How to apply
To apply for a reasonable equivalence assessment for a credit obligation issued under the repealed Threatened Species Conservation Act 1995 (NSW), you must:
- submit a copy of your final development consent, including any modification to that development consent
complete the
- provide proof of legal authority required to execute an application for assessment of reasonable equivalence and proof of the identity of those persons seeking to execute an application, as detailed in the Authority to sign and proof of identity practice guideline.
Completion, submission and assessment of the form
- The information contained in the BioBanking Credit Calculator Report is used to inform your final BioBanking credit obligation. Quote the reference number of the BioBanking Credit Calculator Report or attach a copy of the report to your application. You may use an accredited assessor to compile this information. Find an accredited assessor using the Accredited Assessor Public Register.
- If the obligation includes species credits you will need to submit the Geographic Information System (GIS) shape files relevant to those calculations with your completed form. These files should also include the vegetation zones from the BioBanking Credit Calculator Report.
- Submit your completed form and relevant attachments to the Biodiversity Offsets Scheme credits mailbox.
- The Environment Agency Head delegate will determine the reasonable equivalence of BioBanking credits on a case-by-case basis using the information supplied in the application form.
Statement of Reasonable Credit Equivalence
Once your application is processed, we will issue a Statement of Reasonable Credit Equivalence. This sets out the number and class of biodiversity credits equivalent to your BioBanking credits.
To find credits on the market that match your obligation, you can search the Biodiversity Offsets Scheme Credit Supply Register for available biodiversity credits. If the credits that you require are not available or not listed on the Credit Supply Register, you can add your credits wanted to the Credit Demand Register by emailing the Biodiversity Offsets Scheme Credits Mailbox at [email protected].
If you plan to make a payment into the Biodiversity Conservation Fund, please email the Biodiversity Conservation Fund Quotes and Payment Mailbox at [email protected].
The Biodiversity Conservation Fund Quotes team will calculate the required payment using the Statement of Reasonable Equivalence.
How reasonable equivalence for a credit obligation is assessed
An assessment of reasonable equivalence for a credit obligation initially considers whether there are matching BioBanking credits that are issued or pending on the BioBanking Public Registers.
If there are matching credits available, this means that biodiversity credits set out in the existing BioBanking credit obligation can be retired using credits created under the previous scheme’s BioBanking Assessment Method (the reasonable equivalence ratio is 1:1).
If no matching BioBanking credits are available, we will apply one of the relevant methods depending on the credit type.
In all cases, we will process the whole original BioBanking obligation and provide a ratio to help you calculate equivalence for partial credits if required. Calculations resulting in a value of 0 will be rounded up to 1.
Method to determine reasonable equivalence for ecosystem credits
We will determine the number and type of Biodiversity Offsets Scheme ecosystem credits that are reasonably equivalent by applying the Biodiversity Assessment Method equation 1 to the approved area and existing condition of the vegetation from the BioBanking Assessment Report. The class of credit will be updated using information from the report.
Method to determine reasonable equivalence for fauna species credits
We will determine the number and type of Biodiversity Offsets Scheme fauna species credits that are reasonably equivalent by applying the Biodiversity Assessment Method equation 2 to the approved area and existing condition of fauna habitat from the BioBanking Assessment Report.
Method to determine reasonable equivalence for flora species credits assessed by area
We will determine the number and type of Biodiversity Offsets Scheme flora species credits that are reasonably equivalent by applying the Biodiversity Assessment Method equation 2 to the approved area and existing condition of flora habitat from the BioBanking Assessment Report and/or application form.
Method to determine reasonable equivalence for flora species credits assessed by count
We will determine the number and type of Biodiversity Offsets Scheme flora species credits that are reasonably equivalent by applying the Biodiversity Assessment Method equation 3 to the approved number of individuals of the species from the BioBanking Assessment Report.
Method to determine reasonable equivalence for dual credit species
For some dual credit species, an important habitat area map is used to determine where species credits can be created. We will determine whether the species credit is maintained by making an assessment against an important habitat area map.
Dual species credits that are created from within the important habitat area map will be considered using the methods identified for species credits. Dual species credits created at BioBanking sites outside of the important habitat area map will now be considered in the ecosystem credits created at the site and will not generate reasonably equivalent species credits.
Species credits within the development site that are not within the mapped area will be considered as reasonably equivalent species credits. In this regard, these credits will be considered as part of any reasonably equivalent ecosystem credits created at the site.
Other dual credit species that occur within the development site that use habitat features such as tree hollows or caves for breeding will be considered as reasonably equivalent species credits.