Independent think tank working on sustainable finance, carbon markets and natural capital
...Also note that "the proposed categorisation and set of descriptions have been informed by work published by Nature Finance, WEF, and Pollination." In other words, the French and UK governments proudly acknowledge the influence of 2 major lobbies & of the World Economic Forum.
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We also understand its call for IPLC participation as a shield against both accusations of green neocolonialism and Global South' calls for loss and damages. 2/2
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French - UK initiative to create a #biodiversity credit market just published a report on its last consultation, highlighting as expected a push to use biodiversity credits as #offsets, boilerplate empty calls for high integrity, 1/2
iapbiocredits.org/resources
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Investors should take a close look at the recent EU green claims directive, that bans carbon neutral claims linked to carbon offsets. The list of investors includes #carrefour #eramet #michelin #BASF #Bayer #BMW #Loreal #Sodexo
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204 investors backed a UN initiative on "nature stewardship" that includes adopting sustainable practices in line with the UN’s Land Degradation Neutrality Principles, aka #biodiversity #offsetting.
#reputationalrisk #legalliability
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“This kind of policy uncertainty combined w years of greenwashing accusations put buyers off. So proponents have been targeting a new driver for growth: government support (…) if governments put a stamp on them, you don't actually have to go and look at the project and whether these things work.”
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#Biodiversity offsets are not the only imaginary asset peddled by France, get ready for water quality trading aka river pollution permits - sorry I meant "nature based solutions" to "bridge the global financing gap in the water sector":) @ OneWaterSummit on 23/09
oneplanetsummit.fr/en/events-16...
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"Today’s land squeeze is escalating dangerously in new and varying forms – including for #carbon and #biodiversity offsetting schemes (...) Already 20% of large land deals are green grabs, often targeting indigenous lands and this could soar in the coming years."
africanarguments.org/2024/06/land...
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Also note once again that the only credible option presented to generate demand at scale is compliance with regulation, thereby nudging responses towards a compliance market.
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EU Commission's survey on #biodiversity credits claims to exclude their use as #offsets, but knows full well that biodiversity positive investments within EU's net gain biodiversity strategy = offsetting.
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...warns about risks of offsetting but calls for net gain framework (=offsetting), and calls for #derisking measures (State takes the risk and private investors take the profits). These guys are so predictable. 2/2
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Private lobby NatureFinance makes recommendations for Africa's #biodiversity credit markets (not in the Global North surprise surprise :)), highlights the "non-traditional revenue stream" (that will likely replace farming subsidies cf UK), 1/2 carbon-pulse.com/289821/?utm_...
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CI also claims just as IAPB co-chair Sylvie Goulard, that supporting offsetting is ok because they would follow a mitigation hierarchy (very hard to verify in practice), and not sell to fossil fuel companies (but it's fine to sell to all the other sectors that destroy nature) 3/3
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and that "there is a leadership vacuum" that they are best positioned to fill 🤣. In reality there is ...overcrowding of aspiring leaders, incl the UN, French govt, UK govt, World Bank, WEF, EU Commission and all their taskforces & other expert groups, nice try though :) 2/3
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NGO Conservation International intends to sell biodiversity offsets, supporting the financialisation of nature. CI justifies it with the usual debunked argument that it will bring more funding to conservation and indigenous communities, 1/3
carbon-pulse.com/289485/?utm_...
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If this was truly the goal, then classic environmental regulation would accelerate financing much more and much faster. 5/5
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This is why conservation should remain public policy and not privatised and transformed to become a for profit activity. Also can we please stop the charade that biodiversity credit markets aim at accelerating finance for conservation? #COP16 4/5
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However, in other ecosystems or situations, it is simply not practical to wait for all biodiversity outcomes to be achieved to award credits, particularly if one of the goals of biodiversity credit markets is to accelerate finance into conservation activities.” 3/5
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...In biodiversity. In many ecosystems and projects, measurement of biodiversity change will be possible, for example, because some of the changes happen rapidly. 2/5
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UN recommends that some biodiversity credits be issued before there is any measurable #biodiversity outcome; so much for “high integrity credits” then: “In an ideal world, crediting methodologies might all be based on measurement of change.. 1/5
www.biodiversitycreditalliance.org/wp-content/u...
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Also peddling the other false narrative that "everyone — governments, indigenous peoples, local communities, businesses and individuals — must collaborate in creating a nature-positive future," thereby attempting to depoliticize the topic and obfuscating power dynamics. #BiodiversityDay2024 2/2
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#WorldEconomicForum says nature-destroying business must lead on safeguarding nature. Sure, and burglars must lead on home safety, dictators on protecting democracy etc :) 1/2
www.euronews.com/business/202...
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www.ft.com/content/0024...
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I didn't think I'd read this so soon.
Meanwhile the same UK government is hard a work peddling false solutions, and the first tv political debate in France about EU elections barely mentioned #climatechange. It's all going according to plan, the 0.1%'s assets are safe for another decade.
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Even though France, the UK, the UN, the WEF and an army of lobbyists are hard at work peddling it ahead of #COP16. Such lies and biased framings do not help democracy ahead of EU elections. 3/3
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In reality, there is a long way until a global biodiversity market exists, including intractable environmental integrity/liquidity trade-offs, no appetite from corporate buyers, and a future public backlash once people realise that credits will be used as offsets. 2/3
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EU commissioned consultants on biodiversity credits repeat private lobbies' lie that "the #biodiversity credit market already exists, so we have almost no choice but to support it. What we can do is guide it in the right direction." 1/3 carbon-pulse.com/288125/?utm_...
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navdanyainternational.org/biodiversity...
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As the EU elections are approaching, it would be great to see political candidates take onboard this crucial topic for our future, before it’s too late & pilot markets trading permits to destroy nature are launched in November @ COP16 6/6
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This somehow makes sense because the whole points of biodiversity credits is to delay curbing loss in global north countries; also note that the EU commission is coordinating with IAPB & BCA, both supporting offsets. 5/6
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Crucially these criteria do not include any explicit ban on offsetting nor on "net" positive or "net gain" which are other forms of offsetting, despite the wide scientific consensus that offsetting does not have integrity. 4/6
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Also worth noting is the fact that the expert group tasked with defining these high integrity biodiversity criteria includes only 1 ecologist out of 20 participants 3/6
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That will be used as well for a future standalone EU biodiversity credit market. First we might ask whether it's a good idea to add biodiversity co benefits to a failed policy instrument such as VCM; that there is no intention of fixing (see ICVCM greenlight of 98% of VCM) 2/6
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⚠ The EU Commission's climate biodiversity nexus expert group just had its second meeting, and here is why you should be really concerned:
- The goal was to discuss 'high integrity biodiversity requirements" (HIBR) for biodiversity co-benefits of the voluntary carbon market, 1/6
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Because many people don't like to read dry policy reports & don't speak English, we published short pedagogical video series on #carbon and #biodiversity credits in 11 languages, primarily aimed at small farmers & IPLCs. Please share as you deem relevant. greenfinanceobservatory.org/our-work/nat...
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Meanwhile UN #CBD continues to promote quietly #biodiversity #offsets as a private funding source for conservation ahead of #COP16, wilfully ignoring its absolute lack of environmental integrity & the fact that env regulation would shift far more private funds far faster. www.cbd.int/doc/c/c338/7...
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Co-chair of the UK-French initiative to design an international #biodiversity credit market aimed at addressing the biodiversity crisis joins nature investment firm as senior advisor. Conflict of interest anyone??
pollinationgroup.com/media_post/p...
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sadly not for long anymore I fear, thanks to the relentless lobby efforts to clean up its image via "high integrity" certification bs and to make it a compliance market.
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Yet, it is not clear that such linguistic acrobatics would remove all potential future legal & reputational risks. While corporate buyers will probably not claim offsetting, they will prob claim "compensation" or "nature positive" impacts that can be challenged in court imo. 4/4
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This may explain the current lobby push to try and claim that biodiversity credits should not be used for offsetting purposes but instead for "nature positive" investments, to "compensate for damages" or invest "beyond the mitigation hierarchy." 3/4
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"The focus is on climate claims made by airlines that the emissions generated by a flight can be offset by carbon projects or through the use of sustainable fuels, to which the consumers could contribute by paying additional fees." 2/4
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Future #biodiversity credits buyers beware. The EU Commission has initiated action against 20 airlines on greenwashing concerns, including the use of voluntary #carbon credits. 1/4 carbon-pulse.com/282587/?utm_...
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...that allows for secondary market trading. While a mkt with these features would benefit the most private corporations with destructive activities & generate the most speculative profits for financial actors, it would also repeat & magnify all the issues of carbon offsets. 3/3
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and #offset vs “contributions to improving nature". The range of options considered & the weak justifications given for including #offsetting are not neutral, suggest the IAPB has a clear idea of the type of mkt it wants to promote: an intl compliance biodiversity offset mkt 2/3
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Here is our response to #IAPB's consultation on #biodiversity market types. The stated goal of this consultation is to gather feedback on 6 models for biodiversity credit markets that differ from one another on two features: voluntary vs compliance, 1/3 greenfinanceobservatory.org/wp-content/u...
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Reposted by Green Finance Observatory
I am sorry to ruin your day here but did you know that "plastic offsetting" is a thing, and that it involves precisely the same community-destroying capitalist power dynamics as carbon offsetting
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Reposted by Green Finance Observatory
It just blows my mind that climate people can continue contributing to a platform where the owner and chief decision maker actively and regularly targets climate activists for pile-on mob abuse (the person in this pic is Clover Hogan, a young activist from the UK)
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carbon-pulse.com/280803/?utm_...
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LOreal for example "has partnered with the Plastic Credit Exchange to offset its entire annual plastic footprint in the Philippines, starting this year." Some corporations have an unlimited imagination when it comes to protecting their destructive activities. 4/4
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... appropriately convey the impact of plastic credits," according to Verra. And of course the usual lies about how plastic credits can help plug regulatory gaps that they in reality protect. Sound familiar? 3/4
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