The second registered project under the Nature Repair Market signals participation from a broader mix of landholders.
The Karinya Downs project is on a small agricultural property on Bundjalung country in northern NSW. It covers 19.9 hectares.
It reflects growing interest from a wider range of landholders looking to invest in nature repair alongside productive land use.
The project will restore wet sclerophyll forest and rainforest ecosystems. It will use the Replanting Native Forest and Woodland Ecosystems method. 50,000 native plants will be established on cleared land. This will help restore and reconnect areas of native vegetation.
The aim is to support a landscape where agriculture and rainforest systems work together.
The project is on the same land as a project registered under the Australian Carbon Credit Unit (ACCU) Scheme. The two schemes align. This means project proponents can deliver biodiversity outcomes while earning carbon credits.
The Nature Repair Market is in its early stages and will take time to mature. It is designed to:
- deliver high-integrity environmental benefits
- increase investment in nature.
A new method, the Enhancing Native Vegetation (ENV) method, is currently being developed. It is expected to be released later this year. The ENV method aims to:
- support projects that enhance biodiversity in native vegetation
- apply across a range of ecosystems in Australia (the same regions as the Replanting method)
- expand opportunities for participation in the market.
Recent changes to our national environment laws mean that some Market projects will be able to be used as offsets. The ENV method is expected to support these projects. This will grow the supply of projects that can be used to meet future offset requirements.
Together, these developments are expected to introduce an additional source of demand and support broader participation in the Market.
