Monique Ryan (Kooyong, Independent) Share this | Hansard source

The effectiveness of biodiversity markets rests on whether or not they reward stewardship that really benefits biodiversity or whether they rely on offsets that harm biodiversity elsewhere. When we first saw the Nature Repair Market (Consequential Amendments) Bill 2023, we were concerned about its potential for commodifying nature and about the scheme's integrity around its interaction with our national environmental laws, particularly given its offsets provisions. So it was with great joy that I and others on the crossbench saw, two nights ago, the use of biodiversity certificates for offsetting specifically excluded by the Senate. It is a vast improvement to this legislation that it is now clear that biodiversity certificates cannot be used to meet offsetting requirements under Commonwealth, state or territory legislation. This markedly improves the integrity of the system, and I congratulate the government on this achievement.

The aspect of this bill that sparks the greatest joy, however, is that the government has now, in response to sustained pressure from the crossbench in both chambers, revised the water trigger in the EPBC Act. What this means is that the Minister for the Environment and Water must now consider the impact of all forms of conventional and unconventional gas development on local water resources. Unconventional gas projects are not currently covered by the water trigger but rather are assessed and approved by relevant state and territory legislation. Sadly, we have seen that the states and territories cannot be trusted with responsibility for our environment. In recent months, we've seen the Northern Territory government falsely claim implementation of all recommendations of the Pepper inquiry. It has given the green light to fracking in the Beetaloo basin, a process which could well compromise the safety of 90 per cent of the water relied upon by Territorians. It could well cause irreversible damage to the natural environment in an area the size of Victoria.

Concerns were raised recently by climate scientists from the Territory who found methane bubbling in hot springs in the Territory, suggesting that exploratory fracking was already impacting the integrity of its aquifers, springs and rivers, including the iconic and beautiful Mataranka hot springs and the Roper River. Last week I met with representatives of First Nations communities potentially affected by this process in the Territory, and I heard their distress about the potential contamination of their country. Expansion of the water trigger was a pre-election commitment of this government, and I congratulate the environment minister and the members for Lingiari and Mackellar for delivering on that commitment. It is time for Australia to lead the way out of the climate crisis, so I and many of the members on the crossbench will be glad to see this bill passed today with the improvements generated with our input.

I commend the bill to the House.

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