NSW`s biobanking system began in July 2008. Since then, only 21 biobank agreements have been concluded to create biobank sites and only 7 biobank declarations have been issued. The NSW Office of Environment and Heritage is currently reviewing the plan. Public contributions were filed from May 10, 2012 to July 9, 2012. The website of the Office for the Environment and Conservation of Historic Monuments (OEH) indicates that applications are being considered. The biobanking system is a market-based system for creating, trading and retiring biodiversity credit. The scheme is included in Part 7A of the Endangered Species Protection Act 1995, the Biodiversity Banking Regulation 2008 (Biobanking Regulation) and one of the most important documents underlying the scheme, the Biobanking Assessment Methodology. The Biobank Interest Register (a register of landowners interested in the creation of biobank sites but not having entered into a biobank agreement) indicates that there is a potential supply of biobank sites and, therefore, biodiversity credits that could become available. However, from the limited number of biobank statements made since the beginning of the scheme, it is clear that their acquisition, at least by developers, has been slow.
A biobanking agreement is reached between the Minister of the Environment and a landowner for the designation and creation of a bioban site this. The future of biobanking will depend on the oeH`s revision of the regime. It will be interesting to see what the results of the review of the OEH applications will be and, if so, what changes will be made. Applications for biobanking agreements submitted before February 25, 2018 will be processed by the Ministry of Planning, Industry and Environment in accordance with the repealed TSC Act before being forwarded to the BCT for routine management. New requests for agreements or declarations of biobanking cannot be accepted. Landowners` obligations under biobanking agreements Given that the biobanking system is still in its infancy, there is currently no example of how the Office of Environment and Heritage imposed biobanking agreements when the corresponding biobank account has a low level of credit. Commercially acceptable biobank agreements are essential to make biobanking feasible for landowners, facilitating a market for credits available to developers. Developers can choose whether or not to enter the biobanking system.