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TOP STORIES

UK outfit releases global framework for measuring, crediting nature investments

UK-based CreditNature has released its ecosystem integrity-based framework that has been designed to underpin the issuances of nature credits and other financial instruments.

Nature markets need fundamental policy, finance realignment to work, taskforce says

The international economic and financial architecture and policy priorities must be aligned with the goal of advancing an equitable, global nature economy for nature markets to have an impact on any significant scale, the Taskforce on Nature Markets (TNM) said in its final report, released Thursday.

MARKET

ANALYSIS: Biodiversity experts generally welcome strong UK ‘net gain’ credit pricing tiers despite uncertain outlook

Experts have mostly reacted positively to the British government’s publication of pricing tiers for statutory biodiversity credits, underlining that the high costs for this ‘last resort’ option mean that developers will be forced to consider their nature impact before undertaking projects, while also incentivising a local supply of units to emerge.

INTERVIEW: Nature bank facilitates trading of nature-positive assets by tracking land improvements

The first nature improvement assets are expected to be issued this year by a provider of digital infrastructure for the burgeoning nature-based financing market, which sees itself challenging some of the conventions of the voluntary carbon market (VCM).

Testing the waters: Indian developer rolls out West Papua reef project as first of several biodiversity pilots

An India-based carbon developer has submitted a coral reef project in Indonesia’s West Papua for pilot status under Verra’s emerging biodiversity methodology, with plans for other project types already teed up.

BUSINESS & FINANCE

Australia’s seed industry underfunded, understaffed, and unprepared for surging carbon, biodiversity market demand

Australia’s seed industry is in dire straits and in desperate need of funding to scale up if it is expected to live up to government and industry expectations of widescale ecosystem restoration driven by carbon and biodiversity markets, industry experts say.

Biodiversity poised to become more important selection criteria in offshore wind power projects -industry

As lower costs and less need for government subsidies are sparking rapid growth in the offshore wind power sector, biodiversity considerations are likely to become decisive factors in the project selection process, according to industry stakeholders.

L’Oreal vows to compensate for full plastic footprint in the Philippines

Cosmetics firm L’Oreal has partnered with the Plastic Credit Exchange (PCX) to offset its entire annual plastic footprint in the Philippines, starting from this year.

POLICY

Stopping short – Eight South American countries agreed at this week’s Amazon summit in Belem, Brazil to launch an alliance to fight deforestation as part of a nearly 10,000-word roadmap to promote sustainable development, end deforestation, and fight the organised crime that fuels it, TRT World reports. However, as reported by Reuters, the eight nations failed to agree on a specific target for ending deforestation at the summit.

Debt deal – Gabon has moved forward with Africa’s first debt-for-nature swap in a deal that saw the country this week buy back a nominal $500 mln of its international debt and price an equal size eco-friendly blue amortising bond that will mature in 2038, Reuters reported. Gabon accepted a total of $436 mln, close to its maximum of $450 mln, with investors offering up more than $1.1 bln, according to a notice published on the London Stock Exchange. The US International Development Finance Corporation (DFC) is providing political risk insurance for the new issue, having provided a similar insurance for recent deals in Ecuador and Belize. Read Carbon Pulse’s feature on the recent debt-for-nature swap, for Ecuador.

Protecting more – The Cambodian government has issued a new sub-decree which increases the size of three major national parks – Virachey, Jayavarman-Norodom and Preah Monivong Bokor – in a bid to ensure the preservation and protection of the Kingdom’s natural heritage, ecosystems, and biodiversity. The expansions will also contribute toward Cambodia’s sustainable development goals. The sub-decree was signed by outgoing Prime Minister Hun Sen on Aug. 8. Virachey National Park, which spans Ratanakkiri and Stug Treng provinces, has been increased from 332,500 ha to 405,766 ha. (Phnom Penh Post)

Weaker – Just days after passing legislation weakening India’s biodiversity act and forest law, the lower house of India’s parliament this week passed an amendment bill to decriminalise offences in coastal aquaculture activities to ensure the ease of doing business. Union Minister Parshottam K Rupala said that the fishermen community of the country will welcome the bill, reports the Business Standard.

Some more – The Canadian government this week announced it will invest C$6.7 mln in 22 environmental projects across the country. Those include restoration and management of more than 1,000 ha of habitat, reducing and diverting toxic or harmful waste, and engaging community members to increase environmental awareness and capacity.

And then some – In Australia, the Victoria state government has announced A$1.2 mln in grants to the Western Port Biosphere Reserve Foundation and Bunurong Land Council for planning and restoration at the UNESCO-listed reserve. The funds will go towards improving the reserve’s marine ecosystem and biodiversity.

MARKET

Splashing on nature – Indonesia Investment Authority (INA), the country’s sovereign wealth fund, has partnered with global climate advisory firm Pollination to identify investment opportunities that can lead to development of nature-based projects that can contribute to biodiversity and provide benefits for local communities as well as reducing CO2 emissions. (Carbon Pulse)

Getting started – The National University of Colombia (UNAL) has started the verification process to earn carbon and biodiversity credits from its Bosque de Yotoco National Forest Reserve, it announced this week. The reserve initially covered 559 ha, but that area has over time been increased to 1,224 ha, and is home to a wide variety of species, including endangered ones, such as the caucana guan, the red howler monkey, and the ruby frog, UNAL said. It expects to see its first biodiversity credits issued within two years.

BUSINESS & FINANCE

Drawing ire – French oil company TotalEnergies has just begun drilling for oil in Uganda’s Murchison Falls National Park. The project is highly controversial, not least because of its short-, medium-, and long-term impact on the park’s rich biodiversity. The biodiversity of the park has been dealt a major blow, local media reported. The wild animals that roam the park have been hearing unusual noises for several days, after the start of oil drilling in this biodiversity reserve near the town of Masindi in the northern region. (Afrik21)

Eat up – Japanese conglomerate Sojitz has announced a capital and business tie-up with Saka No Tochu, an environmentally friendly agricultural firm selling sustainable food products. Sojitz said the investment sought to support the government’s aim of increasing the share of organic farmland with little environmental impact in Japan to 25% by 2050, from just 0.6% currently. Saka No Tochu grows over 500 types of produce without using pesticides or chemical fertilisers.

More, please – In response to the International Sustainability Standards Board’s (ISSB) 120-day consultation on its priorities for its next two-year work plan market participants have underscored the importance of an increased focus on biodiversity and nature. The ISSB had identified potential projects based on investor needs, including biodiversity, ecosystems and ecosystem services, human capital, human rights, and integration in reporting. (Regulation Asia)

SCIENCE & TECH

Heating up – The oceans have hit their hottest ever recorded temperature as they soak up warmth from climate change, with dire implications for our planet’s health. The average daily global sea surface temperature beat a 2016 record last week, according to the EU’s climate change service Copernicus. It reached 20.96C. That’s far above the average for this time of year. Hotter oceans and heatwaves disturb marine species like fish and whales as they move in search of cooler waters, upsetting the food chain. Experts warn that fish stocks could be affected. (BBC)

Alarm – The International Whaling Commission (IWC) this week issued its first-ever extinction alert, warning that the vaquita porpoise might disappear if no action is taken. “There are about 10 surviving animals and the IWC is speaking out now because it believes extinction is not yet inevitable. Despite the very low number of surviving animals, 100% enforcement of a ban on gillnets in their core habitat would still give this small but resilient porpoise a chance of recovery,” the IWC said.

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