‘Another string to bow’: Agriculture Biodiversity Stewardship Market Bill hailed a win for farmers

The chance for farmers to generate income from land unsuitable for agricultural purposes has taken a major step forward.

Farmers having the chance to generate income from land unsuitable for agricultural purposes has taken a major step forward with the introduction of the Agriculture Biodiversity Stewardship Market Bill into federal parliament on Wednesday.

The National Farmers Federation, which played a role in the scheme’s creation, believes farmers have been given “another string to their bow” with a legislative framework in place for biodiversity trading with the private sector.

Companies stand to benefit by investing in farmer-owned non-agricultural land to boost green credentials while farmers have an incentive to bolster the biodiversity value of their land.

“Each season, farmers make choices about crop plantings and livestock numbers,” NFF president Fiona Simson said.

“The opportunity to trade their biodiversity values provides a further and longer term choice that they can draw upon when it suits their farm business.

“Everyday Australian farmers manage more than half of the nation’s landmass, on behalf of all Australians.

“Importantly the Bill focuses on valuing biodiversity on land that is sub-optimal for food and fibre production.”

The scheme, which will be administered by the Clean Energy Monitor, is voluntary and Federal Agriculture Minister David Littleproud has hailed it a world-first.

“We’re making sure there are clear definitions in place on what eligible projects are, through biodiversity protocols, which will enable farmers to be rewarded for their land stewardship,” he said.

“The Bill will create a biodiversity certificate, which will be tradeable.

“This will mean biodiversity outcomes can be purchased, transferred, claimed, or used.

“We’ll establish a single public register for the market. This will enable tracking of certificates, provide evidence for claims made by buyers and, over time, provide information to inform the market.”