{"id":10002,"date":"2024-07-06T21:34:53","date_gmt":"2024-07-06T18:34:53","guid":{"rendered":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/?p=10002"},"modified":"2024-07-06T21:34:53","modified_gmt":"2024-07-06T18:34:53","slug":"leveraging-biodiversity-credits-for-business-nature-and-community-benefits","status":"publish","type":"post","link":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/leveraging-biodiversity-credits-for-business-nature-and-community-benefits","title":{"rendered":"Leveraging biodiversity credits for business, nature, and community benefits"},"content":{"rendered":"<div class=\"wef-1pf65v3\">\n<p>We are getting dangerously close to environmental tipping points, which the natural world may not be able to recover from.<\/p>\n<p>To counteract this, it is hoped that a Global Biodiversity Framework can be agreed upon at the\u00a0<a href=\"https:\/\/www.unep.org\/un-biodiversity-conference-cop-15\">UN BD COP15<\/a>\u00a0now happening in Montreal.<\/p>\n<p>A robust &#8216;Paris Agreement&#8217; for nature is required to bend the curve on nature loss by 2030.<\/p>\n<\/div>\n<div class=\"wef-h792s0\">\n<p>Continuous degradation\u00a0<a href=\"https:\/\/www.swissre.com\/risk-knowledge\/risk-perspectives-blog\/do-we-know-true-value-biodiversity-and-cost-losing-it.html\">threatens critical ecosystems<\/a>\u00a0and the services they provide and economies are getting dangerously close to tipping points that will be irreversible.<\/p>\n<\/div>\n<div class=\"wef-h792s0\">\n<p>At the &#8216;climate COPs&#8217; \u2013 COP26 in Glasgow and COP27 in Sharm El-Sheik \u2013 there was growing recognition of the role of nature as a\u00a0<a href=\"https:\/\/www.weforum.org\/agenda\/2022\/11\/10-key-takeaways-cop27-nature-critical-role\/\">key solution<\/a>\u00a0to help deliver the Paris Agreement. Subsequently, this has increased the expectation that a Global Biodiversity Framework can be agreed upon at the UN BD COP15, currently happening in Montreal.<\/p>\n<p><iframe loading=\"lazy\" title=\"Ocean and Biodiversity in the Run-Up to COP15 | Virtual Ocean Dialogues 2021\" width=\"1150\" height=\"647\" src=\"https:\/\/www.youtube.com\/embed\/3mkrB4_aw-M?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<div class=\"wef-h95ek0\">\n<p class=\"chakra-heading wef-1297bd5\"><strong>Science-based targets<br \/>\n<\/strong>A growing number of businesses are looking at their nature footprint through the lens of the Science Based Targets Network (SBTN) mitigation hierarchy &#8211; &#8216;Avoid, Reduce, Restore &amp; Regenerate, Transform.&#8217; Similarly, the framework under development by the Taskforce on Nature-related Financial Disclosures (TNFD) is paving a way for companies to assess, disclose and manage nature-related financial impacts and dependencies.<\/p>\n<\/div>\n<div class=\"wef-h792s0\">\n<p>Accounting for and mitigating biodiversity-related risks is not enough, however. Governments and the private sector alike know that a massive reduction of <a title=\"Agriculture Dept. to Invest 0M in Measuring Greenhouse Emissions\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/agriculture-dept-to-invest-300m-in-measuring-greenhouse-emissions\">greenhouse gas emissions<\/a> is essential. This requires a concrete transformation of economies and it must also enable nature-positiveaction, with investment and new business opportunities.<\/p>\n<div class=\"wef-h95ek0\">\n<p class=\"chakra-heading wef-1297bd5\"><strong>Biodiversity credits as an economic instrument<br \/>\n<\/strong>One mechanism to help businesses deliver nature-positive outcomes is a biodiversity credit. A\u00a0<a href=\"https:\/\/www3.weforum.org\/docs\/WEF_Biodiversity_Credit_Market_2022.pdf\">&#8216;biodiversity credit&#8217;<\/a>\u00a0is an economic instrument used to finance activities that deliver net positive biodiversity gains. Unlike carbon or biodiversity offsets, which are payments made by a business to compensate for its damaging impacts on location-specific <a title=\"Ecosystems and Conservation\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/ecosystems-and-conservation\">ecosystems<\/a>, biodiversity credits allow companies to support nature-positive action, funding long-term conservation and restoration of nature, a higher order contribution than simply offsetting negative impact.<\/p>\n<\/div>\n<div class=\"wef-h792s0\">\n<p>Voluntary biodiversity credits can help the private and <a title=\"New publication\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/new-publication\">public<\/a> sectors achieve a nature-positive economic system, but only if there is transparent governance. For example, the indigenous people and local <a title=\"Community rights and REDD+ in Indonesia\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/community-rights-and-redd-in-indonesia\">communities<\/a> who safeguard natural ecosystems must be included in respectful and active engagement. Clarity of additionality, robust measuring, reporting and verification (MRV) and solutions to address double counting, permanence and unintended outcomes leaked to nearby geographies must all be considered to ensure success.<\/p>\n<\/div>\n<div class=\"wef-h792s0\">\n<p>Governance principles can be drawn from best-in-class efforts from the <a title=\"The story behind a Carbon Credit\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/the-story-behind-a-carbon-credit\">carbon<\/a> market and from conservation and restoration initiatives already happening on the ground. Furthermore, in a market with high reputational risk, establishing broadly accepted baseline voluntary principles now will help build further legitimacy in the <a title=\"Call for Projects 2023\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-projects-2023\">project<\/a> methodologies that will be developed in the years to come.<\/p>\n<\/div>\n<\/div>\n<div class=\"wef-h95ek0\">\n<p class=\"chakra-heading wef-1297bd5\"><strong>Growth in biodiversity players<br \/>\n<\/strong>The number of actors and project proponents engaged in the biodiversity space has grown exponentially over the past few months and will continue to do so. Indigenous people, local communities, conservation organizations and other project developers are looking for ways to fund and scale up their efforts and the sale of high-integrity <a title=\"Biodiversity Credits Supply Fund &amp; Taskforce Overview\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/biodiversity-credits-supply-fund-taskforce-overview\">biodiversity credits<\/a> will support them in their operations and outcomes. A few examples of how this is unfolding are the\u00a0<a href=\"https:\/\/www.replanet.org.uk\/project\/wildlife\/cusuco-cloud-forest\/\">Cusco Cloud Forest<\/a>\u00a0National Park credits in Honduras, the\u00a0<a href=\"https:\/\/wilderlands.co\/\">Wilderlands program<\/a>\u00a0in Australia and the\u00a0<a href=\"http:\/\/www.biodiversitycredits.se\/\">Boreal Forest Ecosystem Biodiversity Credits<\/a>\u00a0in Sweden.<\/p>\n<\/div>\n<div class=\"wef-h792s0\">\n<p>While the market is advancing at a fast pace, critical questions are still to be answered. Some will require debate and collaboration among all actors, such as the durability and assurance of outcomes, differentiation with the <a title=\"Biodiversity credit market must learn from carbon offset mistakes (commentary)\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/biodiversity-credit-market-must-learn-from-carbon-offset-mistakes-commentary\">carbon market<\/a> and if measuring an activity could equal measuring the resulting outcome. Other questions will only be answered through <a title=\"Call for consultancy services on strengthening capacity for policy change to improve REDD+ implementation and integration in Africa: capitalizing on best practices and lessons learnt in an evolving environment\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-consultancy-services-on-strengthening-capacity-for-policy-change-to-improve-redd-implementation-and-integration-in-africa-capitalizing-on-best-practices-and-lessons-learnt-in-an-evolving-en\">practical applications and the implementation<\/a> of pilot projects, such as market dynamics, motivations on the demand side and testing of technology enablers.<\/p>\n<\/div>\n<div class=\"wef-h792s0\">\n<p>Overall, the voluntary biodiversity market provides important growth opportunities to <a title=\"Protected and Conserved Area Fund\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/protected-and-conserved-area-fund\">protect<\/a> our natural resources, mitigate risk and adapt to the impacts of climate change. The societal goal to stop <a title=\"Tackling Biodiversity loss in England through the planning system\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/tackling-biodiversity-loss-in-england-through-the-planning-system\">biodiversity loss<\/a> by 2030 remains a substantial effort and voluntary biodiversity markets can play an important role in mobilising capital and showcasing the drive of the private sector for nature-positive outcomes.<\/p>\n<\/div>\n<div class=\"wef-h792s0\">\n<p>However, it will struggle in the long term to get to the scale needed without a worldwide accepted ambition and framework, such as the one that <a title=\"Forest Governance Scholarship for PhD\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/forest-governance-scholarship-for-phd\">governments<\/a> are negotiating in Montreal at the UN CBD COP15. A robust &#8216;Paris Agreement&#8217; for nature is needed to bend the curve on nature loss by 2030.<\/p>\n<\/div>\n<div class=\"wef-16mda8u\">\n<div class=\"st__content-block st__content-block--podcast\"><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>We are getting dangerously close to environmental tipping points, which the natural world may not be able to recover from. To counteract this, it is hoped that a Global Biodiversity Framework can be agreed upon at the\u00a0UN BD COP15\u00a0now happening in Montreal. A robust &#8216;Paris Agreement&#8217; for nature is required to bend the curve on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":10004,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts\/10002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/comments?post=10002"}],"version-history":[{"count":4,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts\/10002\/revisions"}],"predecessor-version":[{"id":10008,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts\/10002\/revisions\/10008"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/media\/10004"}],"wp:attachment":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/media?parent=10002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/categories?post=10002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/tags?post=10002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}