The QLD government has designated certain corridors of land as being strategic offset corridors for resource or development projects. These corridors have been mapped by the government to help increase the participation rate of landowners and thereby hopefully a wider area of offsets can be located in the one area.
When a project is approved, there may be some environmental impacts and possibly a certain type of habitat or native species that might be affected. The government can then require the companies involved in the project to locate similar native species or habitats and help manage, or offset, the impacts that the project will have on that particular species.
Landowners located in the offset corridors or hubs can enter into a voluntary offset agreement, with a developer or a broker. The landowner can earn an income stream for their services in regard to managing the area. Landowners can pay a third party to manage the area if they wish to. The management arrangements are negotiated and a notation is placed on the Title of the Land of the Landowner. The notation is usually in the form of a voluntary declaration. The Management Plans need to be reviewed by a lawyer for the landowner and consented to by the landowner’s mortgagee bank. It is important to make sure that management conditions are acceptable to the landowner.
Mapping for the Galilee Basin Offset Corridors is available online. The Southern Brigalow Infrastructure Offset Corridor should be available soon.