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TOP STORY
UK nature start-up to launch own biodiversity credit standard
A UK-based nature start-up launched this week with plans to carry out ecological restoration projects and develop its own voluntary biodiversity credit standard to drive private investment.
MARKET
‘Illusionary’ biodiversity credits enable ‘magical thinking’, non-profit claims
Biodiversity credit markets risk distracting governments from their role in financing nature by taking up limited time and capacity, non-profit Campaign for Nature has claimed in a paper.
Cercarbono puts indicator species methodology out for consultation
Colombia-based credit standard Cercarbono has released for public consultation a methodology that will allow project developers to earn Voluntary Biodiversity Credits (VBCs) for the protection of ecosystem indicator species.
Developer to rehabilitate red panda habitats in Nepal through the sale of biodiversity credits
A Singapore-based project developer has planned to rehabilitate red panda habitats in Nepal, with funding to come through the sale of biodiversity credits generated by the project.
BUSINESS & FINANCE
WWF launches roadmap for regenerative agriculture in England with nature markets plan
WWF has launched a roadmap for regenerative agriculture in England with steps for expanding nature markets including ramping up biodiversity net gain requirements.
Firm awarded $24 mln by USAID to conduct conservation, blue carbon initiatives in Cambodia
A US-based consulting and engineering services company has been awarded $24 million by the US Agency for International Development (USAID) to preserve biodiversity and natural resources, and promote blue carbon initiatives in Cambodia, it announced Thursday.
French asset manager moves to exclude pesticide manufacturers
Paris-headquartered Ofi Invest Asset Management has announced it will exclude companies that produce pesticides, as part of its biocides and hazardous chemicals policy.
Jaguar corridor investment fund targets raising up to $130 mln by mid-2024
A fund focused on conservation in the ‘jaguar corridor’ area of Latin America aims to raise between $100-130 million by mid-2024, Carbon Pulse has learned.
POLICY
Norwegian parliament votes for opening up Arctic for deep sea mining, despite opposition
Norway has given the go-ahead to open up for deep sea mining in the Arctic region after a vote in parliament Tuesday, making it the first country to open up its seabed to the controversial activity.
UK politicians call for environmental footprint launch after ‘alarming’ deforestation findings
The UK needs to finish developing an environmental footprint indicator to help demonstrate how it is tackling distressing deforestation levels, a group of UK politicians has said.
Researchers pitch global targets for wetlands conservation
Chinese researchers have pitched global targets for wetlands conservation that could inform national biodiversity strategies in a bid to address their absence.
UK government gives new year boost to sustainable farming scheme to onboard more farmers
Subsidies under the UK’s post-Brexit sustainable farming scheme will be bolstered from this year, while premium payments will also be available for certain high priority action areas, in a bid to encourage more farmers to access the scheme.
EU forest strategy could move biodiversity risk to more vulnerable countries, study warns
Even under a moderate implementation of the EU’s biodiversity strategy, tens of millions of cubic metres of roundwood production would be moved to countries with lower governance quality and higher risk of species extinction, a study has warned.
UK needs to do more work to reach 30×30 nature goal, scientists say
The UK government must take further action to reach its target of conserving 30% of the country’s land and sea by 2030 (30×30), beyond its national guidance, a society of ecology-focused scientists has said.
Australian state government bans new hydrocarbon exploration in delicate floodplain area
The state government of Queensland in Australia has banned new oil and gas development in the Lake Eyre region in a bid to protect vulnerable rivers and floodplains.
Conservationists challenge UK in court for overfishing
A marine charity will reportedly apply to take the government to court next month to argue that it ignored the advice of an independent scientific body to set more stringent limits on fishing in 2024.
SCIENCE & TECH
Nature tech cohort launches with biodiversity credit developers
Two biodiversity credit developers are among the eight members of a cohort focused on nature technology and innovation launched by network Climate Collective.
MARKET
Butterfield blue – The Central Caribbean Marine Institute (CCMI) has launched a new programme in collaboration with Bermuda-based banking group Butterfield to explore how blue carbon offsets and ecosystem-based restoration can combat climate change in the Cayman Islands. This initiative focuses on utilising the region’s vast marine ecosystems, and aims to assess the potential of tropical marine habitat restoration in sequestering carbon – with a goal to develop local projects that involve stakeholders in carbon offset and biodiversity activities. Researchers will investigate the amount of carbon stored in corals and seagrass and the impact of coral restoration near seagrass on carbon sequestration, with the CCMI intending to create a model that allows companies to obtain certified credits. (Bernews)
Green guidance – Green Finance Institute has launched a Defra-commissioned free guidance resource to help farmers navigate the emerging world of carbon credits, biodiversity net gain (BNG), nutrient neutrality, and government green subsidies in a bid to help farmers diversify their income and get more industry players participating in greener agricultural practices. The resource has been tried and tested with a diverse group of over 100 farmers representing different farm sizes and agricultural sectors, and provides an introductory guide to nature markets together with step-by-step guidance on collaborating with other farmers, attracting credit buyers, and applying for subsidy payments. Agriculture accounts for an estimated 11% of UK GHG emissions. (BusinessGreen)
BUSINESS & FINANCE
Disclosure – Major Japanese trading house and conglomerate Marubeni and compatriots Fujitsu announced this week they have registered their intention to adopt the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD). Marubeni announced its participation in the TNFD Forum back in Mar. 2022. TNFD Co-chair David Craig said in a recent comment on LinkedIn that companies from over 40 countries have committed to adopting the framework so far, and that the organisation will announce the early adopters “and more” on Jan. 16 at the World Economic Forum in Davos. Early adoption registration closed on Jan. 10.
False claims – Several companies registered in Latin American countries claiming to have UN endorsement have persuaded Indigenous communities to hand over the economic rights to their forests for decades to come, a Mongabay investigation has found. The companies share commercial interests across various jurisdictions, and have not been able to demonstrate experience in sustainable finance projects. Indigenous communities in Peru, Bolivia, and Panama were promised jobs and local development projects in exchange for putting on the market more than 9.5 mln ha of forests. According to community sources, the claims of UN backing were the main selling point for agreeing to put their forests on the market. All three UN entities cited by the companies have rejected any involvement.
Busy planting – India’s Tata Power has teamed up with ICICI Foundation, the CRS arm of ICICI Bank, to launch Project GhanVan, a tree planting programme aimed at fostering environmental conservation, UNI reports. They have signed an MoU that includes plans to plant 250,000 indigenous trees across 75 acres of fertile land in the catchment areas of Tata Power Hydro locations in Bhivpuri, Khopoli, and Bhira in Maharashtra state.
Raising cash – Global conservation crowdfunding app Lemu has entered into its first agreement in New Zealand, supporting Waikanae Estuary Care Group’s work to restore the Waikanae Estuary Scientific Reserve, it announced this week. The Lemu app allows people to learn about and watch ongoing work at conservation sites and then support them financially. The company says it aims to channel funding for the protection of 1% of the Earth’s surface within the next 10 years.
Big plans – US-based Diamond Lake Minerals has partnered with tree-planting platform Evertreen to plant 500 mangrove trees in Kenya to address deforestation and support habitat protection, it announced in early January. At the same time, the company vowed to plant additional trees every month from now on, aiming to reach millions of planted trees over the next 10+ years.
Freshwater aid – UNEP and global group Rotary on Thursday announced they will cooperate to safeguard global freshwater systems. The work will rely on UNEP’s expertise to use Rotary’s community presence to identify and protect important freshwater resources on the local level. In response to escalating challenges like pollution, climate change, and habitat degradation, the initiative is set to enhance both the conservation and monitoring of freshwater ecosystems globally, they said in an announcement.
POLICY
To the rescue – Colombian Environment Minister Susana Muhamad in late December signed the Cartagena del Chaira agreement with the governor of the department of Caqueta and 15 mayors in the region to protect and restore Caqueta’s rainforest. The existing Conservar Paga programme, which offers economic incentives to farming, black, and Indigenous communities for conserving nature, will play a key role in the efforts, the government said.
Regression – The extensive reform package promoted by Argentine President Javier Milei implies a regulatory “regression” that rolls back the protection of forests, glaciers and other natural resources, warned several environmental organisations. Milei, who assumed the presidency on Dec. 10, in his campaign went so far as to affirm that climate change is a “cyclical phenomenon independent of the existence of man”. Once in office he signed a controversial decree to deregulate the economy, and submitted to parliament a bill declaring a public emergency, granting him sweeping powers in economic, political, and social matters, which will also have a direct impact on environmental safeguards. (La Prensa Latina)
Unacceptable – Australia’s Environment Minister Tanya Plibersek ruled out a terminal to service offshore wind farms in Victoria due to “clearly unacceptable” risks to local flora and fauna, the Nine Newspapers reports. The ruling was made under national environment law, with a government spokesperson saying it would have unacceptable impacts on the internationally protected Western Port Ramsar Wetland. The Victorian state government is racing to establish an offshore wind industry in the region, as it targets 2 GW of offshore wind capacity by 2032, and 95% renewables overall in the grid by 2035. The Port of Hastings was chosen to assemble offshore wind infrastructure due to large areas of zoned land close to existing port precincts, its deep water channels, and proximity to proposed offshore wind project sites. State Environment Minister Steve Dimopoulos said the government would digest the decision in order to determine what to do next.
Dismissed – the Australian Federal Court has dismissed a historic legal challenge to the agreement that allows logging in north-eastern NSW native forests. The North East NSW Regional Forest Agreement exempts logging from federal environmental assessment under the Environmental Protection, Biodiversity Conservation Act. The Environmental Defenders Office represented the North East Forest Alliance (NEFA) challenging the agreement in court when it was renewed in 2018 for another 20 years. However the court dismissed arguments that the Commonwealth did not assess climate change, endangered species or old-growth forests as it was required to. Justice Perry said such an assessment was not required, and in any event had occurred. The court did not make any finding in relation to the environmental sustainability of logging operations. NEFA President Dalian Pugh said the result was “extremely disappointing”, but vowed to fight on.
More trees – Sri Lanka’s cabinet has approved a proposal for the introduction of a new law named Reforestation and Forest Cover Act to facilitate the plan to increase the country’s forest cover to 32% of the total land area by 2032, a statement from the government said. According to the statement, Sri Lanka has also planned to increase the quantity of carbon absorbed by the forests by 7% from the existing quantity by 2030 and comply with the UNFCCC. Actions are being taken to restore eroded forests, the government said. (Xinhua)
SCIENCE & TECH
Bad habits – A study led by researchers from Canada and Australia has showed that logging is degrading boreal forests in Quebec and Ontario, threatening local caribou populations. The study, published in the journal MDPI, was led by researchers at Australia’s Griffith University and Canada’s University of Toronto and Universite du Quebec a Montreal. Researchers found that over 14 mln ha (140,000 sq. km) of forest were logged in parts of Quebec and Ontario between 1976 and 2020, some of which are more than 100 years old and have a direct impact on wildlife in the region. (PiPa News)
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