A Shanghai- and Hong Kong-listed securities firm has issued a call for expressions of interest in Mainland China projects seeking status as Other Effective land-based Conservation Measures (OECMs) as part of the country’s efforts to meet its commitments under the Global Biodiversity Framework (GBF).
Huatai Securities issued the call on Friday alongside China Environmental Protection Foundation and the Shan Shui Conservation Center.
OECMs encompass projects, activities, and properties that protect and conserve nature, even though that’s not their primary function, such as public parks or research forests.
“There is a growing need to encourage, mobilise, and recognise non-state actors, including businesses, institutions, and social organisation,” Huatai said in a press release.
“These entities can actively explore various effective conservation measures in urban and rural areas, such as urban green spaces, industrial sites, farmlands, and fisheries” while at the same time achieving other goals.
China released its National Biodiversity Strategy and Action Plan (NBSAP) in January, making it clear it would allow achievements by OECMs to count towards its 30 by 30 GBF target.
The government has said it will develop a domestically appropriate system for OECMs, though a draft has yet to emerge and it remains unclear whether a crediting mechanism would be part of the framework.
Neighbouring Japan has developed a system for issuing biodiversity support certificates for companies that help fund OECMs, while Australia has opened up for letting such initiatives earn credits in its Nature Repair Market.
Additionally, some crediting standards, including Colombia-based Cercarbono, will accept activities registered in the global OECM database.
Only around a dozen countries worldwide have registered sites in the global OECM database – a requirement for allowing them to be counted towards the GBF goals – though a rising number of nations are in the process of preparing frameworks for it.
Huatai said it plans to announce the results of its call during COP16 in Colombia in October.
“This initiative aims to gather potential OECM cases from various sectors of society, identify, summarise, and disseminate best practices and experiences in OECMs,” the securities firm said.
“These efforts will provide a foundation of case studies and references for the subsequent development of OECM standards and refinement of guidelines, facilitating the implementation of OECMs in China.”
Huatai first entered the biodiversity space in 2018, when it launched the “One Yangtze River” project together with China Environmental Protection Foundation and the Shan Shui Conservation Center, and has been involved in several additional initiatives since.
By Stian Reklev – stian@carbon-pulse.com
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