Div 4Environmental benefit credits

Division 4—Environmental benefit credits 59—Environmental benefit credits (1) If a person (including, to avoid doubt, an accredited third party provider)— (a) has achieved, or proposes to achieve, an environmental benefit (not being a significant environmental benefit required in relation to a consent to clear native plants or in accordance with any other requirement under this Act); or (b) has achieved, or proposes to achieve, in accordance with a consent to clear native plants, an environmental benefit that exceeds the value of the minimum significant environmental benefit needed to offset the loss of the cleared plants, the person may apply to the CAC to be credited with having achieved an environmental benefit (an environmental benefit credit). (2) Following receipt of an application under this section, the CAC may— (a) if the environmental benefit is proposed to be achieved— (i) cause the proposal to achieve the environmental benefit to be published on the Biodiversity Register as an indication that an environmental benefit credit may in future be granted in respect of the proposal; or (ii) grant the person an environmental benefit credit of a value determined by the CAC in accordance with the biodiversity policy relating to environmental benefit credits; or (b) if the environmental benefit has been achieved—grant the person an environmental benefit credit of a value determined by the CAC in accordance with the biodiversity policy relating to environmental benefit credits. (3) The CAC must not grant an environmental benefit credit under this section unless the CAC is satisfied that the land that is the subject of the credit is, or will be within the period specified by the CAC, subject to a biodiversity agreement and biodiversity management plan. (4) The CAC may grant an environmental benefit credit to a person under this section subject to such conditions as it thinks fit. (5) The CAC may, by notice in writing, vary or revoke a condition of the grant of an environmental benefit credit. 60—Use of environmental benefit credit (1) Subject to this section, a person granted an environmental benefit credit under section 59 may apply to the CAC to— (a) assign the whole or part of the credit to another person; or (b) apply the whole or part of the credit against a requirement under this Act, either of the person holding the credit or another person, to achieve a significant environmental benefit. (2) A person assigned a credit under subsection (1)(a) or this subsection may apply to the CAC to— (a) assign the whole or part of the credit to another person; or (b) apply the whole or part of the credit against a requirement under this Act, either of the person holding the credit or another person, to achieve a significant environmental benefit. (3) Following receipt of an application under this section, the CAC may approve the assignment or application of a credit. (4) In considering an application under this section, the CAC may reassess the value of the credit at the time of application and adjust the value of the credit accordingly before applying it to the purpose for which the application was made. (5) Before granting approval in respect of an application under subsection (1)(b) or (2)(b), the CAC must have regard to the SEB policy. (6) The CAC may grant an approval under this section subject to such conditions as it thinks fit including (without limitation)— (a) a condition requiring the execution of an agreement varying a biodiversity agreement or biodiversity management plan that relates to the land that was originally the subject of the environmental benefit credit; or (b) a condition requiring the payment of an amount, determined by the CAC to be necessary to satisfactorily complete any acts or actions required by the biodiversity management plan referred to in section 59(3) that remain outstanding at the time of the approval, into a trust established for that purpose. (7) The CAC may, by notice in writing, vary or revoke a condition of an approval under this section. (8) If an approval is granted to apply a credit under subsection (1)(b) or (2)(b), the CAC must inform the Registrar‑General of all conditions imposed under this section that relate to land in accordance with section 170. 61—Other matters relating to environmental benefit credits (1) An application under this Division— (a) must be made in a manner and form approved by the CAC; and (b) must be accompanied by such information as the CAC may reasonably require; and (c) must be accompanied by any prescribed fee. (2) For the purposes of this Division, a trust may be established in accordance with section 27 for the purposes of receiving money required by section 60(6)(b) and its disbursement in the prescribed manner. (3) The CAC must account for the grant of an environmental benefit credit and any subsequent assignment or application against a requirement to achieve a significant environmental benefit in accordance with the regulations. (4) The Council may accredit, in accordance with the regulations, a person to achieve environmental benefits (to be known as an accredited third party provider).