This $76.98 million program will support private landowners and public land managers to restore and protect natural habitats.
Revegetation and restoration will reduce net emissions while increasing and improving habitat, healing Country and improving soil and water quality.
New economic opportunities will be available for Traditional Owners in land restoration and carbon markets.
Traditional Owner involvement in this program will be consistent with the Victorian Government's approach to self-determination.
There will be opportunities for Traditional Owners to identify priority values and locations for restoration, pursue training and capacity building opportunities, investigate new emissions-reduction methodologies for cultural practices, and seek out natural-resource related economic opportunities.
The 2020-2021 Victorian State Budget announced a new $92.3 million program - Growing jobs in land restoration and carbon storage for restoration of native vegetation and carbon plantings over 16 years.
This will be delivered as two programs:
The $76.98 million Nature restoration for carbon storage – BushBank program (BushBank program) will support revegetation and restoration of native vegetation across public and private land over 16 years to improve habitat for biodiversity while increasing carbon sequestration. This program will be delivered by the Department of Environment, Land, Water and Planning (DELWP).
The $15.3 million Victorian Carbon Farming Program will support private landowners to plant agroforestry and shelterbelt trees, access existing carbon markets and realise on-farm benefits and new income streams. This program will be delivered over 10 years by the Department of Jobs, Precincts and Regions.
What is the BushBank program about?
The BushBank program will contribute to revegetation and protection targets within Protecting Victoria's Environment - Biodiversity 2037, Victoria’s plan to stop the decline of our native plants and animals and improve our natural environment.
It will also contribute to the Victorian Government’s goal of net zero emissions by 2050.
The program will support access to carbon markets and provide alternate income streams for landowners.
Aligned with Pupangarli Marnmarnepu and consistent with DELWP’s approach to Self Determination, this program will provide economic opportunities for Traditional Owners and support their participation in restoration and carbon markets.
There are three parts to the BushBank program:
Support for Traditional Owners – designed by Traditional Owners to increase their capacity and participation in restoration and carbon markets.
Private land restoration and protection –. Funded land management agreements where private landowners will be paid to restore and protect their land.
Public land restoration grants –to restore and revegetate areas primarily on public land.
Private land restoration and protection
DELWP has partnered with Trust for Nature (TfN) to co-design, in consultation with key stakeholders, a mechanism to deliver the private land restoration and protection component of BushBank.
Trust for Nature is a body corporate established under section 2 of the Victorian Conservation Trust Act 1972.
TfN has a long track record in private land conservation and given its experience and established role is well placed to partner with DELWP to design the private land restoration and protection component of BushBank.
A Probity Plan has been established to address and manage any actual, potential, and perceived conflicts of interest arising from TfN participating in the program design.
Key parameters of the program design will be added to this website as they are finalised and approved.
For more information please contact the BushBank team.
Page last updated: 25/06/21