Nature Repair Market Bill 2023 and another

The majority voted in favour of a motion to read the bills for a second time, which is parliamentary jargon for agreeing with their main idea. This means that the House will now consider the bills in greater detail.

What is the bill's main idea?

According to the bills digest summary:

• The Nature Repair Market Bill 2023 (NRM Bill) seeks to establish the legislative framework for a voluntary national market in biodiversity certificates. The market would enable project proponents to undertake – on a range of land tenures, including in aquatic environments and the ocean to the extent of Australia’s territorial sea (generally, 12 nautical miles from the coast) – projects that protect or enhance biodiversity. The project proponent would be able to apply to the Clean Energy Regulator for a unique biodiversity certificate that could then be sold to interested persons in the market.
• The NRM Bill is framework legislation, with significant elements of the scheme to be provided in a series of legislative instruments to be made by the Minister, including rules, biodiversity assessment instruments and methodology determinations.
• The Nature Repair Market (Consequential Amendments) Bill 2023 makes minor amendments to the Clean Energy Regulator Act 2011 and National Greenhouse and Energy Reporting Act 2007 to facilitate operation of the proposed scheme.
• The Bills indirectly respond to two key reports and reviews relating to the state of Australia’s biodiversity, the State of the Environment Report 2021 and the Independent Review of the Environment Protection and Biodiversity Conservation Act 1999 (Samuel Review). These highlight the deteriorating state of terrestrial and marine biodiversity and the failure of our national environmental law to adequately protect Australia’s biodiversity and iconic places.
• Over 400 submissions were made to 2 rounds of consultation undertaken by the Department of Climate Change, Energy, the Environment and Water (DCCEEW).
• A review of submissions indicates stakeholder views’ range from cautiously optimistic – largely in recognition of the urgent need to increase investment in the protection and enhancement of biodiversity – to highly critical of a broad range of policy and technical issues. Chief among these are concerns about market-led commodification of nature and the integration of the proposed market with the still-to-be-implemented reform of Australia’s national environmental laws. A large number of submitters were of the view that the Bills should not progress until those reforms are finalised.