The Property Council of Australia has labelled the last-minute decision to scrap offset credits in the Nature Repair Market Bill by the Senate as a lost opportunity to make it easier for industry to invest in the conservation and restoration of Australia’s natural environment at scale.
The Australian property sector’s sustainability credentials are recognised as world-leading, and the industry’s expertise and capacity for best practice is globally recognised.
Australia’s Nature Repair Market promised to be an important mechanism to enhance the transparency, environmental integrity and fluidity of investing in nature to deliver sustainable outcomes.
Property Council Group Executive Policy and Advocacy Matthew Kandelaars said it is a lost opportunity to leverage the new national framework and credits established using methodologies based on the latest science, to support and improve environmental protections.
“The Senate’s removal of offsets only weakens the legislation, reducing its effectiveness and compromising future environmental repair,” he said.
“The government recognised the only way to achieve progress is for government and industry to work together. By removing offsets from the legislation, the Senate has removed industry as a partner.
“The policy clearly anticipated the potential use of the scheme to align with offsetting requirements and this was the basis of the government’s consultation. It was considered a positive and important feature that would drive market participation at scale across the property sector.
“Without a clear pathway to access nationally accredited, high integrity biodiversity offsets, the provision of new housing in our cities and towns will be more expensive, testing the government’s capacity to deliver its target of 1.2 million new homes by 2029.
“The Property Council of Australia and the Green Building Council of Australia earlier this year released a framework to enhance the environmental credibility of offsets in the property sector.
“We support the government in its ambitious environmental reform agenda, to unlock the significant investment needed in conservation and restoration of Australia’s natural environment. Our industry has a demonstrated record in making these investments and looks forward to continued dialog as further legislative reforms take place,” Mr Kandelaars said.
