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TOP STORIES

New Zealand launches consultation on national biodiversity market

New Zealand is considering establishing a domestic voluntary biodiversity credit scheme to halt and reverse the decline in natural ecosystems, and on Friday launched a broad consultation process to help shape the design of the market, including its interaction with other policies, such as the country’s carbon emissions trading scheme.

EU Parliament adopts position on nature restoration law, saving divisive bill

The European Parliament on Wednesday voted to adopt a position on a bill to restore at least 20% of the bloc’s sea and land areas by 2030, rescuing the divisive text after many right-leaning members had fought to kill it outright.

MARKET

FEATURE: NZ biodiversity market needs careful consideration, groups say, but have little faith in the govt to deliver it

Stakeholders are reacting cautiously to the government’s proposal to establish a national biodiversity market in New Zealand, saying that it is a good idea in principle, but the government’s handling of the existing carbon emissions trading scheme gives some little faith in Wellington to administer such a programme.

As New Zealand explores biodiversity market options, one company says it has one ready to go

A New Zealand carbon forestry service company says it has already developed a biodiversity credit financing instrument which could be used in the government’s proposed market-based scheme to restore nature.

BUSINESS & FINANCE

Consultancy publishes framework to help businesses act on biodiversity impact

A nature consultancy has published a paper outlining how businesses should enact transformative change to become ‘nature positive’, proposing a practical framework to help firms understand how to implement biodiversity-friendly measures.

Two-thirds of world’s listed firms exposed to ocean health, says expert

Around two-thirds of globally listed companies are exposed to ocean-based risk in the trillions of dollars over the next decade, according to an expert speaking during a webinar on Wednesday.

Sportswear brand signs up for deforestation-free leather initiative

German sports brand Puma has joined the Deforestation-free Call to Action for Leather, launched last month by the Textile Exchange and the Leather Working Group seeking to end deforestation and conversion of natural ecosystems in leather sourcing.

POLICY

FEATURE: Momentum gathers for new moratorium on deep sea mining ahead of key UN meeting

Green groups, several countries, and scientist coalitions are urging for another moratorium on deep sea mining, days ahead of a decision on whether to start the exploitation of the ocean depths for critical raw materials and minerals is due to be taken at a UN meeting.

EU lawmakers scramble for compromise as nature bill remains divisive

The European Parliament’s position on the highly contested nature restoration bill remained in the balance on the eve of a crunch vote on Tuesday, with efforts to craft a compromise struggling to gain traction.

MARKET

Making changes – Carbon credit certifier Verra has removed wetlands as an eligible land type in an interim update to its sweeping consolidated REDD methodology released on Wednesday, with the document revealing a delay to the expected publication of a final version. Verra is working on a new methodology to bring together and improve its five VCS blueprints for crediting avoided deforestation projects that have underpinned the vast majority of projects issuing such units to date. (Carbon Pulse)

Get better – Innovative solutions, a focus on quality, and local investments and partnerships could improve Canada’s ambitious 2 Billion Trees programme that was found falling well short of its targets and 2031 forecast goals at its first audit, experts told Carbon Pulse. Canada’s Office of the Auditor General earlier this year found that the federal government would likely only meet 2.3% of its 2-bln goal.

BUSINESS & FINANCE

Bank on it – UBS bank, through its grant-issuing foundation, has partnered with social enterprise Blue finance for a marine-focused impact performance initiative in the Philippines. The Swiss bank last week said that the UBS Optimus Foundation would invest $600,000 to empower several marine protected area (MPA) networks. The funds will be used to implement “several blue economy revenue-generating initiatives whilst focusing on protecting and regenerating coral reefs, increasing marine biodiversity, and enhancing livelihoods”, UBS said in a statement. (Manila Times)

Add it up – In India, West Bengal has set a precedent in conservation efforts by establishing two new Biodiversity Heritage Sites (BHS) in East Midnapore. With these additions, the state’s BHS count reaches a total of 10, securing its position as the national leader in preserving unique and ecologically fragile ecosystems. The first newly designated site encompasses a 7.3-kilometre stretch from Beguran Jalpai to Birhampur, located in the Majilapur gram panchayat under the Contai-I block. This inter-tidal coastal region is home to a diverse array of species, including the rare Red Crabs (Ocypod macrocera), Dotilla Crab, Fiddler Crab, Monitor Lizard, Mongoose, Golden Jackal, Jungle Cat, and many others. Its ecological significance and the presence of these remarkable creatures make it a fitting addition to the BHS network. (The Statesman)

Scoring goals – Players in the Women’s football World Cup in Australia and New Zealand are taking responsibility for their flights’ environmental impacts, donating money to a combination of climate resilience and carbon offsetting initiatives. The projects the 44 players are supporting include the Koalas Forever project by WWF Australia, which involves drone seeding koala food and shelter tress to repair landslides in koala habitats in NSW, the Coastal Habitat Restoration project by WWF New Zealand, which helps protect sand dunes, and a Uganda tree planting project by DanChurchAid. The campaign was facilitated by Common Goal, a social and environmental collective movement in global football, and Football For Future, a UK-based climate advocacy football non-profit.

POLICY

Following suit – Vietnam is ready and will take an appropriate approach to adopt the EU Deforestation-free Regulation, according to Minister of Agriculture and Rural Development Le Minh Hoan. The regulation was approved by the European Parliament on May 16, 2023 and will take effect from Dec. 2024. Under the regulation, 100% of certain agricultural products in Vietnam, especially coffee, when imported into the European market, must provide GPS coordinates of land used as well as product traceability, according to Florika Fink-Hooijer, director general of the environment department of the European Commission. This information will determine if deforestation is an issue by using remote sensing monitoring systems. (VnEconomy)

Field work – The Queensland state government in Australia will invest A$1.25 mln ($840,000) in 11 projects to help improve the conservation and recovery of its threatened species, including both terrestrial and marine activities. The money will be distributed in the form of grants, going to studies to improve the understanding of threatened flora and fauna and how they can be assisted. Projects include research on bilbies, whale sharks, grey nurse sharks, freshwater sawfish, spectacled flying fox, and various plant species, the government said.

SCIENCE & TECH

Tuning in – Deep-sea mining could interfere with migration of tuna that is expected to be driven by climate change to areas of the Pacific Ocean currently slated for mining activity, a study released on Tuesday showed. The Nature Sustainability journal study, which centred on three species of tuna, found climate change would likely change their migration patterns. That raised the potential for conflict between some of the world’s most valuable fisheries and the prospective mining in the Clarion-Clipperton Zone southeast of Hawaii. Mining companies say the ocean floor is potentially rich in metals including nickel and cobalt used in batteries for electric vehicles, so their extraction will support the global energy transition. (Reuters)

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