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World first scheme to encourage investment in nature repair welcome says UDIA

UDIA National welcomes the Government’s introduction of the Nature Repair Market Bill as the first step towards an integrated system for balancing environmental restoration and future community development.

“This Bill is a critical foundation for the future creation of an offset system that will help Australia accelerate environmental restoration hand in glove with the place making needs of our communities,” said Max Shifman, UDIA National President

The Bill will establish a certification process for promoting environmental restoration and protection projects that can attract private investment in the market. This is a necessary building block for future balancing of community development with Australia’s environmental aspirations.

Australia has a long way to go before we have an effective environmental offset system that supports our future community development. There is currently a shortage of suitable environmental projects that can offset the development needs of our communities.

Many states have tried to solve this with mixed results and mistakes – which are now being unpicked. The Bill does not try to tackle the challenging issue of offsets but is a positive and necessary foundation for the future development of an integrated offset program.

‘The introduction of the Bill is the right approach and once passed, UDIA National is keen to work with the Government to develop the Nature Repair Market initiative to balance our environmental and place making aspirations,” said Mr Shifman.