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TOP STORY
INC-5: BRIEFING – Plastic credit market tipped to grow “with or without” UN treaty
Demand for voluntary plastic credits is slated to expand regardless of their inclusion in the UN global plastic treaty under negotiation in Busan, major standard bodies told Carbon Pulse, amid growing concerns from environmental groups over the credibility of the nascent market.
MARKET
Mexican state launches biodiversity, carbon credit programme
A Mexican state has partnered with a Franco-Mexican environmental credit company to kickstart a programme aimed at advancing the local biodiversity and carbon market.
BUSINESS & FINANCE
Global firms ramp up sustainability reporting ahead of CSRD deadline -report
Nearly all of the world’s largest companies have adopted sustainability reporting, with 96% of the largest 250 companies (G250) now publishing ESG data as they prepare for tighter regulations like the EU’s Corporate Sustainability Reporting Directive (CSRD), according to a new report.
ADB launches plan to scale nature investments
The Asian Development Bank (ADB) has launched a road map for increasing its nature positive investments, part of which involves exploring biodiversity credits.
TOOLS & GUIDANCE
Iceberg Data Lab plans to double coverage of corporate nature impacts
French data provider Iceberg Data Lab plans to double the coverage of its deforestation, biodiversity footprinting, and climate analysis tools up to 16,000 companies, Carbon Pulse has learned.
POLICY
INC-5: Plastic negotiators in Busan overcome first hurdle as tension builds
Talks on the first-ever UN treaty aimed at tackling plastic pollution have begun in South Korea, with an overwhelming majority of delegates at the opening plenary session defying a group of countries allegedly trying to derail negotiations.
Bahamas inks $300 mln debt swap deal to finance marine conservation
The Bahamas government has signed a deal to refinance $300 million of its external debt, in a move that is expected to unlock more than $120 mln for marine conservation over the next 15 years.
German govt announces over €1 bln in annual biodiversity funding
Germany plans to ringfence an annual €1.1 billion to fund biodiversity conservation starting next year, a government official announced at the ongoing COP29 UN climate summit in Azerbaijan.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
MARKET
Carbon sinks – The UK has pledged to commit £239 mln in funding to support forest-rich nations worldwide conserve nature and biodiversity through the development of voluntary carbon markets, the government announced on the sidelines of COP29 on Friday. The financing follows a similar announcement made by the UK earlier in the week to bolster high-integrity voluntary carbon markets worldwide alongside international allies, as well as the country’s recent domestic efforts to develop nature-based removal credits as applicable beyond its UK ETS and towards global trade via Article 6 – the Paris Agreement Crediting Mechanism (PACM). (Carbon Pulse)
First ditch attempt – England’s biodiversity net gain (BNG) register has listed its 20th site, from which developers can buy units to offset their nature impacts, a plot of 16 hectares in the Southern Pennines from conservationist project developer Environment Bank. The listing is the first secured with a certain type of conservation agreement, via consultancy RSK Biocensus, and the first to include watercourse units with 500 m of ditches, said Angus Walker, partner at law firm BDB Pitmans on LinkedIn. (Carbon Pulse)
Australian offsetting – A bill to reform biodiversity offsets legislation in New South Wales, Australia passed a stage on Friday, following parliament approval. Changes to the bill include proponents now needing to demonstrate that they have taken ‘all reasonable measures’ to avoid the impacts of an action on biodiversity when applying to the scheme, said Katie Mortimer, partner at Lindsay Taylor Lawyers. A new definition of the avoid, minimise, and offset hierarchy will be inserted into legislation under the proposed bill. (Carbon Pulse)
BUSINESS & FINANCE
Wind-win – Offshore wind engineering consultancy Wood Thilsted has agreed with industry and research organisations to collaboratively promote nature-inclusive practices in offshore wind farm design. The Joint Industry Project seeks to redefine how offshore wind farms can positively contribute to natural ecosystems, said Offshore Wind Biz. The project will examine how to include nature at every stage of wind farm development.
POLICY
Joining the gang – Turkmenistan has joined the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). This move is set to help promote biodiversity conservation and strengthen wildlife trade regulations in Central Asia, CITES said. Turkmenistan harbours several endangered species, including the Asian kulan, Imperial eagle, and Persian leopard. The next meeting of the Conference of the Parties to CITES (COP20) will be held in 2025 in Samarkand, Uzbekistan.
EU budget – Conservation charity the International Fund for Animal Welfare urged European institutions to prioritise biodiversity protection in the upcoming EU budget. “It’s crucial, at the beginning of this new EU political term, to secure continued political and financial support by member states, the EU Commission, and the Parliament to the protection of biodiversity, both in the EU and at global level,” said Jimmiel Mandima, vice president of global programmes at IFAW.
Lithuanian expansion – The Lithuanian government has announced it plans to strengthen the national network of protected areas (PAs) to enhance biodiversity conservation across the country. This will involve establishing new reserves as well as expanding existing PAs in Asveja, Kurtuvenai, and Anyksciai regional parks, according to the Lithuanian Ministry of Environment.
Caribbean goals – Trinidad and Tobago has published its draft national biodiversity targets. It features 23 targets addressing various aspects of biodiversity, such as restoring degraded ecosystems, reducing pollution, sustainable management of resources, mitigating climate change impacts, enhancing urban green spaces, and integrating biodiversity into national planning. The plan emphasises inclusivity, collaboration, and the integration of Indigenous Peoples and local communities.
EUDR talks off on the wrong foot – Three-way talks between the European Parliament, the Council of EU member states and the European Commission started on Thursday, with the objective of hammering out an agreement on the proposal to delay the EU’s Anti-Deforestation Regulation (EUDR) by 12 months. The Council voted its position on Wednesday and approved the one-year delay, but it did not endorse the Parliament’s proposed amendments, which sought to simplify the regulation by creating a new category of countries posing “no risk” on deforestation, coming with less stringent requirements. German lawmaker Christine Schneider, the Parliament’s chief negotiator, who is from the centre-right European People’s Party (EPP), was not happy with the proceedings. “We do not simply accept that the member states do not want to negotiate with us. This is not how it works. We remain open for compromise, they should be as well. We have a short time window – let’s use it.” The next trilogue will take place on Dec. 3. The aim is to reach an agreement before the end of the calendar year.
Norwegian concerns – 50 members of the European Parliament have signed a letter to the Norwegian government urging them to halt plans for deep-sea mining in Arctic waters. The letter highlighted concerns about ecological harm, insufficient assessments, nuclear contamination risks, and misleading claims, reported the European Academies of Science Advisory Council. “Norway’s recent announcement to potentially issue licenses for deep-sea mining in the Arctic by 2025 poses significant risks to marine biodiversity, Arctic ecosystems, and global climate stability,” the council said.
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