Payment as alternative to retirement of biodiversity credits
6.30 Payment as alternative to retirement of biodiversity credits
A person who is required under this or any other Act (including under an instrument, approval or agreement) to retire biodiversity credits may satisfy that requirement by instead paying an amount into the Biodiversity Conservation Fund determined in accordance with the offsets payment calculator established under this Division.
The regulations may prescribe circumstances in which, including classes of credits in relation to which, a person must not satisfy a requirement under this Act or another Act, including under an instrument, approval or agreement, to retire biodiversity credits by instead paying the amount into the Biodiversity Conservation Fund under subsection (1).
Subject to subsection (2), if the person pays the amount determined in accordance with the offsets payment calculator established under this division into the Fund, the requirement to retire biodiversity credits is satisfied.
A regulation under this section may apply, adopt or incorporate a publication of the Environment Agency Head as in force from time to time.
This provision refers to the regulations (The regulations may prescribe
, A regulation
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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