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If I plant or allow natural regeneration will I have to covenant my land?

Not necessarily. However, the objective is to have the core areas of indigenous forest thriving in perpetuity and covenants are an excellent way to achieve this. If you wish to obtain significant finding for larger areas of planting, the funder may wish to ensure the trees are protected in some way. This will be a matter of discussion and negotiation depending on the amount of planting done on your land and where the funding for that is sourced.