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TOP STORY
Australia passes Nature Repair Market bill after govt strikes deal with the Greens
The Australian government has passed its Nature Repair Market legislation in the Senate, paving the way for a domestic biodiversity credit market after it announced it will update the so-called ‘water trigger’ assessment on unconventional gas projects to appease the Greens party.
MARKET
Cercarbono releases broad biodiversity certification programme
Crediting standard Cercarbono has released for public consultation a broad programme that will allow a wide range of activities to earn voluntary biodiversity credits, covering terrestrial, marine, freshwater, wetland, and urban activities.
WEF: Biodiversity credit demand could reach $180 bln by 2050 in radical future
Demand for biodiversity credits could reach $180 billion annually by 2050 if a radical transformation in valuing nature happens, the World Economic Forum (WEF) has said.
COP28 NATURE STORIES
GEF, Earth Fund announce $225-mln funding for massive Pacific Ocean conservation initiative
The Global Environment Facility (GEF) and the Bezos Earth Fund have become the first to pledge financial support for a Pacific Island initiative made Sunday to conserve or implement sustainable activities across more than 1 billion hectares of ocean.
African Development Bank backs own adaptation mechanism over biodiversity credits
A voluntary biodiversity credit market would come with a number of risks, and nations should instead require corporates to pay towards climate adaptation and nature measures, a representative for the African Development Bank (AfDB) said on the sidelines of COP28 Tuesday, as the bank hopes to get the adaptation mechanism it has pushed for years to get approved at the talks.
ADB takes lead in $2-bln Asia-Pacific nature financing initiative
The Asian Development Bank has announced a nature solutions financing hub for the Asia-Pacific region aiming to attract at least $2 billion, with a number of other institutions and organisations expressing interest in participating.
Potential for price floors and integral role of Indigenous Peoples central to discussions on biodiversity credits
Indigenous Peoples and local communities need to be at the heart of developing an effective and equitable biodiversity market due to the key role they play as stewards of biodiversity-rich land, while the introduction of a credit price floor could help ensure an equitable approach here, said speakers from the International Advisory Panel on Biodiversity Credits at COP28 today.
EU signs forest partnership with Honduras
The EU Commission has signed a forest partnership with Honduras to restore 1.3 million hectares of degraded forests by 2030.
Major development banks to ramp up sustainability-linked funding to battle nature loss, climate change
A group of eight multilateral development banks and development finance institutions have teamed up to launch a task force to accelerate sustainability-linked finance through approaches like debt-for-nature swaps.
Initiative launches in bid to bring Indigenous knowledge to the heart of global biodiversity planning
A new initiative has launched on sidelines of COP28 in Dubai that will seek to combine Indigenous knowledge and mapping technology to help governments in their efforts to protect 30% of their terrestrial and marine areas by 2030.
European donors announce cash for Blue Mediterranean Partnership
Partners and backers of the Blue Mediterranean Partnership on Saturday announced €9.5 million in new funding for the initiative, with additional funding expected to materialise over the next few months as efforts are geared up to support the marine biodiversity hotspot.
TOOLS & GUIDANCE
Nature target-setting framework for asset managers and owners launched
A framework to help asset managers and asset owners set targets for nature has been launched by the Finance for Biodiversity Foundation (FfB).
POLICY
Norway moves closer to approving deep-sea mining
Norwegian politicians have won a preliminary parliamentary majority for a proposal to open up deep-sea mining in the Arctic region, triggering outrage from environmentalists, although the plans have yet to be given final approval.
Australia establishes nature investment advisory body
The federal Australian government has announced an advisory group to encourage business to invest in nature repair, it announced Monday, as it looks to pass its Nature Repair Market (NRM) legislation in parliament this week.
Australian govt seeks to finalise Nature Repair Market recommendation report on Monday, Senate documents show
The Australian government is making moves in the Senate to get a report into its Nature Repair Market legislation finalised on Monday, some five months ahead of its official deadline.
MARKET
Money and trees – Governments, private sector, and philanthropic initiatives during the first days of COP28 announced partnerships and funding pledges in the hundreds of millions of dollars for rainforest protection and restoration in multiple nations, specifically involving mobilising finance from international carbon markets and credit sales, as well as biodiversity credits. The Democratic Republic of the Congo, the Republic of Congo, Ghana, Papua New Guinea, and Costa Rica are among project hosts, with multiple nations involved on the investment side, most notably France. (Carbon Pulse)
BUSINESS & FINANCE
Wanted: Money for trees – Kenya through the Ministry of Environment Climate Change and Forestry has called upon both local and global partners of goodwill to come on board to sponsor a tree planting drive, with Kenya seeking to grow 15 bln trees by 2032. At the COP28 climate conference in Dubai, UAE on Monday, the ministry said Kenya needs $3.3 bln for the initiative over 10 years. According to the ministry, areas of interest for the partnership include Kenya’s forests and wetlands. (Citizen Digital)
Raising cash – On the sidelines of COP28, Prime Minister Philip Davis launched the Bahamas Sustainable Investment Facility, a financing initiative through which the Caribbean Island nation hopes to raise at least $500 mln. On how to spend it, the PM said priorities would include climate change adaptation, energy transition, coastal zone conservation, biodiversity loss mitigation, regenerative agriculture, carbon sequestration, and participation in natural asset-backed carbon credit programmes. (The Bahama Journal)
Plastic not fantastic – Chinese Ant Group’s Ant Forest Foundation has launched the “Fight Plastic for Nature” action initiative, which will seek to contribute to the setting of plastic reduction goals and fostering innovative incentive mechanisms to engage the public. The IUCN will provide tools and standards to measure the reduction in plastic pollution and its positive impact on biodiversity, Ant announced. More than 30 brands have signed up to participate so far, including InterContinental Hotels Group, Starbucks, and Unilever.
POLICY
Blue exploration – The Indonesian government is collaborating with OceanX, a non-profit global ocean exploration organisation, to increase Indonesia’s marine potential. The marine exploration cooperation will cover several issues, such as marine biodiversity, blue carbon, fish stock assessment, earthquake mapping, and deep sea exploration. The Indonesian minister for maritime affairs and investment, Erick Thohir, is optimistic that this exploration would unlock Indonesia’s marine potential, reports Antara News.
No holiday in Cambodia – USAID has announced a five-year plan worth $24 mln to support efforts that preserve biodiversity, protect critical ecosystems, and enhance community livelihoods in Cambodia. The scheme includes the establishment of a new $8-mln grant facility for Cambodian organisations. This new project, USAID Conserve, will expand USAID’s support to communities living around protected areas in the provinces of Preah Vihear, Kampong Thom, Stung Treng, and Kratie, while also undertaking new initiatives for communities living around Tonle Sap Lake and along the coastal areas of Koh Kong and Preah Sihanoukville, USAID said.
NBSAPs food – 134 countries committed to including food system action in their National Biodiversity Strategies and Action Plans (NBSAPs), along with their climate plans, by the convening of COP30 in November 2025, the COP28 presidency has announced. The nations, including the US, China and the UK, committed to “integrate agriculture and food systems” into their plans. However, expert panel IPES-FOOD said the language was “missing concrete actions”.
DRC credits – Tech company Okala signed a deal with the Democratic Republic of the Congo (DRC) on Monday to invest $40 mln in the measurement and valuation of the country’s natural assets for potential carbon and biodiversity crediting. The partnership aims to sell nature credits on global carbon and biodiversity markets, the proceeds of which are expected to generate upward of $700 mln, from an area of 12 mln ha.
Ghanaian industrialisation – Ghana’s plan for nature-positive development, Resilient Ghana, has received $110 mln from the UAE, the US, Canada, Singapore and private-linked initiatives including the LEAF Coalition. The public-private plan aims to advance nature-based industrialisation and sustainable rural development, according to journalism outlet GhanaWeb. Other backers include FSD Africa, Southbridge Investments, Forest Data Partnership, and the World Resources Institute.
Pacific islands – The Bezos Earth Fund pledged $100 mln to help the Pacific Small Island Developing States protect 30% of their waters and exclusive economic zones by 2030. The area, to be conserved under the Unlocking Blue Pacific Prosperity Plan, represents an area “larger than the surface of the moon”, according to a COP28 press release.
Filipino island – Samar island in the Philippines has targeted restoring 40,000 ha of degraded land in a new partnership with French nature-based carbon project developer aDryada. Grounded in biodiversity, climate, and local living conditions, the project aims to generate voluntary carbon credits while helping Samar progress towards its long-term goal of reforesting 1.5 mln ha, aDryada said on LinkedIn.
Saudi archaeology – A Saudi Arabian archaeological government agency is collaborating with Kenya-headquartered conservationists Space for Giants on biodiversity conservation. Over the next three years, they will try to support a 2,000-year-old historical site in north-western Saudi Arabia through measures such as achieving IUCN Green List certification, for successful nature conservation, by 2025.
SCIENCE & TECH
Dodos incoming – An audacious collaboration between geneticists and conservationists plans to bring back the extinct dodo and reintroduce it to its once-native habitat in Mauritius. US-based biotechnology and genetic engineering company Colossal Biosciences, which is pursuing the “de-extinction” of multiple species, including the woolly mammoth, has entered a partnership with the Mauritian Wildlife Foundation to find a suitable location for the large flightless birds. The dodo has been extinct since 1681; a combination of predation by humans and animals introduced by humans led to its downfall, turning it into a textbook case for extinction. But according to the partners, its return to Mauritius could benefit the dodo’s immediate environment and other species. (CNN)
Orca philanthropies – The Ocean Resilience and Climate Alliance (ORCA) has launched with $250 mln for advancing ocean-based solutions while fighting climate change. The initiative, backed by philanthropies including Bloomberg Philanthropies, Builders Vision and Oceankind, has targeted protection for vulnerable marine areas, ocean-based mitigation efforts, and research on climate impacts.
Biggest impact – While the debate is raging over whether the world has to mine rare minerals from the bottom of the ocean in order to carry out the energy transition, think tank Planet Tracker this week released a report considering research on the climate impact of mining rare metals from the seabed and terrestrially. It found that two studies had been funded by the seabed mining industry. Conclusions of the research ranged from deep sea nodules having a 28% higher, to 76% lower, climate impact than terrestrial ores.
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