Australia's 'green Wall Street' is failing to launch, and the consequences are dire for the nation's unique and increasingly imperiled wildlife and ecosystems. The Albanese government's commitment to end environmental neglect has not materialized, with funding for on-ground nature programs set to decline further, falling from 0.06% of the federal budget to less than 0.04% by 2028-29. This is despite the overwhelming majority of Australians (96%) wanting more action to care for nature and 76% supporting a minimum of 1% of the annual federal budget dedicated to environmental protection and conservation.
The government's response to this crisis is a highly contentious and unproven nature repair market, which is a far cry from the promised national environmental standards. These standards, intended to improve environmental protections and guide decision-making, have been delayed, with only two released for consultation and none finalized. The Department of Climate Change, Energy, the Environment, and Water's focus on business demands over environmental outcomes is concerning, and experts in biodiversity and environmental law have identified major flaws in the draft national standard for matters of national environmental significance.
The slow progress on these standards significantly hinders the National Environmental Protection Agency's ability to assess proposals, set conditions for approvals, educate, comply, and enforce. This lack of progress erodes public trust in political parties and candidates to protect the environment, with over three-quarters of Australians lacking strong trust in this regard.
Nature markets, touted as a solution, have a poor track record. Despite decades of grand claims, there is little evidence they can halt or reverse environmental degradation and biodiversity loss. Threatened species and significant places require specific protection, and market-driven projects fall short in addressing the growing list of threatened species and communities in Australia.
The 'green Wall Street' concept, a biodiversity market register, is a failure, with only one listed project and no biodiversity certificates issued. Despite this, the government has allocated a further $36.9 million for the nature repair market and biodiversity offsets, which is a risky move given the poor governance and outcomes of such markets. Enthusiastic optimism from figures like Ken Henry and the Australian Climate and Biodiversity Foundation is premature and risks governments sidestepping their conservation obligations.
Australia's wealth and sovereignty allow for increased direct investment in environmental protection and restoration, which is supported by the majority of Australians. However, the current approach, prioritizing single-touch assessments and fast-tracking development approvals, is counterproductive. It will only exacerbate Australia's already poor conservation record and fail to address the climate crisis and biodiversity loss, which are interconnected and will amplify each other's impacts.
The Albanese government's declaration of environmental 'back' under their leadership was met with optimism, but the current trajectory is a betrayal of Australia's most important public good. The nation deserves the promised serious investment in its collective future, not a mere appearance of action.
