The Biodiversity Offsets Scheme (BOS) was established under the Biodiversity Conservation Act 2016.
Under the BOS, applications for development or clearing approvals must set out how impacts on biodiversity will be avoided and minimised. The remaining residual impacts can be offset by the purchase and/or retirement of biodiversity credits or payment to the Biodiversity Conservation Fund.
Landholders can establish Biodiversity Stewardship Agreements on their land to generate biodiversity credits. Selling these credits provides funding to support the long-term management of the biodiversity stewardship site.