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TOP STORIES

INTERVIEW: Pet food company invests in oyster reef biodiversity credit pilot

Nestle Purina Petcare Europe has invested in a conservation startup that aims to produce voluntary marine biodiversity credits from a pilot by creating ‘oyster reefs’ off the UK coast.

Brazil kickstarts G20 bioeconomy initiative amid fears of political setbacks

Brazil has launched an initiative to lay the groundwork for a common framework on bioeconomy as a part of its G20 Presidency, though political divisions threaten to hamper the process, an expert involved in the talks told Carbon Pulse.

MARKET

India’s Green Credit Scheme could spell disaster for ecosystems, experts warn

The Indian government last week released further guidelines for its Green Credit Scheme, revealing plans to award credits for planting trees in landscapes where they don’t grow naturally, a move experts say would be “disastrous” for local ecosystems.

UK-France panel spotlights challenges with scaling biodiversity credit market

Key challenges to scaling the emerging biodiversity credits market include the need for independent verification, robust regulation, and fair engagement with Indigenous Peoples, a UK-France led international initiative told an event on the sidelines of the ongoing UN environment summit this week.

BUSINESS & FINANCE

Water company, TNC target £30 mln with nature-based English fund

A sustainable fund focused on improving water security in east England has been announced by US-headquartered non-profit The Nature Conservancy (TNC) and Anglian Water with a target raise of £30 million ($38 mln).

UNEP FI urges financial players to call on governments to set mandatory plastic pollution disclosures

Financial institutions have been invited by UN Environment Programme Finance Initiative (UNEP FI) to sign a statement, calling on governments to agree on mandatory corporate disclosures on plastic pollution.

TOOLS & GUIDANCE

Debt-for-nature swaps can play crucial role in boosting marine protected areas, researchers say

Implementing debt-for-nature swap (DFNS) plays a “unique role” in providing funds to establish marine protected areas (MPAs), as shown by successful experiences in Seychelles and Belize, a study has found.

POLICY

US releases ecosystem services accounting guidelines for public agencies

The US federal government has released guidelines to assist public agencies in assessing how their projects, policies, and regulations impact ecosystem services, in a move poised to reshape decision-making at a national level.

Better nature protection in the Cerrado could give huge boost to Brazil GDP, WEF says

The agricultural development in the Cerrado no longer needs to come at the expense of destroying the ecosystem, becoming instead an opportunity to attract investment in sustainable agriculture, the World Economic Forum (WEF) has warned.

WEBINAR

As we work to scale nature finance, we find ourselves actively engaged in the search for the “right” biodiversity metric. We hope that you will join WCS, The Biodiversity Consultancy Ltd, WRI, and Climate Focus for a webinar on March 5 to learn about a rigorous, tested tool for measuring the integrity of global ecosystems – the Forest Landscape Integrity Index (FLII). Panelists will discuss the current state of biodiversity metrics, how the FLII can be utilized as a biodiversity metric, how the FLII is being used to scale up tropical forest financing, and how the private sector can engage. Register here.

BUSINESS & FINANCE

Green carpet – Japanese firm Goldwin Inc. has joined the Fashion Pact, a global initiative for fashion and textile companies aiming to achieve specific shared objectives in climate change, biodiversity, and ocean protection. The Tokyo-headquartered company has become the third Japanese firm to join the organisation, launched during the G7 summit in Biarritz, France in 2019. Among other things, members of the Fashion Pact seek to reach zero deforestation and sustainable forest management by 2025.

Drax impacts – Power company Drax, which has received £6bn in UK green subsidies, has continued burning wood from primary Canadian forests, BBC has said. Drax took more than 40,000 tonnes of wood from old-growth forests in British Colombia last year, according to BBC. The company burns wood at a converted coal plant in Yorkshire. The electricity produced is classed as renewable as it comes from wood, but the power station emits about 12 mln tonnes of carbon dioxide annually.

POLICY

What could go wrong – The New Zealand government has announced plans to give a blanket 25-year extension to the operational consent to all the country’s 1,200 marine farms in addition to what they are already consented for, which in some cases are decades. The plan has caused consternation among green groups, with the Environmental Defence Society (EDS) warning that changing circumstances may make farms that have been suitable in the past unsuitable for the future, with potential devastating consequences for marine ecosystems.

Removing barriers – The Irish Cabinet has approved a €110-mln fund to help fish migration through local rivers. The 2021-2024 programme will focus on removing or altering thousands of barriers which hinder natural river processes, the Irish Examiners reported. Of the 73,000 barriers identified across the country, around 7,300 will likely need to be removed or mitigated, which is expected to contribute significantly to the Nature Restoration Law objectives.

Stop the subsidies – The Royal Society of Edinburgh (RSE) has released a report on the environmental and social impacts of public subsidies for the forestry sector in Scotland. RSE reported that forestry received over £391 mln in subsidies (€456 mln) in the past 10 years, but they do too little to combat the climate crisis. The authors stressed that “greater and long-term benefits” can be gained by redirecting subsidies to planting millions of native broadleaf trees, including in urban areas.

Homegrown solutions – Harnessing natural capital is key to expediting Africa’s transition towards a green economy, the UN Economic Commission for Africa (UNECA) deputy executive secretary for programme support, Antonio Pedro, has said. He emphasised the urgent need to transform African agricultural and food systems by prioritising the development of regional value chains, Xinhua News Agency reported.

Upgraded – Norway and Ethiopia this week have upgraded their decade-long forest partnership to pave the way for payments of up to $100 mln if the East Africa nation meets its climate and nature targets. Under the agreement, payments will be made for reduced CO2 emissions from deforestation, which is expected to make up half of Ethiopia’s GHG cuts by the end of this decade. The agreement also includes the East African country doubling its forest cover area to 30% of all areas by that year.

SCIENCE & TECH

Pact for mangroves – The UK Partnering for Accelerated Climate Transitions (UK PACT) and the UN Food and Agriculture Organisation (FAO) have launched an initiative to enhance sustainable mangrove ecosystem management in the coastal area of Cross River, Nigeria. The project aims to tackle the effects of pollution and deforestation on the mangrove ecosystems, while also improving communities’ climate resilience, BNN reported.

Lizard trick – The construction of more than 300,000 homes near Melbourne, Australia has been halted after the rediscovery of the Victorian grassland earless dragon, a critically endangered species thought to be extinct, the Daily Mail reported. The decision was taken by the local planning authority. The lizard, living in the grasslands between Melbourne and Geelong, was spotted last year for the first time in five decades.

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