Applying for an assessment of reasonable equivalence – existing BioBanking credits

We will determine the number and type of BOS ecosystem credits that are reasonably equivalent by applying the Biodiversity Assessment Methodology (BAM) as per BAM equation 4 to the approved area of each vegetation zone or part vegetation zone. Vegetation integrity gain is calculated based on Biobanking Assessment Methodology (BBAM) site value score, averted loss and Security Benefit Scores. A percentage reduction for sites with existing conservation obligation is based on the original BBAM percentage reduction. The class of credit will be updated using information from the Biodiversity Assessment Report (BAR).

We will determine the number and type of BOS species credits that are reasonably equivalent by applying the BAM as per BAM equation 5 to the approved area of each vegetation zone or part vegetation zone.

Vegetation integrity gain is calculated based on BBAM site value score, averted loss and Security Benefit Scores. A percentage reduction for sites with an existing conservation obligation is based on the original BBAM percentage reduction.

We will determine the number and type of BOS species credits that are reasonably equivalent by applying the BAM as per BAM equation 5 to the approved area of each vegetation zone or part vegetation zone.

Vegetation integrity gain is calculated based on BBAM site value score, averted loss and Security Benefit Scores. A percentage reduction for sites with an existing conservation obligation is based on the original BBAM percentage reduction.

We will determine the number and type of BOS species credits (flora) that are reasonably equivalent by applying the BAM as per BAM equation 6 using the count derived from the BAR applied to the BAM intrinsic rate of increase.

For some dual credit species, an important habitat area map is used to determine where species credits can be created. We will determine whether the species credit is maintained by assessment against an important habitat area map.

Credits that fall within the mapped area will be considered using the methods identified for species credits. Species credits created at biobank sites that are not within the mapped area will be considered as reasonably equivalent species credits. In this regard, these credits will be considered as part of any reasonably equivalent ecosystem credits created at the site.

Other dual credit species that have been created at a biobank site for species that use habitat features such as tree hollows or caves for breeding will be considered as reasonably equivalent species credits.

Once you receive your equivalent BOS credit class you may notice that both the number and the attributes of the credits have changed. The assessment of equivalence is made on an ecological basis.

Your original BioBanking credit class may have had the following information:

Number of ecosystem credits	10
Plant Community Type	Swamp mahogany swamp forest of the coastal lowlands of the North Coast (NR254)
IBRA subregion	Murwillumbah (Qld – South East Hills and Ranges) and any Interim Biogeographic Regionalisation for Australia (IBRA) subregion that adjoins the IBRA subregion in which the development occurs

The equivalent BOS credit class may either look like the following:

Number of ecosystem credits	10
Plant community type	Swamp Mahogany swamp forest on coastal lowlands of the NSW North Coast Bioregion and northern Sydney Basin Bioregion (PCT 1230/NR 254)
Offset trading group	Swamp Sclerophyll forest on coastal floodplains - greater than or equal to 50% cleared and less than 70% cleared
Hollow bearing trees	Vegetation containing hollow bearing trees
Vegetation class	Coastal Swamp Forest
Vegetation formation	Forested Wetlands
IBRA subregion	Burringbar Conondale Ranges and any IBRA subregion that adjoins the IBRA subregion within which the development occurs and any such subregion that is within 100 kilometres of the outer edge of the impact site.

 Or there may be more than one equivalent BOS credit class, such as:

Number of ecosystem credits	5	Number of ecosystem credits	5
Plant community type	Swamp Mahogany swamp forest on coastal lowlands of the NSW North Coast Bioregion and northern Sydney Basin Bioregion (PCT 1230/NR 254)	Plant community type	Swamp Mahogany swamp forest on coastal lowlands of the NSW North Coast Bioregion and northern Sydney Basin Bioregion (PCT 1230/NR 254)
Offset trading group	Swamp Sclerophyll forest on coastal floodplains – greater than or equal to 90% cleared	Offset trading group	Swamp Sclerophyll forest on coastal floodplains – greater than or equal to 50% cleared and less than 70% cleared
Hollow bearing trees	n/a	Hollow bearing trees	Vegetation containing hollow bearing trees
Vegetation class	Coastal Swamp Forest	Vegetation class	Coastal Swamp Forest
Vegetation subregion	Forested Wetlands	Vegetation formation	Forested Wetlands
IBRA subregion	Burringbar Conondale Ranges and any IBRA subregion that adjoins the IBRA subregion within which the development occurs and any such subregion that is within 100 kilometres of the outer edge of the impact site.	IBRA subregion	Burringbar Conondale Ranges and any IBRA subregion that adjoins the IBRA subregion within which the development occurs and any such subregion that is within 100 kilometres of the outer edge of the impact site.

Potential buyers of your BOS credits will need to see the information on the equivalent classes to understand whether your equivalent classes match their requirements.

You will be issued with a new credit ownership report. This will restate the credits that you own in terms of both the original BioBanking credits calculated and the equivalent new BOS credits. Your BioBanking credits were calculated under the BioBanking Assessment Method or BBAM. Your equivalent BOS credits are equivalent to credits calculated under the Biodiversity Assessment Method (BAM).

You may use this information to transfer or retire either BioBanking or equivalent BOS credits. You will be required to supply a copy to anyone you are transferring credits to or to the Department when you want to retire credits.

Your credit transactions will still be shown on the BioBanking public registers.

You will still be able to make transactions in BioBanking credits and these transactions will be shown on the BioBanking public registers. The transactions will be shown as a reduction in the BioBanking credit type even if you have transferred credits of an equivalent BOS class to a new owner.

If as a result of the assessment you now have more than one equivalent BOS class - we will manage your transactions as follows:

For transfers of BioBanking credits

We will transfer the correct proportion of all equivalent BOS credit classes to the new owner. We will provide you and the new owner with an updated credit ownership report showing the balance of both BioBanking credits and equivalent BOS credits. The BioBanking public register will show a reduction in BioBanking credits for the seller, and an increase in BioBanking credits for the buyer.

For transfers where the purchase is for Biodiversity Offsets Scheme equivalent classes

We will transfer the correct number of equivalent class Biodiversity Offsets Scheme credits to the new owner. We will provide you and the new owner with an updated credit ownership report showing the balance of both BioBanking credits and equivalent BOS credits. An application form and proof of identity is required for an updated credit ownership report. The BioBanking public registers will only show a reduction in BioBanking credits.

Potential buyers of your equivalent BOS credit class identify matching plant community types and approach you for information on the equivalent BOS classes you own. We plan to release additional information to support this process. As this is a transitional arrangement and the number of these equivalent BOS credits is expected to diminish, this process is not anticipated to be required for an extended period.

If you are proposing to sell equivalent BOS credits to a purchaser or if you are retiring BOS equivalent credits (specifically) you will need to show the potential purchaser that you own the appropriate equivalent BOS credits. You will need to attach a copy of the credit ownership report to any application to transfer or retire equivalent BOS credits.

They can check this statement with us if required to verify its authenticity.