The UK and France have worked together to set out a global roadmap to support companies contributing to biodiversity and nature recovery in accordance with the COP15 framework.
Launched by UK environment secretary Thérèse Coffey and French state minister Bérangère Couillard during the recent Summit for a New Financial Pact, the roadmap outlines a strategy to scale up global efforts to support companies buying biodiversity credits.
The initiative has been created to encourage individuals and companies from the private sector to invest in environmental projects that will help contribute to a richer biodiversity or restore nature.
The global roadmap will also facilitate the sharing of best practice on the governance mechanisms for credit funding, monitoring regimes to ensure biodiversity improvements and the fair distribution of income to indigenous peoples and local communities.
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The roadmap will work towards key international milestones, such as the 2024 United Nations Biodiversity Conference (COP16), where financing for biodiversity will be high on the agenda.
“Mobilising finance is key to meeting the global goals set out in the COP15 agreement,” said Coffey.
“Initiatives like the global roadmap on biodiversity credits will help ensure private sector financing is leveraged to conserve and restore nature.”
A new UK-French initiated advisory panel was also announced. This will pool together expert voices from around the world to form and guide diverse working groups to drive forward positive change.
As reported in BusinessGreen, biodiversity credits remain controversial among some green groups, who argue the credits risk enabling unsustainable development. They require robust governance and enforcement mechanisms to ensure projects deliver promised environmental benefits.
