01 Jul EFFECTIVE GOVERNMENT INTERVENTION
Effective government intervention
Effective government intervention in the development of a self-sustaining market with reference to Biobanking (Payment for Ecosystem Services)
PURPOSE OF DISSERTATION: The purpose of this dissertation is to examine the NSW Biobanking scheme in Australia, its credibility as a market based scheme and its long-term viability within the NSW planning system and development assessment process.
BACKGROUND INFORMATION OF BIOBANKING: Biobanking is a market based scheme with the aim of addressing habitat degradation and biodiversity loss. The scheme includes a streamlined process for assessing a development?s impact on biodiversity, a rigorous and credible ?offsetting? scheme and an opportunity for landowners to generate income by undertaking management actions to improve the biodiversity values of their land.
The NSW Government established BioBanking under Part 7A of the TSC Act. The BioBanking Regulation and the BioBanking Assessment Methodology complete the legal framework that provides for the creation of biodiversity credits that can be sold on the open market.
Credits are created when a landowner enters into a biobanking agreement to maintain or improve their land?s biodiversity values by undertaking management actions.
The land is then known as a biobank site. The agreement is attached to the land title and includes provisions that require current and future landowners to:
? carry out management actions to improve biodiversity values on the site
? not undertake activities that would reduce the biodiversity values of the site.
When a landowner sells their credits, a specified minimum amount from the sale proceeds (a portion or all of the Total Fund Deposit) is paid into the BioBanking Trust Fund. Annual payments are then made to the landowner from the fund. This endowment runs with the land in perpetuity to benefit current and future owners.
Anyone can purchase credits. A developer may purchase credits to offset the unavoidable impacts on biodiversity values of a development site. Governments, corporations and philanthropists may also purchase credits to secure conservation outcomes in perpetuity.
INSTRUCTIONS FOR WRITER:
A critical issue identifed is the question whether biobanking can ever become self-sustaining (and therefore worthy of the description of market) without being permanently connected to a government-financed life-support machine.
This section of the dissertation explores government intervention and policy and the paradox of being close to the government.
The writer should explore the following:
1) Emerging literature looking at apparent anomalies in the sharply differing levels of take-up of renewable energy sources in various national markets: for instance, why have renewables made such strides in Germany. Some writers point to government intervention as a probable cause, suggesting that it is the quality and not the quantity of government intervention that counts: money alone cannot change public and private attitudes and behaviour (if possible an example country that has not made strides in the EU for comparison). 2) Effective government intervention in the development of a self-sustaining market (lessons learned from Germany). 3) Effective policy governance as a guide to the NSW Biobanking scheme.
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