{"id":9490,"date":"2024-03-02T16:37:07","date_gmt":"2024-03-02T13:37:07","guid":{"rendered":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/?p=9490"},"modified":"2024-03-02T16:45:22","modified_gmt":"2024-03-02T13:45:22","slug":"biodiversity-credits-supply-fund-taskforce-overview","status":"publish","type":"post","link":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/biodiversity-credits-supply-fund-taskforce-overview","title":{"rendered":"Biodiversity Credits Supply Fund &#038; Taskforce Overview"},"content":{"rendered":"<div class=\"comp-title-and-description\">\n<p class=\"desc\">Biodiversity credits will be easier to secure and more efficiently priced through a $106.7 million investment in the NSW Budget to establish a strategic new fund.<\/p>\n<\/div>\n<article class=\"component rich-text-editor article\" data-external-link=\"\" data-link-icon=\"\">\n<div class=\"callout\">\n<p>The Biodiversity Credits Supply Fund (the Fund) is:<\/p>\n<ul>\n<li>buying credits upfront at competitive market prices based on forecast demand from major projects and infrastructure development<\/li>\n<li>selling credits at the purchase price plus a small mark-up (cost recovery) to public or private proponents who need to <a title=\"Biodiversity offsets under fire as EU updates green finance taxonomy\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/biodiversity-offsets-under-fire-as-eu-updates-green-finance-taxonomy\">offset biodiversity<\/a> impacts<\/li>\n<li>re-investing proceeds to buy more credits (as a revolving <a title=\"Funguo Innovation Programme 2nd Funding Round\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/funguo-innovation-programme-2nd-funding-round\">fund)<\/a>, enabling the initial investment to be used to buy and sell $200\u00a0million credits over 3 years.<\/li>\n<\/ul>\n<p>The Fund also helps <a title=\"Measuring impact to improve conservation results\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/measuring-impact-to-improve-conservation-results\">improve conservation<\/a> outcomes with the government able to direct efforts to more strategic sites.<\/p>\n<p>The Fund operates within the Department of <a title=\"Call for consultancy services: recruitment of experts to review and synthesise information on the nexus between climate change, forests and trees\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-consultancy-services-recruitment-of-experts-to-review-and-synthesise-information-on-the-nexus-between-climate-change-forests-and-trees\">Climate Change<\/a>, Energy, the Environment and Water\u00a0using existing provisions in the\u00a0<em>Biodiversity Conservation Act 2016<\/em>.<\/p>\n<p><strong>Why is the Fund needed?<\/strong><\/p>\n<p>New South Wales has a $110\u00a0billion infrastructure pipeline and renewed investment in housing and manufacturing.<\/p>\n<p>As a result, demand for certain credit types is increasing faster than supply, which can cause delays and increased <a title=\"Call for Projects 2023\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-projects-2023\">project<\/a> costs.<\/p>\n<p>The NSW Government established the Fund to increase the supply of these credits and enhance confidence in the biodiversity credit market.<\/p>\n<p>The Fund is delivering a significant increase in the supply of credits required for critical <a title=\"Call for Project Proposal: Access to Renewable Energy\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-project-proposal-access-to-renewable-energy\">projects such as renewable energy<\/a> zones, regional infrastructure initiatives and the expansion of housing and manufacturing.<\/p>\n<p>This will reduce unnecessary <a title=\"Call for project: Climate Change and Environmental Sustainability\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-project-climate-change-and-environmental-sustainability\">project delays and costs without compromising environmental<\/a> outcomes, resulting in greater economic benefits.<\/p>\n<p><strong>What does the Taskforce do?<\/strong><\/p>\n<p>The Credits Supply Taskforce is:<\/p>\n<ul>\n<li>fast-tracking supply of biodiversity credits by proactively supporting landholders to enter into biodiversity stewardship agreements (BSAs) that generate priority credits (credits most likely to be in demand)<\/li>\n<li>assessing and approving new <a title=\"36-Million-Year Cycle Drives Biodiversity, Say Scientists\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/36-million-year-cycle-drives-biodiversity-say-scientists\">biodiversity<\/a> stewardship agreements (the <a title=\"Awareness prog on biodiversity conservation held\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/awareness-prog-on-biodiversity-conservation-held\">Biodiversity Conservation<\/a> Trust (BCT) continues to oversee the implementation of biodiversity stewardship agreements and annual payments to landholders)<\/li>\n<li>operating the Biodiversity Credits Supply Fund \u2013 acquiring priority biodiversity credits and on-selling them to proponents to support the delivery of infrastructure and other projects as those projects are approved, and seeking to:\n<ul>\n<li>lower the cost of biodiversity credits compared to current forecasts, increase certainty and reduce delays for proponents<\/li>\n<li>reduce the need for proponents to pay into the <a title=\"Unlocking Opportunities for Latin America and the Caribbean through Biodiversity Conservation\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/unlocking-opportunities-for-latin-america-and-the-caribbean-through-biodiversity-conservation\">Biodiversity Conservation<\/a> Fund as a way to meet offset obligations<\/li>\n<li>improve liquidity and confidence in the <a title=\"Why mitigating biodiversity loss matters\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/why-mitigating-biodiversity-loss-matters\">biodiversity<\/a> market and the Biodiversity Offsets Scheme.<\/li>\n<\/ul>\n<\/li>\n<li>enhancing <a title=\"Emergency Funding for Conservation\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/emergency-funding-for-conservation\">conservation<\/a> benefits by contributing to regional and landscape-scale conservation objectives, integrating private and public land measures and contributing to a cohesive biodiversity strategy for the state.<\/li>\n<\/ul>\n<p><strong>Who is in the Taskforce?<\/strong><\/p>\n<p>The Taskforce includes staff with functions that closely relate to the objectives and activities of the Taskforce, drawn from:<\/p>\n<ul>\n<li><a title=\"Biodiversity at Stake: The Dark Side of Our Food Production System\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/biodiversity-at-stake-the-dark-side-of-our-food-production-system\">Biodiversity<\/a>, Conservation and Science<\/li>\n<li>Biodiversity Conservation Trust.<\/li>\n<\/ul>\n<p>The cross-agency representation will also help ensure the Fund operates as part of an integrated approach.<\/p>\n<\/div>\n<\/article>\n<p>&nbsp;<\/p>\n<p><strong>Credits Supply Taskforce &#8211; frequently asked questions<\/strong><\/p>\n<p><strong>When will the Taskforce start processing BSAs?<\/strong><\/p>\n<p>From around August 2022 for new applications.<\/p>\n<p><strong>Will current BSA applications that have been made to the BCT be transitioned to the Taskforce?<\/strong><\/p>\n<p>Yes, although any applications able to finalised by the BCT in July will be finalised by the BCT. Any remaining after 1 August 2022 will be moved to the Taskforce.<\/p>\n<p><strong>What will the Taskforce do differently?<\/strong><\/p>\n<p>The Taskforce is expected to establish an increase in the number of BSAs with landholders to address demand for biodiversity credits. It is also expecting to process BSAs more quickly and take an active role in addressing barriers to entry. More <a title=\"Global Biodiversity Information Facility \u2014 Capacity Enhancement Support Program 2022\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/global-biodiversity-information-facility-capacity-enhancement-support-program-2022\">information will be published in July\/August 2022 on the support<\/a> available to landholders to enter into a BSA. This is likely to be targeted to in- demand credits.<\/p>\n<p><strong>If I made a BSA application to the BCT but it hasn\u2019t yet been approved, will I be able to access the same support as a new applicant?<\/strong><\/p>\n<p>The Taskforce will seek to accommodate this. Any requests should be raised with the Taskforce.<\/p>\n<p><strong>After my BSA is approved, do I still deal with the Taskforce?<\/strong><\/p>\n<p>The Taskforce will handover the BSA to the BCT once it is approved, and the BCT will have an ongoing relationship with the landholder in relation to implementation of the BSA and management payments from the BSPF.<\/p>\n<p><strong>Who do I apply to for BSA variations?<\/strong><\/p>\n<p>The Taskforce will <a title=\"Call for Applications: Consultancy services on drivers of forest cover change and loss in different forest types in Africa\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-applications-consultancy-services-on-drivers-of-forest-cover-change-and-loss-in-different-forest-types-in-africa\">cover BSA variations as well as applications<\/a> for new BSAs.<\/p>\n<p><strong>Can I establish carbon credits as well as biodiversity credits on a BSA site?<\/strong><\/p>\n<p>More information on this issue is being obtained and will be published.<\/p>\n<p><strong>Apart from BSAs, will the Taskforce be able to tell me about other opportunities?<\/strong><\/p>\n<p>Yes, Taskforce staff will be able to <a title=\"Recent scientific briefs provide information about the Global Biodiversity Framework goals.\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/recent-scientific-briefs-provide-information-about-the-global-biodiversity-framework-goals\">provide information<\/a> on other options and follow up contacts.<\/p>\n<p><strong>How will the Taskforce handle interactions between its various roles?<\/strong><\/p>\n<p>The Taskforce has teams with clearly defined roles and any issues will be identified and dealt with under its operating protocols. Advice from probity advisors will be sought as issues are identified. The Taskforce will operate with high degrees of probity, transparency and accountability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Biodiversity credits will be easier to secure and more efficiently priced through a $106.7 million investment in the NSW Budget to establish a strategic new fund. The Biodiversity Credits Supply Fund (the Fund) is: buying credits upfront at competitive market prices based on forecast demand from major projects and infrastructure development selling credits at the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":9491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts\/9490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/comments?post=9490"}],"version-history":[{"count":5,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts\/9490\/revisions"}],"predecessor-version":[{"id":9509,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts\/9490\/revisions\/9509"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/media\/9491"}],"wp:attachment":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/media?parent=9490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/categories?post=9490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/tags?post=9490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}