As the U.N. COP15 summit in Montreal aims to halt rapid destruction of nature and restore degraded lands, some experts have called for selling 'biodiversity credits' to help pay for that monumental task.
Concerns over rigour of market, valuation complexitySAO PAULO, Dec 13 - As the U.N. COP15 summit in Montreal aims to halt rapid destruction of nature and restore degraded lands, some experts have called for selling "biodiversity credits" to help pay for that monumental task.annually by 2025 to protect nature. Biodiversity credits, proponents argue, can help close the gap.
"There are still a lot of unanswered questions. It's almost too early to know where this is headed," said analyst Jonathan Crook with Carbon Market Watch. Some do not even attempt to measure plants or animals, looking instead at costs of conserving an area through steps like hiring park rangers or running monitoring systems to prevent deforestation and poaching.
In some places including parts of Australia, the government forces companies to buy nature credits, funding preservation in one area to offset damage caused in another. European Union-based firms may also choose to do so as new rules force disclosure of their impacts on nature. Martijn Wilder, chief executive of climate change-focused investment and consultancy firm Pollination, said governments must require companies to invest in biodiversity.The current draft of the COP15 deal also includes a reference to promoting financing schemes like "biodiversity offsets."Outside the U.N. talks, the Biodiversity Credit Alliance and World Economic Forum are holding separate discussions on how to implement a voluntary market.
"When you can point to many examples in a market of low quality or low standards, it creates distrust and it impacts the integrity of the overall market," said Lucy Hargreaves, policy chief for carbon credit platform Patch.
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