Italian-based climate tech company 3Bee will start piloting its newly verified biodiversity monitoring protocol in spring, moving one step closer to the launch of the “first certified biodiversity credits”.

The company’s Element-E protocol, based on bioacoustics and remote sensing, enables the monitoring and quantifying of site-level biodiversity improvements.

After being verified by the certifier Bureau Veritas in late December, it will inform the biodiversity credit framework developed by 3Bee.

“It’s a crucial step. Technology must be at the core of the nascent biodiversity credit markets in order to avoid transparency issues emerging over time,” 3Bee’s chief operating officer, Simone Mazzola, told Carbon Pulse. “Biodiversity claims need to be backed by data.”

Element-E is part of 3Bee’s site-specific approach consisting of four main steps:

• Assessment: detailed habitat and biodiversity analysis of the site
• Regeneration: identification of targeted regeneration actions
• Communication: sharing the results through a dedicated website and the Element-E label certifying the use of the protocol
• Monitoring and reporting: preparation of the ESG biodiversity report in accordance with international standards

In November, the Italian climate tech company received grant funding from the European Innovation Council (EJC) Accelerator to apply its technology-based monitoring approach to biodiversity credits. the aim is to create a framework for a biodiversity crediting scheme that can be used by European companies to address biodiversity loss, primarily in Europe.

3Bee is set to launch 250 pilots across Italy, France, Germany, and Spain between spring 2024 and 2025, with the first biodiversity credits expected to be issued next year.

EU FOCUS

While there are still ongoing discussions between the company and a group of experts over a number of technical details, Mazzola suggested that, under the framework, one credit could represent one hectare of regenerated land, and biodiversity gains will have to be maintained for at least 30 years after the project implementation.

Credits will be generated at the end of each year, he told Carbon Pulse, preferring not to disclose any information regarding the potential price of the credits.

Only projects located within the European Union will be eligible for the credits, Mazzola said. “We may consider pilots in the United States, where we are looking for partners, or in Australia, but the European Union will be our focus.”

“Similarly, projects looking to simply protect biodiversity will not generate credits. Regeneration will need to happen,” he added.

Companies seeking to offset their negative impacts on biodiversity will be able to purchase 3Bee-generated credits, though boundaries will be set as to where they will have the opportunity to compensate for their damages.

“This could be within the province, the region, or the country. We haven’t decided yet. But biodiversity loss is a local problem, and it requires a local compensation,” Mazzola said.

MONITORING REQUIREMENTS

Under the framework, specific requirements will be applied to the monitoring process, which must be technology-based.

“Our protocol relies on bioacoustics and remote sensing. We could also consider other technologies, but they need to be scalable,” said Mazzola.

However, the company may leave the monitoring side to others once the framework is up and running. “Our aim is to create a public scheme that can be used by anyone. We are open to spinning it off to a different entity as soon as it’s ready,” he said.

Currently, 3Bee has received more than 15 letters of interest from companies interested in participating in its framework, ranging from financial institutions to firms operating in the agriculture, energy, and infrastructure sectors. 

“We’ve seen a lot of interest from companies in delivering positive outcomes for nature and local communities,” Mazzola said. “We believe this market has the potential to expand in the near future.”

According to 3Bee, the company’s approach aligns with the EU Corporate Sustainability Reporting Directive (CSRD), which requires large and listed companies to assess and disclose their environmental impacts. 

“We’re open to collaborating with other frameworks, including the Science Based Targets Network (SBTN) and the Taskforce on Nature Related Financial Disclosures (TNFD),” Mazzola concluded.

In mid-January, the task force announced that 320 companies worldwide have committed to adopting its recommendations within the next two years.

By Sergio Colombo – sergio@carbon-pulse.com

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