Corresponding obligation to secure required biodiversity offsets
6.31 Corresponding obligation to secure required biodiversity offsets
The Biodiversity Conservation Trust is to apply money paid into the Biodiversity Conservation Fund under this division in accordance with the object of the Trust under section 10.4.
For subsection (1), the Biodiversity Conservation Trust must, in relation to each BCF offset biodiversity credit—
apply money from the Fund to retire either of the following types of biodiversity credits as the BCF offset biodiversity credit—
a like-for-like biodiversity credit provided for in the offset rules under section 6.4(2),
a biodiversity credit provided for in the variation rules under section 6.4(4), or
apply money from the Fund of an amount equal to the BCF individual offset amount for the BCF offset biodiversity credit towards securing biodiversity offsets in accordance with the regulations in substitution for the BCF offset biodiversity credit.
The Biodiversity Conservation Trust—
may apply an amount under subsection (2)(a) whether or not the amount is equal to the BCF individual offset amount for the BCF offset biodiversity credit to which the application of the amount relates, and
may only apply amounts paid into the Fund under section 6.30 in a way specified in subsection (2), whether in relation to satisfying the requirement to retire—
the BCF offset biodiversity credit, or
another BCF offset biodiversity credit, whether under the same or another requirement in relation to which an amount was paid into the Fund under section 6.30.
The Biodiversity Conservation Trust’s obligation to apply money from the Fund under subsection (2) is limited to the amount of money in the Fund that is equal to the total of the BCF individual offset amounts paid into the Fund under section 6.30.
The Biodiversity Conservation Trust must apply money in relation to a BCF offset biodiversity credit under subsection (2) within 3 years after the BCF individual offset amount for the BCF offset biodiversity credit was paid into the Fund (the acquittal period).
If the Biodiversity Conservation Trust does not apply money in relation to a BCF offset biodiversity credit under subsection (2) within the acquittal period, the Trust must enter into an agreement with the Minister about how the Trust will meet its obligation in relation to the BCF offset biodiversity credit under subsection (2).
However, the Biodiversity Conservation Trust is not required to enter into an agreement with the Minister under subsection (6) if, before the Minister signs the agreement, the Trust meets the Trust’s obligation in relation to the BCF offset biodiversity credit.
Despite subsection (6) —
if, at the end of the acquittal period, the Biodiversity Conservation Trust does not enter into an agreement with the Minister in accordance with that subsection, the Trust is not liable to any claim, action or demand by any person in relation to the Trust’s obligations under this section, other than by the Minister to require the Trust to enter into an agreement under subsection (6), and
if the Biodiversity Conservation Trust enters into an agreement with the Minister under that subsection after the end of the acquittal period—the Trust is not liable to any claim, action or demand by any person, other than by the Minister in relation to the Trust’s obligations under the agreement or otherwise.
In this section—
BCF deposited offset amount means an amount paid into the Biodiversity Conservation Fund to satisfy a requirement to retire biodiversity credits under section 6.30.
BCF individual offset amount, for a BCF offset biodiversity credit, means the part of a BCF deposited offset amount that represents the amount to satisfy the requirement to retire that particular BCF offset biodiversity credit under the relevant BCF offset obligation, less the delivery cost for the BCF offset biodiversity credit.
BCF offset biodiversity credit means a particular biodiversity credit required to be retired under a BCF offset obligation.
BCF offset obligation means a requirement to retire biodiversity credits satisfied by the payment of an amount into the Biodiversity Conservation Fund under section 6.30.
delivery cost, in relation to a BCF offset biodiversity credit, means an amount determined by the offsets payment calculator that represents cost recovery by the Biodiversity Conservation Trust in connection with securing biodiversity offsets in relation to the BCF offset biodiversity credit.
This provision refers to the regulations (the regulations
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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