommended an overhaul of the state’s biodiversity offsets scheme including phasing out a policy that allows developers to pay into a fund in order to meet their offset obligations.

The Independent Pricing and Regulatory Tribunal (IPART) conducts annual monitoring of the scheme, which allows developers to buy credits to compensate for habitat destruction caused by their projects.

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