Environmental Offsets Act 2014

This section applies if—

under another Act, an offset condition has been, or may be, imposed on an authority; and

the condition relates to the significant residual impact of a prescribed activity on a prescribed environmental matter.

An entity may, by notice in the approved form given to the administering agency for the offset condition, elect to deliver an environmental offset for the prescribed activity, or for a stage of the prescribed activity, by—

a proponent-driven offset; or

a financial settlement offset; or

a combination of a proponent-driven offset and a financial settlement offset.

A notice of election that involves a proponent-driven offset must be accompanied by a plan (an offset delivery plan) about how the entity will undertake the offset.

The offset delivery plan must—

describe how an environmental offset will be undertaken and the conservation outcome will be achieved; and

state that the entity, and any other entity that owns land on which the environmental offset will be undertaken, agree to the offset being undertaken; and

be signed by the entities mentioned in paragraph (b); and

satisfy each other requirement prescribed by regulation for this section.

For subsection (4)(a), the offset delivery plan must—

effectively account for and manage the risks of the environmental offset failing to achieve the conservation outcome; and

ensure the environmental offset provides benefits in relation to the prescribed environmental matter in addition to any other benefit provided under a requirement of, or of an authority under, an Act; andExample for paragraph (b)—

have transparent governance arrangements that can be readily measured, monitored, audited and enforced; and

ensure the environmental offset is of a size and scale proportionate to the significant residual impact on the prescribed environmental matter.