Biodiversity credit open fixed price offer - applications open 7th December 2020
The BCT has introduced a new approach known as the biodiversity credit open fixed price offer (Open FPO) which will commence at 12pm on the 7th December 2020. The Open FPO is available on a continuing basis for all credits on the BCT’s Wanted Credits List.
The Open FPO is available to applicants who:
- own existing credits created under the current Biodiversity Offsets Scheme (termed BAM credits); or
- own existing credits created under the former BioBanking Scheme (termed BBAM credits) and have obtained a statement of reasonable credit equivalence to determine the equivalent number of BAM credits; or
- are landholders and have obtained either a feasibility assessment or a business case from an accredited assessor, or have submitted an application for a BSA.
Tip: If you have BBAM credits then allow sufficient time to obtain a statement of reasonable equivalence before submitting an application.
Help for new landholders: New landholders without a feasibility assessment can find out how to get started here.
The BCT’s price offer is provided to participants upon application if they have existing or potential wanted credits. For existing credit owners, if the BCT’s price offer is accepted, then the BCT will proceed directly with the transaction.
For landholders interested in establishing a BSA, they will need to submit a BSA feasibility assessment prepared by an accredited assessor with their application. If the BCT’s offer price is accepted, the BCT will commit in-principle to purchase the credits, subject to a business case being prepared to confirm that the wanted credits are likely to be created. The credits are then purchased once the BSA site is established.
By participating in the Open FPO, landholders will have the BCT as a committed buyer of credits before incurring further BSA establishment costs. The Open FPO operates on a ‘first in’ basis with any committed credit purchases being removed from the Wanted Credits List.
Further resources for the Open FPO are available:
- Biodiversity credit open fixed price offer participants guide
- Biodiversity credit open fixed price offer factsheet
- Biodiversity Offsets Program Wanted Credits List
- Biodiversity credit open fixed price offer application form
- Feasibility assessment for a BSA
- Business case for a BSA