The Regulation also allows the Chief Executive of the Office of Environment and Heritage (OEH) to publish ancillary rules that set out the actions that can be funded as biodiversity conservation actions.
Using a biodiversity conservation action to meet an offset obligation must be financially equivalent to the cost of acquiring the required biodiversity credits. This is achieved by calculating the funding amount required using the offsets payment calculator as in force from time to time under section 6.32 of the Biodiversity Conservation Act 2017 to determine the cost of retirement of like-for-like credits as required under the Regulation.
