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Environment and Heritage
Environment and Heritage

How to use a statement of reasonable equivalence

 

The assessment of reasonable equivalence process allows trading of credits and obligations created under the previous BioBanking Scheme and the current Biodiversity Offsets Scheme.  

Use BioBanking credits from the previous scheme to meet a current Biodiversity Offsets Scheme credit obligation

  1. Ensure the owner of the BioBanking credits has obtained a statement of assessment of reasonable equivalence to clarify the number and type of equivalent biodiversity credits they hold.
  2. Obtain a copy of the statement of reasonable equivalence from the owner of the BioBanking credits. If they have a statement of reasonable equivalence, they may display the equivalent credits on the Credit Supply Register (this is optional).
  3. Ensure the credits meet your credit obligation, or the part of it you are seeking to meet. If you are unsure of whether the credits meet your credit obligation, you should confirm with the relevant authority and provide them with the statement of reasonable equivalence.

  4. Submit the application to transfer the credits. Once we have completed the transaction, the public register of BioBanking credits will be updated to indicate that you now own those credits. Download the 

  5. Submit the application to retire the BioBanking credits to meet your current credit obligation. Download the 

Once the department has processed the credit retirement application, you can supply a copy of the credit retirement report and your statement of reasonable equivalence to the relevant consent authority as part of your application or conditions.

The original owner of the BioBanking credits can apply for an updated statement of reasonable credit equivalence as evidence of the equivalence status of any BioBanking credits they still hold.  

Use current Biodiversity Offsets Scheme credits to meet a BioBanking credit obligation under the previous scheme

  1. Obtain a statement of reasonable equivalence for your BioBanking credit obligation to clarify your obligation as the correct number and type of biodiversity credits.
  2. Search for credits that have an ‘issued’ status on the Credit Supply Register to meet your obligation set out in the statement of reasonable equivalence. If you are unsure whether the credits meet your credit obligation, check with the relevant consent authority and provide them with the statement of reasonable equivalence.

  3. If you and the owner of the biodiversity credits agree to the sale of credits, complete the application to transfer the credits using the Biodiversity Offsets Scheme Credit Transfer Form. You will receive a credit ownership report for the Biodiversity Offsets Scheme credits you now own. The transaction of credits will update both the transaction register and the credit supply public register. Download the 

  4. Apply to retire the credits using a 

Once you have retired the credits and have been provided with a credit retirement report, you should provide that report and your statement of reasonable credit equivalence to your relevant consent authority.

Pay into the Biodiversity Conservation Fund to meet a BioBanking credit obligation generated under the previous scheme  

 Attach the determination of reasonable credit equivalence to your application to pay into the Biodiversity Conservation Fund. See: Pay into the fund to offset development download.

Download Making a payment into the Biodiversity Conservation Fund for an offset obligation in NSW [PDF 461KB]. 

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