Anne Stanley (Werriwa, Australian Labor Party) Share this | Hansard source

I rise to make my contribution to the Nature Repair Market Bill 2023 and the Nature Repair Market (Consequential Amendments) Bill 2023. This bill will deliver on the Albanese government's commitment not just to halt the decline of Australia's environment but to turn it around and to begin the complex and difficult job of repairing our natural environment.

Unfortunately, we know the task before us is vast. The 2021 State of the environment report highlighted the dire state that Australia's unique ecosystem is in and the threats that it faces, especially from the increasing impacts of climate change. Australia has lost more mammals than any other continent, and we continue to have one of the highest rates of extinction in the world. There are now 1,918 animal and plant species listed as threatened. That's an increase of 202, or eight per cent, since 2016.

We now have more invasive and foreign plant species than native species. Worse still, the impact of the 2020 Black Summer bushfires, which is estimated to have killed between one and three billion animals, will take years to fully account for, and the state of our environment may be even worse than we think. In our waters, reefs around the country are in poor condition, with the Great Barrier Reef experiencing mass coral bleaching in 2017, 2020, and 2022. We have waterways and rivers in incredibly poor condition, with native fish populations in decline and mass fish killings exacerbating the issue. The status quo is clearly not working, and more must be done.

The Albanese government has prioritised our environment, and, under the Minister for the Environment and Water, we know how important it is. The Albanese government has already committed to protecting 30 per cent of Australia's land and water to bring us in line with global efforts. In the October budget, we invested $1.8 billion in our environment, including a record $1.2 billion for the Great Barrier Reef and funding to implement the Threatened Species Action Plan.

This bill is the next step in protecting Australian's ecosystem. It will connect investment with those groups and people on the ground to put plans in place to make real improvement and support the environment. Maintenance is not the answer to improve the situation. We need to actively repair the damage already done so that species can return and thrive. Working together with First Nations peoples and groups who know the land better than anybody else will be part of the positive path for improvement. The nature repair market will promote and enable prior consent for projects in the lands and the waters of First Nations people, as well as working with them to design projects that reflect the knowledge and connection to country they've had for thousands of years.

The focus of this market will be to encourage landholders, whether they be farmers, government entities, private businesses, conservation groups or First Nations people, to undertake projects that will repair and protect our environment, generating a tradable certificate that can be then sold to philanthropists and businesses. This will create economic opportunities for First Nations people, who have vast and unique knowledge about caring for our environment, and for farmers who understand their land. We know businesses are increasingly looking for ways to demonstrate their environmental credentials, as shareholders and everyday Australians alike and market forces require further action to protect our unique Australian environment.

A recent report by PricewaterhouseCoopers estimated the market for biodiversity in Australia could unlock $137 billion in financial flows by 2050. That is money protecting rare habitats for endangered species, removing invasive species, improving water quality, reviving nature corridors so that animals can travel and for planting a mix of local native flora. It creates an entirely new income stream and employment pathways for regional Australians and allows businesses to invest in our environment. The fact that Australia has over half a million different species means that there is no one-size-fits-all approach and the types of projects that could be undertaken are incalculable and incredibly complex. The purpose of the bill is to make it as flexible as possible for all parties while also creating a well-regulated market.

The Albanese government is aware of the integrity issues that surrounded carbon credits, and with these biodiversity credits running alongside them, we are making sure there is confidence in these systems. That's why the government has appointed an independent panel to review carbon credits and has accepted in principle the 16 recommendations to strengthen the carbon credit system. The lessons learnt from the carbon market and the review have informed the development of these biodiversity credits. It is vital that these projects and the certificates issued are held to the highest integrity and transparency standards, as well as to the best available science, so that our environment can get the best possible outcome. It is fundamental in providing the certainty and confidence that investors need to participate in this new market.

A key integrity measure will be the establishment of an independent expert committee that will be responsible for ensuring projects deliver high-quality, nature-positive outcomes and that will provide advice to the minister. It will be a committee with five to six experts with substantial knowledge and experience in areas including agriculture, science, environmental markets, land management, economics and Indigenous knowledge. The advice of the independent committee will be made public to ensure a high level of transparency between government, businesses and all Australians. Additionally, the certificates will be issued through the Clean Energy Regulator, an independent statutory authority that will monitor and publish information about projects on a public register. This will allow citizens to publicly track projects, ensuring an extra layer of scrutiny in addition to the oversight of the regulator and the parliament. Australians expect these certificates to represent actual investments and the restoration of our environment, and the department will work with the ACCC and ASIC to ensure that they are not victims of greenwashing claims.

Australians also expect that this market is not used solely to offset the destruction of habitats elsewhere. The legislation we are debating today commits to offsets being the last resort. The government is already designing and consulting on new national standards for matters of national environmental significance and environmental offsets. These new standards, which will be legislated under the new nature-positive laws, will strength biodiversity offsets and ensure that they no longer rely on averted loss but on protecting and restoring ecosystems, providing a nature-positive outcome. Projects under this scheme will not be used as offsets unless they meet the new standards. These measures are another way the Albanese government is ensuring certainty, confidence and transparency in the new market.

The nature repair market is one piece in the incredibly complex puzzle required to repair and protect our environment after its neglect for far too long. This legislation is the first of its kind in the world. To make the difference the environment needs to improve, it must be done correctly. The Albanese government is committed to public investment and effective national environmental laws, but we must use every available option to help repair the damage already done. The nature repair market will work alongside public investment in our environment and will not replace it.

The Minister for the Environment and Water has been working to ensure that there has been consultation with stakeholders from across the country and that strong transparency and accountability measures will be included. I thank and recognise the minister for her work on this legislation. Creating a market that is the first of its kind is a difficult task, but we owe it to future generations, our environment and ourselves to do whatever is necessary to put us on a path to a nature-positive future. It is time that we not only protected our natural environment but repaired it for future generations. I commend the bill to the House.

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