The rise and rise of environmental markets in Australia: Biodiversity banking in New South Wales

Asia Pacific Journal of Environmental Law

Volumn 10, Issue 1-2, 2007, Pages 1-12

  Lyster, Rosemary ^a   Stephens, Tim ^a  

^a UNIVERSITY OF SYDNEY   (Australia)

Author keywords

[No Author keywords available]

Indexed keywords

AUSTRALIA; CLIMATE CHANGE; CONSERVATION BIOLOGY; ECONOMIC DEVELOPMENT; EDITORIAL; ENVIRONMENTAL PLANNING; ENVIRONMENTAL PROTECTION; GOVERNMENT REGULATION; GREENHOUSE GAS; POLLUTION CONTROL; PRIORITY JOURNAL;

EID: 42549103345     PISSN: 13852140     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Editorial

References (46)

1. J. Freeman and C. D. Kolstad, "Prescriptive Environmental Regulations Versus Market-Based Incentives" in J. Freeman and C. D. Kolstad, Moving to Markets in Environmental Regulation: Lessons From Twenty Years of Experience (Oxford University Press, Oxford: 2007) 3-16, 4.
2. See N. Stern, The Economics of Climate Change: The Stern Review (Cambridge University Press, Cambridge: 2007) 351-367.
3. Australian Government, Report of the Prime Ministerial Task Group on Emissions Trading (Commonwealth of Australia, Canberra: 2007) and Australian Government, Australia's Climate Change Policy: Our Economy, Our Environment, Our Future (Commonwealth of Australia, Canberra: 2007).
4. See also R. Lyster, "Chasing Down the Climate Change Footprint of the Private and Public Sectors: Forces Converge" (2007) 24 Environmental and Planning Law Journal 281, 288-289.
5. Electricity Supply Act 1995 (NSW), Pt 8A.
6. For a description of the scheme see R. Lyster, Z. Lipman, N. Franklin, G. Wiffen, L. Pearson, Environmental and Planning Law in New South Wales (Federation Press, Annandale: 2007) 228-229.
7. The Threatened Species Conservation Amendment (Biodiversity Banking) Act 2006 (NSW) achieves this by inserting a new Part 7A in the Threatened Species Conservation Act 1995 (NSW).
8. H. Barnett, Introduction to Feminist Jurisprudence (Cavendish Publishing Limited, London and Sydney: 1998) 121.
9. See (27 July 2007).
10. R. Eckersley, "Rationalising the Environment: How Much Am I Bid?" in S. Rees, G. Rodley and F. Stilwell (eds) Beyond the Market: Alternatives to Economic Rationalism (Pluto Press Australia Limited, Leichhardt:1993) 237, 239.
11. G. Heal, G. C. Daily, P. R. Ehrlich, J. Salzman, C. Boggs, J. Hellmann, J. Hughes, C. Kremen, T. Ricketts, "Protecting Natural Capital Through Ecosystem Service Districts" (2001) 30 Stanford Environmental Law Journal 333 at 336.
12. Ibid at 340-341.
13. M. Sagoff, Price, Principle and the Environment (Cambridge University Press, Cambridge: 2004) 153.
14. See P. Curnow and L. Fitz-Gerald, "Biobanking in New South Wales: Legal Issues in the Design and Implementation of a Biodiversity Offsets and Banking Scheme" (2006) 23 Environmental and Planning Law Journal 298, 300-302.
15. NSW Department of Environment and Conservation, BioBanking - A Biodiversity Offsets and Banking Scheme Conserving and Restoring Biodiversity in NSW (NSW Government, Sydney: 2005).
16. NSW Department of Environment and Conservation, BioBanking - An Investigation of Market-Based Instruments to Secure Long Term Biodiversity Objectives (NSW Government, Sydney: 2006).
17. NSW Department of Environment and Conservation, Guide to the Threatened Species Conservation Amendment (Biodiversity Banking) Bill 2006 (NSW Government, Sydney: 2006).
18. Under the Threatened Species Conservation Act 1995 (NSW) s 127B the Minister may, by order published in the Gazette, establish rules with respect to biobanking assessment methodology including the actions in respect of which biodiversity credits may be created.
19. Ibid, Part 7A, Div 2.
20. Ibid, Part 7A, Div 3.
21. Ibid, Part 7A, Div 4 and 5.
22. Ibid, Part 7A, Div 6.
23. Ibid, s 127X.
24. Ibid, s 127G.
25. Ibid, s 127J.
26. Ibid, s 127E.
27. NSW Department of Environment and Conservation, note 16 at 3.
28. Threatened Species Conservation Act 1995 (NSW), s 127P.
29. Ibid, s 127L.
30. Ibid, s 127N. 31 Ibid, s 127O.
31. NSW Department of Environment and Conservation, note 16 at 4.
32. Secretariat of the Convention on Biological Diversity, Global Biodiversity Outlook 2 (CBD Secretariat, Montreal: 2006) 10.
33. NSW Department of Conservation, note 15 at 1.
34. R. Nelson and B. Sharman, "More Than Tilting at Windmills: A Bird's Eye View of a Bio-offsets Scheme Under the EPBC Act" (2007) 24 Environmental and Planning Law Journal 17, 19.
35. J. Salzman and J. B. Ruhl, "Currencies and the Commodification of Environmental Law" (2000) 53 Stanford Law Review 607.
36. J. Boyd, D. King and L. A. Wainger "Compensation for Lost Ecosystem Services: The Need for Benefit-Based Transfer Ratios and Restoration Criteria" (2001) 20 Stanford Environmental Law Journal 393.
37. Ibid, at 394.
38. Ibid, at 395.
39. Ibid.
40. Curnow and Fitz-Gerald, note 13 at 303.
41. Threatened Species Conservation Act 1995 (NSW), s 127W.
42. Curnow and Fitz-Gerald, note 15 at 306.
43. Ibid, at 306.
44. Eckersley, note 9 at 242.
45. Sagoff, note 12 at 198 ("We cannot be too grateful for the contribution of institutional and other social economists who suggest frameworks that allow individuals to participate in determining the outcomes that affect them, for example, by buying and selling grazing, emission, and other rights.")
46. The Hon Bob Debus, MLA, Minister for the Environment and Conservation, Second Reading Speech, Legislative Assembly, Parliament of New South Wales, 8 June 2006.