We developed the statement in consultation with key stakeholders across a wide range of sectors and geographic locations. Theses stakeholders included landholders, industry, finance, environment, and first nations groups. In line with themes brought forward by the community during the consultation, we updated and refined the draft statement.
The statement explains and helps expand NSW's role as a responsible steward of natural assets through the delivery of conservation and environmental market policies and programs. It also empowers us to embed the value of our environment into our policies, plans and investments.
The statement sets out the vision and pathway to enable New South Wales to use its position as a natural capital leader to attract international capital investment and increase opportunities for landholders to voluntarily take part in carbon, biodiversity and emerging natural capital markets.
The overall role of the NSW Government is to help establish the conditions for natural capital investments, including supporting system assurance.
Next steps
We will use natural capital data and information collected to inform the establishment or further development of government-led strategies and projects.
Initially, government influence is needed to deliver activities and programs. Over time and as markets mature and the private sector becomes more involved, the government becomes the steward and market authority. As this market maturity increases, voluntary markets will establish and evolve independently of government intervention.
We will broaden our natural capital knowledge base and share insights to help build capacity across other sectors and key industries and engage in global and national partnerships to create rigorous standards that will be required for wider adoption.
Government can enable and create the conditions that facilitate and reduce the risk of private and public investment in natural capital initiatives. We have already taken steps designed to create the right conditions. Through support for natural capital markets, we will seek to increase and optimise investment flows into New South Wales.
The NSW Government remains committed to natural capital and working in partnership with landholders and farmers to improve biodiversity. However, the implementation of the Nature Positive Farming program has been delayed for 4 years. This has been reflected in the recent budget. Existing initiatives taken under the program will not proceed at this point.
The government’s decision to delay implementation of the Nature Positive Farming program for 4 years allows the opportunity to better develop a holistic and whole-of-government natural capital framework within the context of recommendations made in the review of the Biodiversity Conservation Act 2016.
