Biobanking has had mixed success after being legislated in 2007. Originally designed to stop the remaining natural bushland environments in New South Wales being cleared and destroyed it has been slow to be taken up by both land holders and developers.
The legislation was designed to encourage land owners to set aside farmland for biodiversity preservation and at the same time allow higher intensity developments such as housing and commercial uses of land ensure compensation for destroying natural environment be compensated by offsetting the bio-charactorisics that are destroyed by these developments and facilitate the transferring of these assets to other locations through a theoretical process called biobanking.
This is done by a credit system where land owners put a variety of biodiversity credits on the market. The developers of high intensity and high profit developments, buy these credits and satisfy the destroyed natural environments.
Unfortunately one apple does not equal…
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