In a discussion paper published by the OEH on the promotion of bids during the bidding period, it was noted that the introduction of the biobank had been slow due to a number of factors, including the voluntary nature of the scheme, the cost of evaluating biobank sites and misconceptions about the scheme. A biobanking agreement may include a number of conditions, including the obligation for the owner to implement certain management measures in the countryside, to limit the use of the biobanking site and to provide for the date and creation of credits for biodiversity. A developer receives a statement on the biobank by applying to the Director General of the Department of Environment, Climate Change and Water. A biobank declaration may be made if the Director-General finds, based on an assessment of the evolution carried out in accordance with the biobanking method (including the number and class of credits to compensate for the negative effects of development on biodiversity values), that development will improve or maintain biodiversity values. NSW`s biobanking system began in July 2008. Since then, only 21 biobank agreements have been concluded to create biobank sites and only 7 biobank declarations have been issued. The NSW Office of Environment and Heritage is currently reviewing the plan. Public contributions were filed from May 10, 2012 to July 9, 2012. The website of the Office for the Environment and Conservation of Historic Monuments (OEH) indicates that applications are being considered. The future of biobanking will depend on the oeH`s revision of the regime. It will be interesting to see what the results of the review of the OEH applications will be and, if so, what changes will be made. The biobanking system is a market-based system for creating, trading and retiring biodiversity credit. The scheme is included in Part 7A of the Endangered Species Protection Act 1995, the Biodiversity Banking Regulation 2008 (Biobanking Regulation) and one of the most important documents underlying the scheme, the Biobanking Assessment Methodology.
The Biobank Interest Register (a register of landowners interested in the creation of biobank sites but not having entered into a biobank agreement) indicates that there is a potential supply of biobank sites and, therefore, biodiversity credits that could become available. However, from the limited number of biobank statements made since the beginning of the scheme, it is clear that their acquisition, at least by developers, has been slow. A biobanking agreement is reached between the Minister of the Environment and a landowner for the designation and creation of a bioban site this. Developers can choose whether or not to enter the biobanking system. When a developer enters the system and receives a declaration on biobanking, the development to which the biobank declaration applies is considered a development that is unlikely to significantly affect threatened species, populations or ecological communities or their habitat. When a biobanking declaration is forwarded to an approval authority, the approval authority must impose a condition of approval requiring compliance with the biobank declaration. For example, if a biobank declaration provides for the withdrawal of a certain number and class of biodiversity credits before development begins, this becomes a precondition for approval.