The NSW government has introduced the Biodiversity Banking and Offsets Scheme (or 'BioBanking') to help address the loss of biodiversity values, including threatened species.
Biobanking provides a means for developers to offset the unavoidable impact of development on native vegetation and habitat by contributing to the cost of preserving natural habitat in a BioBank site.
Biodiversity offsets work by protecting and managing biodiversity values in one area in exchange for impacts on biodiversity values in another. For example, if a development requires an area of native woodland to be cleared, another area of similar woodland can be protected.
The gain in biodiversity achieved by improving a similar area of woodland balances the loss to biodiversity due to the clearing.
Landowners can create a BioBank site on their property by committing to maintain and manage the site to ensure the protection of native animals, plants and ecosystems on that site.
The preservation and protection of this land will generate “biodiversity credits” which will become available for purchase on the open market.
For more information, please visit the Office of Environment and Heritage website.