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Wednesday, 29 March 2023
Page: 2587

Ms PLIBERSEK (Sydney—Minister for the Environment and Water) (11:02): I move:

That this bill be now read a second time.

The Nature Repair Market (Consequential Amendments) Bill 2023 supports the operation of the nature repair market being established under the Nature Repair Market Bill. The market is delivering on the government's commitment to the environment through the Nature Positive Plan. It will be instrumental in better protecting Australia's environment and preventing further extinction of native plants and animals.

The independent Clean Energy Regulator will be responsible for regulating the nature repair market. Their knowledge and experience in the carbon market, including administrative processes and systems, will ensure an efficient establishment of the nature repair market. Their regulation will also provide efficiencies and synergies between the carbon and nature markets.

This bill makes minor, technical amendments to two acts relevant to the functions of the Clean Energy Regulator. These are the Clean Energy Regulator Act and the National Greenhouse and Energy Reporting Act 2007.

The bill updates the Clean Energy Regulator Act to provide complementary functions for the nature repair market with those of climate change law, currently administered by the Clean Energy Regulator. It also ensures the board of the regulator has sufficient expertise to support the new nature repair market.

Restoring public confidence and public accountability and trust is a key principle of the government's Nature Positive Plan. This bill makes amendments to the Clean Energy Regulator Act to ensure environmental data held by the regulator is publicly available and accessible. This will support transparency and integrity in the nature repair market and allow the Australian government to demonstrate our continued delivery on international biodiversity agreement obligations.

Audits are a core assurance mechanism central to effective implementation of the scheme and delivery of nature positive outcomes. The National Greenhouse and Energy Reporting Act will be amended to allow the nature repair market to appropriately utilise the qualified and experienced auditors under this scheme.

Future amendments to the National Greenhouse and Energy Reporting subordinate legislation will further support this outcome.

The amendments in this bill will ensure the nature repair market operates with efficiency and integrity, delivering on a nature positive future for our environment.

Debate adjourned.