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TOP STORY
Biodiversity Credit Alliance: Nature targets a key demand driver for credits
Nature targets will be a core driver of demand for biodiversity credits, as companies can already see the business case for the market, according to a survey published by the UN-backed Biodiversity Credit Alliance (BCA).
MARKET
UNESCO to forward sell biodiversity credits from world heritage site next month
The United Nations Educational, Scientific and Cultural Organization (UNESCO) is reportedly exploring forward selling biodiversity credits from its world heritage sites.
COP28
New initiative urges ships to slow down 25% for biodiversity
An initiative has been launched at COP28 to address biodiversity, climate, and pollution with the goal of slowing down ship speeds globally by 25% by 2030.
SBTN to launch targets for nature in cities in 2025
The Science Based Targets Network (SBTN) is developing targets for nature focused on cities, it announced at a COP28 presidency event.
BUSINESS & FINANCE
Australian carbon project developers partner to lead govt-funded nature positive co-op
Two Australian carbon project developers are partnering with a research group that will soon bid for government funding, the former announced this week.
TOOLS & GUIDANCE
Incentives to invest in nature must increase, KPMG says
Governments and the private sector must improve incentives to invest in nature to help bridge the financial gap, accounting firm KPMG has said.
POLICY
EU sees increased pressure from landowners to sort out OECMs
Private landowners are increasingly pushing for the EU to clarify how and to what extent Other Effective area-based Conservation Measures (OECMs) will be part of the bloc’s biodiversity strategy, a European Commission official told a webinar this week.
Amended Nature Repair Market legislation welcomed, but overarching concerns remain, groups say
Environmental groups and nature experts have welcomed Australia’s Nature Repair Market legislation being passed in Parliament with amendments to prohibit the use of offsets, however lingering concerns remain about how this would exactly work in practice.
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.
BUSINESS & FINANCE
Restoration money – The US International Development Finance Corporation (DFC) this week announced it has committed $24 mln to investing in the West African company Miro Forestry Development. The investment is planned to expand Miro’s capacity for sustainable forestry and timber processing in the region, contributing to the restoration of degraded land. Ghana and Sierra Leone will be beneficiaries of the investment.
Royal assistance – The US National Fish and Wildlife Foundation (NFWF) will provide $4.1 mln in grant funding to conserve monarch butterflies and other pollinators across 15 states. The grants will leverage $6.6 mln in matching contributions for a total conservation impact of $10.7 mln, the foundation said. The grants were awarded through the Monarch Butterfly and Pollinators Conservation Fund (Pollinator Fund), a partnership between NFWF and the US Fish and Wildlife Service, the Bureau of Land Management, and the US Department of Agriculture’s Natural Resources Conservation Service (NRCS) and Forest Service (USFS), Bayer Crop Science, Danone North America, and the Scotts Miracle-Gro Foundation.
Pilots of TNFD – Key challenges for 20 financial institutions implementing the TNFD framework have been revealed in a report on piloting by UNEP FI. These included a paucity of data around specific asset classes, lack of clarity on how to assess large portfolios, and limited data for scenario analysis. Over two thirds of the institutions plan to start nature reporting within the next year, with almost one third already doing so internally.
TNFD papers – TNFD has published three papers including: a discussion on footprinting approaches for financial institutions; draft guidance for eight priority sectors with high impacts on nature; and a report on conducting advanced scenario analysis. The footprinting paper, published with Partnership For Biodiversity Accounting Financials, outlined 11 footprinting metrics while stressing no single one can capture all the dimensions of nature.
Malawian nuts – The sustainable agriculture AGRI3 Fund, created by UNEP and Rabobank, and supported by the Netherlands, has closed its first deal in an African country by providing a 50% guarantee on a $12 mln loan. In collaboration with asset manager Old Mutual Investment Group, the loan will fund Malawian macadamia nut business Gala Agriculture in its pursuit of environmental practices such as precision irrigation.
Red Sea coral – A commitment to protect coral in the Red Sea has been announced at COP28 by regenerative tourism project developer Red Sea Global. The announcement involves the company scaling up technology to innovate international coral conservation efforts with the Coral Research & Development Accelerator Platform.
POLICY
Money flow – Canada has committed $5.3 bln to support the Philippines’ climate action projects until 2026. In a statement, Presidential Communications Secretary Cheloy Garafil said the Philippine government and the UNDP are working in collaboration with Canada “to reduce the climate finance gap through nature-based solutions projects to be funded under a $5.3-bln climate finance commitment”. Global Affairs Canada Climate Finance Executive Director Andrew Hurst said Canada has increased its support for the Philippines in promoting biodiversity conservation, climate change mitigation, adaptation, and resilience with consideration for gender equality. (Manila Times)
Laying down the law – The South Australian state government on Thursday opened a round of public consultation as it prepares to legislate biodiversity protection for the first time. It currently has no legislation related to nature and biodiversity protection, and current policies have put the state in a position where more than 1,100 local species are threatened, the government said.
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