The UK and France have jointly published the UK-French Global Biodiversity Credits Roadmap, as reported by ESG Today on June 23. Similar to emissions reduction credits, biodiversity credits are instruments that enable individuals and companies to invest in environmental projects that enhance biodiversity or restore nature. The global roadmap aims to facilitate the sharing of best practice on the government mechanism for credit funding, monitoring regimes to ensure biodiversity improvements, and the equitable distribution of income to indigenous peoples and local communities.
UK Environment Secretary Thérèse Coffey emphasized the importance of biodiversity credit initiative in achieving the global targets set out at the 2022 United Nations Biodiversity Conference (COP15). The COP15 agreement aims to effectively conserve and manage at least 30% of the world’s lands, inland waters, coastal areas, and oceans. Currently, only 17% of terrestrial areas and 10% of marine areas are protected. Biodiversity credits could help drive the progress of ecosystem conservation and restoration. According to the COP15 agreement, the world needs to mobilize at least USD200bn in biodiversity-related funding per year by 2030 from both the public and private sectors to achieve the 30% protection and conservation goal. Financing for biodiversity will also be a key agenda at the upcoming COP16 scheduled for 2024.