Existing biobanking agreements are maintained and managed under the BC Act as biodiversity stewardship agreements. The BCT has been responsible for the day-to-day management of biobank agreements, including annual reporting, waiver applications and annual payments. A developer receives a statement on the biobank by applying to the Director General of the Department of Environment, Climate Change and Water. A biobank declaration may be made if the Director-General finds, based on an assessment of the evolution carried out in accordance with the biobanking method (including the number and class of credits to compensate for the negative effects of development on biodiversity values), that development will improve or maintain biodiversity values. The future of biobanking will depend on the oeH`s revision of the regime. It will be interesting to see what the results of the review of the OEH applications will be and, if so, what changes will be made. BioBanking has generated “biodiversity credits” from landowners and developers who, through a biobank agreement, have committed to improving and protecting biodiversity values on their land. Unsold biodiversity credits generated by a biobank agreement under the repealed TSC Act remain valid under the BC Act. The Department of Planning, Industry and Environment has developed a method for determining the equivalence of the TSC Act`s biodiversity credits with the BC Act appropriations and will publish the details shortly. As soon as the balance of a landowner`s biobank account reaches 80% of the total contribution of the fund and the landowner complies with his management measures each year, the fund will make an annual payment to the landowner, as stipulated in the biobank agreement.
In a discussion paper published by the OEH on the promotion of bids during the bidding period, it was noted that the introduction of the biobank had been slow due to a number of factors, including the voluntary nature of the scheme, the cost of evaluating biobank sites and misconceptions about the scheme. As the biobanking system is still in its infancy, there is currently no example of how the Office of Environment and Heritage has imposed biobanking agreements when the corresponding biobank account has a low level of credit. Landowners are required to report annually to ensure compliance with the terms of the biobanked agreement. The method of evaluating the biobank is important for the system, as it is the instrument that is used to determine: the biobanking system is a market-based system for the creation, trade and retirement of biodiversity credit. The scheme is included in Part 7A of the Endangered Species Protection Act 1995, the Biodiversity Banking Regulation 2008 (Biobanking Regulation) and one of the most important documents underlying the scheme, the Biobanking Assessment Methodology. Commercially acceptable biobanking agreements are essential to make biobanking feasible. NSW`s biobanking system began in July 2008. Since then, only 21 biobank agreements have been concluded to create biobank sites and only 7 biobank declarations have been issued. The NSW Office of Environment and Heritage is currently reviewing the plan. Public contributions were filed from May 10, 2012 to July 9, 2012. The website of the Office for the Environment and Conservation of Historic Monuments (OEH) indicates that applications are being considered.
Developers can choose whether or not to enter the biobanking system. When a developer enters the system and receives a declaration on biobanking, the development to which the biobank declaration applies is considered a development that is unlikely to significantly affect threatened species, populations or ecological communities or their habitat.