Question

i dont know what is the Plant Clearing Offset By Biobanking Agreement, i need the answer in detail

Answer 1

Biodiversity offsets used to counterbalance the adverse effect of development on biodiversity.

Bio banking provides a mechanism to use the offset to assure the conservation of the land. It also allows the land developers to address the impacts of development and determines credit requirements.

Biodiversity offsets are secure and generated through a transparent system by the by the bio-bank.

Like vise banks statements, Bio bank also provides transaction statement of credit.

Bio-banking agreements cover the set of management actions to improve biodiversity values and are expected to follow for generating biodiversity credits by the land owners. These agreements are registered on the land title.

Once a bio-banking agreement is approved the landholders then establish a biobank site and then only the Biodiversity credits are issued to land owner for assessing the quantity of credits the Bio-Banking Assessment Methodology and the Credit Calculator are used.

Then these credits can then be sold in the open market. It is like an alternative income source for the landowners which help them to manage the land for conservation.

These credits can be purchased by investors as an investment for re-sale in future or by land developer for their new projects approval.