The bill seeks to establish a national voluntary biodiversity certificate. Where when a landowner undertakes an activity that enhances or protects biodiversity, they can apply for a biodiversity certificate. The Clean Energy Regulator acts as the approver of certificates in the market.
The legislation directly affects Australian agriculture as farmers are large landholders in the country (covering over 50% of the continent). As a result under the Act they are able to undertake activities on their land which protects or enhances biodiversity to receive a certificate which can then be sold. Activities which improve biodiversity might be activities which landowners already undertake such as culling of feral animals. In which case a farmer can be rewarded for an activity which is improving agricultural production whilst also protecting biodiversity.
The following documentation/information is required to provide evidence of compliance.
Under the Act biodiversity certificates can be relinquished due to; false or misleading information, reversal of biodiversity outcome other than due to natural disturbance or conduct etc, reversal of biodiversity outcome due to natural disturbance or conduct and no mitigation happens among other reasons. The Clean Energy Regulator acts as the approver of certificates in the market and enforces compliance of the Act.