《世界經濟論壇&麥肯錫：2024自然金融和生物多樣性信用：私營部門融資與自然行動路線圖洞察報告（英文版）（37頁）.pdf》由會員分享，可在線閱讀，更多相關《世界經濟論壇&麥肯錫：2024自然金融和生物多樣性信用：私營部門融資與自然行動路線圖洞察報告（英文版）（37頁）.pdf（37頁珍藏版）》請在三個皮匠報告上搜索。

1、Nature Finance and Biodiversity Credits:A Private Sector Roadmap toFinance and Act on NatureI N S I G H T R E P O R TO C T O B E R 2 0 2 4In collaboration with McKinsey&CompanyImages:Getty ImagesDisclaimer This document is published by the World Economic Forum as a contribution to a project,insight

2、area or interaction.The findings,interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum,nor the entirety of its Members,Partners

3、 or other stakeholders.2024 World Economic Forum.All rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means,including photocopying and recording,or by any information storage and retrieval system.ContentsForeword 3Executive summary 4Introduction 51 O

4、verview of nature finance and biodiversity credit readiness 72 Develop a foundational nature strategy 102.1 Nature strategy and ACT-D 112.2 Achieving sufficient depth of understanding in the nature strategy 133 Build a nature finance action plan 153.1 Step 1:Define actions and value 163.2 Step 2:Ide

5、ntify metrics 223.3 Step 3:Procure credits(or other instruments)with integrity 233.4 Step 4:Manage communication and claims 264 Integrate the nature finance action plan into the nature strategy 28Conclusion 30Appendices 31A1 Capabilities and collaboration 31A2 Advantages,disadvantages and suitabilit

6、y ofvarious naturefinancing mechanisms 32A3 Applied example:A nature strategy and anature finance action plan for EcoMines,anillustrative company 33Contributors 34Endnotes 35Nature Finance and Biodiversity Credits2ForewordWhen 196 parties signed the Kunming-Montreal Global Biodiversity Framework(GBF

7、)in December 2022,they united behind the promise of halting and reversing biodiversity loss by 2030 and living in harmony with nature by 2050.Since a healthy environment is foundational to human well-being and economic prosperity,achieving these goals will be crucial.Taking action will require a par

8、adigm shiftacross the entire economy and all of society.Since the adoption of the GBF,opportunities for nature-positive interventions have multiplied.Biodiversity credit markets,wildlife bonds,corporate nature funds and other innovative instruments are increasingly attracting attention from senior e

9、xecutives and board members.On the regulatory side,governments are developing ambitious nature-related policies,such as the United Kingdoms Biodiversity Net Gain approach and the European Unions Nature Restoration Law.Corporate disclosure of nature-related impacts,risks and dependencies is increasin

10、gly becoming the norm.Nonetheless,with only five years left to meet the2030 GBFs targets,financing towards nature remains insufficient.Despite an increase in private financing toover$102 billion in 2023,1 bridging the$700 billion annual shortfall required to adequately conserve and restore natural e

11、cosystems remains a distant goal.This tenfold increase indicates that the private sector is beginning to recognize and embrace its opportunity to drive systemic change.Moving from intention to action involves a multifaceted approach.First,it requires defining a nature-positive strategy that aligns t

12、he often mutually reinforcing dynamics of nature conservation and restoration with those of economic prosperity and financial performance.Today,only 5%of the biggest Fortune Global 500 businesses have a nature strategy,whilemore than 80%have one on climate.2 Second,translating commitments and target

13、s intoaction involves applying nascent but promising solutions,such as biodiversity credits,that provide new avenues for funding conservation efforts and encouraging sustainable practices while mobilizing capital towards Indigenous Peoples and local communities(IPs and LCs).These solutions,thoughsti

14、ll emerging,hold immense potential todrive meaningful change,from the project level tothe landscape level.This report is designed to offer practical guidance on how to get started on nature finance.Summarizing almost two years of analysis and engagement with key market actors,this document provides

15、a comprehensive roadmap for businesses,defining their vision and priorities and translating them into concrete action.By synthesizing existing resources and examining them when needed,this report also aims to empower businesses to take decisive actions towards a nature-positive future.Jason Eis Part

16、ner,McKinsey&CompanyAkanksha Khatri Head,Nature and Biodiversity,World Economic ForumNature Finance and Biodiversity Credits:A Private Sector Roadmap toFinance and Act on NatureOctober 2024Nature Finance and Biodiversity Credits3Executive summaryClosing the approximately$700 billion annual nature fi

17、nancing gap is essential to halting and reversing biodiversity loss by 2030.3 Alongside the necessary governmental action,the private sector has a critical role to play in mobilizing the funding needed.To support businesses in these efforts,this roadmap outlines the steps to develop and implement a

18、nature strategy and a nature finance action plan.While focusing on biodiversity credits,the considerations included in this roadmap are broadly applicable to other nature financing mechanisms,such as payments for ecosystem services(PES),green bonds or nature-linked loans.The nature strategy and the

19、nature finance action plan should ideally be developed jointly and iteratively.However,if a nature strategy already exists,businesses can refine it during the process of developing a nature finance action plan.A nature strategy establishes a corporate ambition to contribute to halting and reversing

20、nature loss,inline with the vision of the Kunming-Montreal Global Biodiversity Framework(GBF).There are multiple readily available frameworks for developing a nature strategy,such as the widely used ACT-D(assess,commit,transform and disclose)framework.An integral part of the nature strategy,the natu

21、re finance action plan operationalizes the strategy.The nature finance action plan,as outlined in this roadmap,aligns withthe ACT-D framework and follows four steps:Step 1:Define actions and value:In alignment with the mitigation hierarchy,identify and prioritize actions that offer both financial an

22、d nature benefits by prioritizing avoidance,reduction and restoration,before offsetting and contributing beyond own impact.Furthermore,specify an implementation plan and prepare to make relevant disclosures.Step 2:Identify metrics:Select robust and fit-for-purpose metrics to measure the outcomes of

23、the chosen actions.After defining actions,values and metrics,businesses can proceed with the next steps of the action plan.This report focuses on biodiversity credits as an example,but similar stepsapply to other nature financing mechanisms.Step 3:Procure credits(or other instruments)with integrity:

24、Establish procurement guiding principles for biodiversity credits,considering risks,budget,timeline and other factors.Then,identify suitable credits.Step 4:Manage communication and claims:Ensure transparent and appropriate communication,considering justified claims in relation to the purchased biodi

25、versity credits and their use cases.With these steps,businesses can make meaningful progress in advancing their nature-positive agendas and transitions,ensuring their economic prosperity while contributing to closing the nature financing gap.Businesses can start contributing to the nature-positive g

26、oal by defining a nature strategy and a corresponding nature finance action plan.Nature Finance and Biodiversity Credits4IntroductionDespite increased attention and efforts to preserve and restore nature,the health of the natural world is declining.According to the Living Planet Index,wildlife popul

27、ations have declined by 69%on average in the past 50 years,4 while the stock of natural capital per person has declined by 40%from 1992-2014 and gross domestic product(GDP)per capita has more than doubled.5 Halting this decline will require substantially increased financing for the conservation and

28、restoration of nature,since the nature financing gap is estimated to be approximately$700 billion annually.6 Biodiversity credits can be one way to direct capitaltowards nature restoration(Box 2).Drawing on a broad set of existing guidance and tools,and considering them alongside new guidance where

29、needed,this document presents a roadmap for businesses to finance nature-positive outcomes.While this roadmap focuses onbiodiversity credits,its insights and considerations are broadly applicable across the spectrum of nature-financing mechanisms.This roadmap will bebeneficial for any business looki

30、ng to understand its nature-related impacts,risks and opportunities,regardless of regulatory contexts,which are not discussed here.At the same time,this roadmap should not be considered an exhaustive or prescriptive guide,and should be contextualized within the broader context of companies transitio

31、n towards nature-positive actions.This report isstructured as follows:Chapter 1 provides an overview of the key components for implementing and financing nature-positive actions,namely a nature strategy and a nature finance action plan.In practice,naturestrategy development and implementation can be

32、 spread across different parts of a company.Chapter 2 focuses on developing a nature strategy with sufficient depth to guide a nature finance action plan.This chapter also introduces The Nature Strategy Handbook and the ACT-D(access,commit,transform and disclose)framework.Chapter 3 lays out the four

33、 steps of a nature finance action plan.The first two steps are agnostic of the specific nature financing mechanism.The last two steps use biodiversity credits as a practical example but can be applied in a similar fashion to other nature financing options.Chapter 4 describes the interdependence of t

34、he nature finance action plan and the nature strategy.This roadmap,while focused on businesses,is also useful for development banks,non-governmental organizations(NGOs),governments,market intermediaries,standard-setters and project developers.It provides clarity on the development and implementation

35、 of nature-positive action from the private sector(Box 1).This roadmap outlines how businesses can finance nature-positive outcomes through high-integrity biodiversity credits and other nature financing mechanisms.The relevance of this roadmap to financial institutionsBOX 1Financial institutions hav

36、e significant indirect influence through their financing of businesses that potentially affect nature.They should therefore develop their own nature strategies and ensure that their financed businesses do the same.To assist them,the World Economic Forum developed Financing the Nature-Positive Transi

37、tion:Understanding the Role of Banks,Investors and Insurers,a briefing for chief executive officers that articulates key actions financial institutions can take on nature.Nature Finance and Biodiversity Credits5Definition of key termsBOX 2Defining“nature finance”Nature finance is a multifaceted conc

38、ept that encompasses the mobilization of financing for biodiversity conservation and restoration,nature-based solutions(NbS)and the sustainable management of natural ecosystems.It involves various financial activities,investments and strategies aimed at halting and reversing nature and biodiversity

39、loss.Defining“biodiversity credits”,including their relationship to carbon creditsBiodiversity credits are one of many nature financemechanisms.Biodiversity credits are defined as a certificate that represents a measured and evidence-based unit of positive biodiversity outcome that is durable and ad

40、ditional to what would have otherwise occurred.7 Thisdefinition and the exact terminology around“biodiversity”,“nature”,“credit”and“certificate”in the context of this market are still evolving,however.This roadmap uses the term“biodiversity credit”to refer to credits that cover actions that result i

41、n positive impacts on both nature and biodiversity.This term is used for consistency and because of its wide acceptance and specific use in Target 19 of the Kunming-Montreal Global Biodiversity Framework(GBF).8 Biodiversity credits are distinct from carbon creditsin that they specifically focus on b

42、iodiversity conservation and restoration.Businesses purchasing carbon credits can expand their focus and exploit opportunities to incorporate nature co-benefits.When looking to engage with projects yielding both carbon and biodiversity benefits,businesses can consider specific carbon and biodiversit

43、y credit standards to better understand how to align the relevant metrics.While some climate finance initiatives do integrate nature and biodiversity,this is not consistent across the board.This inconsistency can present challenges for businesses seeking to align climate and nature goals.Defining“na

44、ture positive”As defined by the Nature Positive Initiative and Business for Nature“nature positive”is a global societal goal to haltand reverse nature loss by 2030 and achieve full recovery by 2050,and by extension refers to the actions,policies and strategies contributing to this goal.The concept e

45、mphasizes the importance of creating net-positive outcomes for nature(meaning that human activities should contribute to the overall health and resilience of natural systems).9In practice,nature-positive action might involve thefollowing:Restoration:Actively restoring degraded ecosystems through,for

46、 example,reforestation,post-mining restoration,wetlandrestoration and coral reef rehabilitation Sustainable practices:Implementing agricultural,forestry and fishing practices that support biodiversity and ecosystem health Conservation:Protecting critical habitats and endangered species through the e

47、stablishment of protected areas and wildlife corridors Green infrastructure:Designing urban and rural development in ways that integrate natural elements and support biodiversity,forexample,through NbS Nature financing:Making investments that benefit natural ecosystems Community engagement:Involving

48、 local communities in conservation and restoration projects,recognizing their role and knowledge in managing natural resourcesDelivering the nature-positive goal requires measurable net-positive outcomes for biodiversity,which can be attained by increasing the abundance,diversity,integrity and resil

49、ience ofspecies,ecosystems and natural processes.10 All stakeholders,across economy,civil society andprivate and public sectors,should contribute to the global goal of being nature positive.Nature Finance and Biodiversity Credits6Overview of nature finance and biodiversity credit readiness1Businesse

50、s can achieve nature finance readiness with a nature strategy and a complementary nature finance action plan.Nature Finance and Biodiversity Credits7While conserving and restoring nature is urgent,charging forward without sufficient preparation could undermine effectiveness.To finance nature conserv

51、ation and restoration meaningfully,businesses must understand their impacts and dependencies on nature and have a solid plan forcultivating and funding improvements.Three stages to financing corporate nature-positive actionEffectively financing nature-positive actions involves three key stages(Figur

52、e 1).The first stage(Chapter 2 of this roadmap)is about developing a nature strategy using frameworks such as ACT-D.The second stage(Chapter 3)is about defining a nature finance action plan that details the strategys implementation,with particular emphasis on nature financing instruments(such as bio

53、diversity credits).This includes four steps:1 Define actions and value2 Identify metrics3 Procure credits(or other instruments)withintegrity 4 Manage communication and claimsThe third stage(Chapter 4)describes the alignment of the nature strategy with the nature finance action plan,which ideally occ

54、urs through an iterative process for consistency.Businesses with existing nature strategies can use them to create nature finance action plans and update the strategies asneeded(Box 3).The appendices outline additional relevant considerations,such as required capabilities and collaborations,advantag

55、es and disadvantages of various nature finance mechanisms,and an applied example of a nature strategy and finance action plan.The potential of early pilotsBOX 3Some early movers have successfully implemented nature-positive actions,even without fully fledged nature strategies.Such early pilots can b

56、e beneficial in generating momentum and insights both inside and outside of a business.Furthermore,they can help to prepare for participation in potential voluntary and compliance markets.The success of these early pilots,however,depends on certain prerequisites,such as the presence of robust method

57、ologies,the upholding of integrity and transparency principles,collaboration with local stakeholders including Indigenous Peoples and local communities(IPs and LCs)andreliable and accurate tracking of impact.To finance nature conservation and restoration meaningfully,businesses must understand their

58、 impacts and dependencies on nature and have a solid plan forcultivating and funding improvements.Nature Finance and Biodiversity Credits8Overview of the stages involved in nature finance and biodiversity credit readinessFIGURE 1Nature financein generalNature finance applied to biodiversity credits

59、as exampleIf biodiversity credits are chosen as one course of actionDefine actions and value:Identify and prioritize actions following the mitigation hierarchy,based on impact on nature and business.Specify an implementation plan and prepare to make relevant disclosures.Identify metrics:Select robus

60、t andfit-for-purpose metrics to measure the outcomes of the chosen actions.Procure credits(or other instruments)with integrity:Set procurement principlesand identify suitable credits.Manage communication and claims:Ensure transparent and appropriatecommunication.Developing an overarching nature stra

61、tegy with high-level vision and ambition using the ACT-D framework(Chapter 2)Building a nature finance action plan detailing the approach to nature finance and possibly biodiversity credits in four key steps(Chapter 3)Aligning the nature strategy and nature finance action plan,ensuring coherence(Cha

62、pter 4)1234The strategy should ensure sufficient depth in understanding where to act and quantify business benefit.1342High-levelbusiness actionson natureDiscloseDiscloseDiscloseAssessCommitHigh-levelbusiness actionson natureDiscloseDiscloseDiscloseAssessCommitTransformTransformSource:Adapted from B

63、usiness for Nature.(n.d.).High-level Business Actions on Nature.https:/www.businessfornature.org/high-level-business-actions-on-nature.Nature Finance and Biodiversity Credits9Develop a foundational nature strategy2A comprehensive nature strategy is the first step towards nature-positive action.Natur

64、e Finance and Biodiversity Credits10A nature strategy should set targets aligned with halting and reverting nature loss,such as the GBFs 30 by 30 target(the protection and sustainable management of 30%of global lands and oceans by 2030),11 and guide all nature-related actions,including financing.Fun

65、ding third-party conservation projects,directly or through biodiversity credits,canhelp achieve these targets.Key components of anaturestrategyWhile nature strategies can vary in both breadth anddepth,three key components should be present a baseline,targets and a nature finance action plan(Figure 2

66、).Each element can be developed withvarying degrees of detail,with the expectation that the strategy will become increasingly comprehensive over time.2.1 Nature strategy and ACT-DThe nature strategy is an integral part of the sustainability strategy,which supports the broader corporate strategy and

67、is crucial for businesses aiming to contribute to a nature-positive future.Such a strategy helps mitigate or reverse environmental impact while ensuring sustainable resource use,and builds resilience against nature-related disruptions.Three key components of a nature strategyFIGURE 2 Nature ambition

68、 statement,including business case and compounding effect on the sustainability and corporate strategy Plan to monitor and evaluate progress against targets,e.g.key performance indicators(KPIs)Rationale for action(e.g.regulation,voluntary),including respective frameworks,e.g.European Union(EU)Corpor

69、ate Sustainability Directive(CSRD),EU Corporate Sustainability Due Diligence Directive(CSDDD),Taskforce on Nature-related Financial Disclosures(TNFD)Key componentExample subcomponentsBaseline of nature impact,dependence,risks and opportunities Overview of locations with material impacts and dependen

70、cies Map of how risks and opportunities may affect the business model Stakeholder mappingTargets,possibly based on external bodies and benchmarksNature finance action plan for nature-positive actions following the mitigation hierarchy Planned actions to restore,regenerate,and avoid and reduce harm t

71、o nature,including individual and joint business case Planned actions to offset and contribute beyond own impact,including respective business case Rationale for chosen nature financing mechanisms Implementation plan for each action,detailing accountability,timeline,stakeholders,procurement principl

72、es,monitoring and verification processes,etc.Internal and external disclosure frameworks aligned with the TNFD External communication strategy in line with risk and claims guardrails(including but not limited to sustainability reports)Nature Finance and Biodiversity Credits11Graphic representation o

73、f the ACT-D frameworkFIGURE 3High-levelbusiness actionson natureDiscloseCommitDiscloseDiscloseAssessTransformDiscloseAssessMeasure,value and prioritize your impacts and dependencies on natureto ensure you are acting on the most material ones.CommitSet transparent,time-bound,specific,science-based ta

74、rgets to put yourcompany on the right track towardsoperating within the Earths limits.TransformContribute to systems transformation byavoiding and reducing negative impacts,restoring and regenerating,collaboratingacross land,seascapes and river basins,shifting business strategy and models,advocating

75、 for policy ambition and embedding your strategy within your corporate governance.DisclosePublicly report material nature-relatedinformation throughout your journey.Source:Adapted from Business for Nature.(n.d.).High-level Business Actions on Nature.Introductions to the Taskforce on Nature-related F

76、inancial Disclosures and the Science Based Targets NetworkBOX 3The Taskforce on Nature-related Financial Disclosures(TNFD)and the Science BasedTargets Network(SBTN)offer notable complementary guidance on specific elements ofACT-D.The TNFDs Recommendations of the Taskforce on Nature-related Financial

77、 Disclosures offers risk management and disclosure recommendations for nature-related dependencies,impact,risks and opportunities,including implementation guidance and technical supplements.The TNFD focuses on the“assess”and“disclose”portions of ACT-D.The SBTN provides science-based target-setting g

78、uidelines for companies and cities to reduce and improve their impact on nature,building on the Science Based Targets initiative(SBTi)and considering the TNFD by translating nature-related impacts into actionable,measurable,time-and place-bound targets.The SBTN primarily supplies guidance on the“ass

79、ess”and“commit”parts of ACT-D.It uses the AR3T framework for nature strategies,emphasizing avoidance and minimization of negative impacts before restoration and regeneration.ACT-D as a framework for naturestrategy All three key components of nature strategies are covered in the ACT-D framework,descr

80、ibed in Business for Natures Nature Strategy Handbook and further discussed in the Roadmaps to Nature Positive from the World Business Council for Sustainable Development.ACT-D,presented in Figure 3,outlineshigh-level business actions onnature.ACT-D is not the only option,and other frameworks can be

81、 used to complement it,or as alternatives(Box 3).This roadmap uses ACT-D because of its wide adoption.The reader is encouraged to consult the resources referenced across this roadmap for further details on how toimplement it.Nature Finance and Biodiversity Credits12Nature strategies are still relati

82、vely new and guidance on them is typically high-level.Therefore,strategies may have varying levels of depth,depending on factors such as the resources allocated to their development,available data and stakeholder expectations.For the nature strategy to effectively guide a nature finance action plan,

83、twoareas require sufficient depth of understanding and formulation:Understanding where to act Quantifying the benefits to business,nature and communitiesUnderstanding where to actEffective nature strategies assess a businesss impacts and dependencies.Heatmaps are an effective method to represent com

84、plex datasets(Figure 4),using criteria such as soil nutrients (e.g.nitrogen,phosphorus and potassium),erosion rates and water quality e.g.pH(potential of hydrogen),turbidity and use to map impacts and dependencies across locations.Initially,businesses may lack data for in-depth analyses,but they can

85、 progressively enhance detailover time.Heatmaps can set initial strategic direction on where to act by highlighting a businesss nature dependencies,impacts and financial considerations.These factors can be tailored torelevant dimensions such as business activities,commodities or sourcing locations.F

86、or example,Figure 4 maps financial considerations and nature impacts at specific operational sites.This illustrative company might prioritize all impact dimensions at site 2 due to the significant respective revenue share while focusing on soil quality at site 1 and water-related actions at sites 3

87、and 4 based on the respective dependencies.Subsequently,as part of the nature finance action plan,businesses can apply high-level guidance and tools such as heatmaps to define concrete actions(section 3.1).2.2 Achieving sufficient depth of understanding in the nature strategy Illustrative heatmap of

88、 a companys revenue,dependencies and impacts on nature per siteFIGURE 4HighModerateLowDependenciesImpactsSite 1Site 2Site 3Site 4Site 5Site 6Site 77%30%17%5%18%15%8%SiteWaterLand useWater useAirpollutionSolid waste pollutionSoilpollutionWaterpollutionTotal natureimpactRevenue(%of total)SoilqualityNa

89、ture Finance and Biodiversity Credits13There are many databases and tools to help businesses understand where their impact on nature is most material.For example,the Taskforce on Nature-related Financial Disclosures(TNFD)Tools Catalogue is a repository of nature-related data tools available today,in

90、cluding the Biodiversity Intactness Index(BII),the Integrated Biodiversity Assessment Tool(IBAT)and more.Quantifying the benefit to business,nature and communityA nature strategy should also quantify the value atstake,including assets exposed to nature-relatedrisks and potential value generatedfrom

91、nature-positive actions.While detailed business case analyses are part of the nature finance action plan(section 3.1),businesses often perform rapid top-down calculations as part of the nature strategy.To do so,they can draw insights from industry-level analyses,such as Nature Risk Rising:Why the Cr

92、isis Engulfing Nature Matters for Business and the Economy,which discusses value at risk by sector,The Future of Nature and Business,which identifies$10 trillion value opportunities,Sector Actions Towards a Nature-Positive Future,which outlines value creation through five nature-positive actions acr

93、oss different sectors and the TNFDs Guidance on scenario analysis,which helps organizations examine potential impacts of nature loss and climate change.There are many databases and tools to help businesses understand where their impact on nature is most material.Nature Finance and Biodiversity Credi

94、ts14Build a nature finance action plan 3A nature finance action plan that is integrated with the nature strategy is key to operationalizing the strategys goals.Nature Finance and Biodiversity Credits15In tandem with the nature strategy,businesses should define a nature finance action plan.This is a

95、key step in translating the strategy into concrete action.A nature finance action plan is defined following four main steps,as described in Figure 5.Identifying metrics for the nature finance action plan(step 2)follows the definition of actions and value(step 1),which may seem counterintuitive at fi

96、rst.This sequence,however,ensures that the chosen metrics are fit for purpose,meaning they are tailoredto specific actions and can robustly measure the outcomes of the specific actions identified(section 3.2).In step 1,businesses will stillrequire both qualitative and quantitative factorsto evaluate

97、 and compare potential actions,but these factors will generally be at a higher level(section 3.1).Overview of four main steps to a nature finance action planFIGURE 5 Define how to measure positive and negative impact of actions on nature withrobust,science-based metrics.Given the nascency of current

98、ly available guidance and the rapid evolution of themarket,be ready to adopt individual stances.StepComponentsDefine actionsand value List possible actions.Evaluate and choose actions based on qualitative and quantitative factors.Decide scope of actions(within own operations,within the value chain o

99、rbeyond the value chain)and whether to work in-house or use partners.Identify metrics Develop procurement principles based on key criteria(such as objectives,preferred credit types,integrity screening criteria,use case,budget,timeline).Identify and procure suitable biodiversity credits.Manage risksa

100、nd claims Monitor and manage risks to ensure biodiversity credits generate and maintainreal,positive impact.Guarantee truthful and fully transparent communication(e.g.by avoidingoverstatement of impact).Procure credits(or other instruments)with integrity1234Nature financein generalNature finance app

101、lied to biodiversity credits as exampleIf biodiversity credits are chosen as one course of actionDefining actions and understanding their value isthefirst step towards achieving nature-positive goals.To date,the value of nature-positive actions has often been uncertain,which poses challenges for dec

102、ision-makers approving implementation and assessing potential trade-offs.This section aims to assist teams in building a compelling business case for nature-positive actions.Mitigation hierarchy governing the choice of actions To maximize the overall benefit to nature,the choice of actions should fo

103、llow the principles of the mitigation hierarchy,which are relevant at a site and landscape level.In practice,this means that organizations should prioritize implementing actions to avoid and reduce their negative impacts,and restore and regenerate ecosystems.Organizations should ensure they are harn

104、essing the maximum potential of these options before contributing to nature-positive goals beyond their own impact.Figure 6 shows the mitigation hierarchy applied to an illustrative example of a site-based project.An alternative example can be found in the interactive action framework ofAR3T by the

105、SBTN.3.1 Step 1:Define actions and value To maximize the overall benefit to nature,the choice of actions should follow the principles of the mitigation hierarchy.Nature Finance and Biodiversity Credits16A potential application of the mitigation hierarchyFIGURE 6A habitat is to be degraded to expand

106、a mining site,impacting the biodiversity of the area.The impact onbiodiversity ismitigated by,for example,limiting other illegal activities on the site.By applying latest technologies,the company avoids a degree of destruction and limits the overall project footprint.The company contributes to globa

107、l nature goals beyond its own impacts and dependencies,for example through the purchase of biodiversity credits.These types of contributions happen at a company scale,rather than a project scale.The company adheres to compliance schemes where they exist or takes actions in line with the Internationa

108、l Union for Conservation of Natures(IUCNs)guidance on biodiversity offsets.Plan projects to avoid negative impacts,including by changing site locations,altering the development of a project or limiting the area of impact.Reduce the impacts of ongoing projects by developing more efficient operations,

109、reducing resource demands or altering project timing during migratory or breeding seasons.Restore or regenerate habitats back to their pre-project state if a project is unable to avoid or minimize impact.Compensate for adverse residual and unavoidable impacts,minimized or regenerated,with the ambiti

110、on to achieve no net loss and preferably a net gain.Take action beyond offsetting company footprint to invest in nature,to contribute to the nature positive goal.AvoidAvoidImpactReduceReduceRestoreRestoreOffsetContributeOffsetContributeThe company implements environmental restoration in degraded are

111、as previously used by the mine.The mitigation hierarchy should be followed in order when reducing impacts on nature.For example,a mining company can apply different levers to mitigate its impact on nature.Sources:International Union for Conservation of Nature(IUCN).(2016).Biodiversity Offsets;The Bi

112、odiversity Consultancy.(n.d.).Net Positive and the Mitigation Hierarchy;Forest Trends.(n.d.)The Mitigation Hierarchy;The Nature Conservancy(TNC).(2015).Achieving Conservation and Development:10 Principles for Applying the Mitigation Hierarchy.https:/www.conservationgateway.org/Documents/TNCApplyingT

113、heMitigationHierarchy.pdf;The Business and Biodiversity Offset Programme(BBOP).(2018).The BBOP Principles on Biodiversity Offsets.https:/www.forest-trends.org/wp-content/uploads/2018/10/The-BBOP-Principles_20181023.pdf.Nature Finance and Biodiversity Credits17Identifying potential actions and stream

114、lining the selection processTo help businesses define potential actions,narrow down options and build a comprehensive business case,Figure 7 highlights the key stages involved,which are subsequently discussed in greater detail.An exemplary prioritization funnel for actions,considering nature and bus

115、iness impactFIGURE 7Holistic action on nature involves interventions both within and beyond own value chains the mitigation hierarchy is key to assigning priorities among actions.Only promising actions should be analysed in depth to keep work manageable.Actions,while local in nature,can have varying

116、 degreesof impact even in small geographic areas.Interventions(including their monitoring)should thereforebe tailored to their unique conditions.Maximum potential environmental and economic impacts and costs of actions need to be clearly specifiedand communicated to facilitate informed decision-maki

117、ngand transparent stakeholder engagement.Identify actions based on the hotspots in the nature strategy and quantified valueat stake.Apply,e.g.through workshops,reports,market scanof peers actions or experts to ideate.Filter potential actions based on nature-focused and business-focused approaches(e.

118、g.questionnaire for understanding the financial effectsof an action).Estimate the financial impact of promising actions based on performance indicators such as operating expenditures,sales and margins.Define how to capture the estimated value and detail an implementa-tion plan,including responsibili

119、ties,involved parties,timelines,financing mechanisms and ownership models.Prepare to disclose nature-related risks and negative impacts,following pertinent guidance such as the recommended disclosures outlined by the TNFD.Define a list of potential actions Shortlist potential actions Build a busines

120、s case for the shortlisted actions Specify an implementation planPrepare to make relevant disclosures Considerations throughout Defining a list of potential actionsGenerating a list of potential actions,in line with the priorities identified in the nature strategies,can be challenging,given that it

121、may be difficult to identify direct links between a specific business and ecosystem services.Businesses can identify possible actions by making use of experts,internal workshops and resources such as the Sector Transitions to Nature Positive reports,the TNFDs LEAP(locate,evaluate,assess,prepare)appr

122、oach12 and the SBTNsfive-step approach(assess,interpretandprioritize,measure,set and disclose,act,and track).13When following the first three phases of the TNFDLEAP approach(locate,evaluate and assess),businesses will arrive at a set of insights that help clarify the list of potential actions.These

123、insights are generated from activities suchas:1.Identifying nature-related dependencies and impacts of specific business activities or assets(like the heatmap analysis shown in section 2.1 but at a more detailed level)2.Identifying location-specific issues that require management attention3.Conducti

124、ng materiality and risk assessments forspecific business areas(modities)Similar activities can be performed by following the first two steps of the SBTNs five-step approach(assess,and interpret and prioritize).Note that holistic intervention includes nature-positive actions within own operations,val

125、ue chains and beyond.Nature Finance and Biodiversity Credits18 Shortlisting potential actionsFiltering and prioritizing part of the first TNFD phase(locate)and of the SBTN second step(interpret and prioritize)are strictly interlinked with definitions of potential actions,and can be approached from v

126、arious angles.From an ecological point of view,prioritization approaches inexisting literature are based on factors such as:1.Intervention efficiency(considering locally relevant current and future habitat status,anthropogenic pressures and the protection andstatus of specific species)14 2.Adaptive

127、capacity(namely the ability to adapt to unavoidable environmental changes,such asclimate change)15 3.Biodiversity hotspots16(areas with exceptionally high levels of species richness,e.g.at least 1,500 endemic vascular plant species under significant threat,or at least 70%of original habitat lost)17

128、4.Global extinction risk of species18 To complement this nature-focused perspective with a more business-driven approach to prioritization,Figure 8 illustrates how businesses can also filter possible actions based on their potential to yield financial value.These actions can be broadly categorized i

129、nto safeguarding existing value at risk and generating new value.This qualitative approach can be complemented by quantitative substantiation in the subsequent stage(building a business case for shortlisted actions).The TNFD has outlined alternative representations of the financial effects of nature

130、-positive actions.Building a business case for shortlisted actions Actions that indicate a promising effect on nature and business can then be analysed further.This can include a more detailed bottom-up quantitative analysis of their individual and joint benefits(both financial and for nature).Key d

131、rivers of financial value for nature-positive actions and prioritization criteriaFIGURE 8 Generating clear gains for external and internalcommunication Meeting sustainability-related criteria from customersand suppliers Helping meet investor requirements,e.g.by adhering to sustainability requirement

132、s Possibly providing access to new financing sources,e.g.green bondsRisks from transitional nature policy and regulation,e.g.deforestation penalties,stranded assetsDescriptionPrioritized actions should score beValue driver Mitigating expected penalties,e.g.deforestation Avoiding lost sales,e.g.impor

133、t/export regulationprohibiting companies/products with large nature footprintsLost output from disruption of ecosys-tem services,e.g.lower crop yields due to decline in bee populations Helping ensure access to critical ecosystem servicesin value chain,e.g.pollination Avoiding risk of stranded assets

134、,e.g.by acquiringefficient machinery that may become required laterLoss in image and brand value and consequent loss in market share Addressing key concerns of stakeholders,e.g.customers,value chain collaborators Yielding improvement in key reputational issues,e.g.water consumptionLimited access to

135、certain sources of financing,potentially at raised interest ratesFinancing risk Indicating a solid case for cost savings,e.g.reducedrisk of supply chain disruption in the context of El NioInvestments in nature-positive action,rewarded by avoided nature-related costs,e.g.taxes and compliance feesValu

136、e unlocks,e.g.enhanced reputation,increased staff retention and new investors Representing no-regret moves,e.g.efficiency gainsfrom operational excellence Potentially inducing a value chain partner to adoptnature-positive actionsIncreased output at reduced nature impact due to enhanced operational e

137、fficiency and resilient value chains,e.g.savings from reduced water use and waste reductionOperational efficiencies Cultivating sale of products with a green premium Serving an attractive market and target customer baseGrowth unlocks,e.g.increased market share,green premiums and new business opportu

138、nities with greener productsNature as a growth themeReputational riskNet costsavings from risk mitigationTransition nature riskPhysical nature riskValue unlock from risk mitigationValue creationValue at risk Nature Finance and Biodiversity Credits19These more thorough business cases should substanti

139、ate the top-down estimate done in thenature strategy(section 2.2)and complement the qualitative analysis from the previous stage(shortlisting potential actions).Ultimately,they canprovide the business rationale for nature finance.Figure 9 shows how nature-related risks andopportunities can influence

140、 financial value,including examples for quantifying the impact andthe role ofbiodiversity credits.The cost efficiency of actions and measures iscritical.Valuable guidance on the cost-effectiveness of conservation can be found in the Database ofConservation Evidence and additional ongoing research.19

141、Illustrative value protection and creation supported by financing nature-positive outcomesFIGURE 9Value indications are indicativeValue at risk Value creationEstimated impact of biodiversity creditsExample use of biodiversity creditsBaselinestrategyNature-positive strategyDo nothing/business-as-usua

142、l scenarioValue at riskTo financial performance and reputationfrom not mitigating nature risksValue creationIn terms of financial performance and reputation fromimplementing an offensive and defensive nature strategyCost of investing in nature is often lower than“cost”of doing nothing Increase in sa

143、les dueto enhanced reputation Reduction in operating expendituresdue to compliance with sustainabilityregulations Access to sustainability-consciousinvestorsHow the impact canbe quantifiedHow nature-related risks and opportunities can influencefinancial value Reduction in operating expendituresdue t

144、o secured access to inputs Reduction in financing costs dueto lowered operational risksInvestments in critical value chain components can reduce operational risks.Procure credits to help ensure sustenance of ecosystem services(e.g.water access).Proactive adherence to sustainability standards can imp

145、rove reputation and access to financing.Communicate investment in credits to drive brand value and reputation.Increase in sales dueto enhanced reputation Reduction in operating expendituresdue to efficiency gainsImprovements in own or suppliers operations can drive efficiencyand save costs.Generate

146、creditsto quantify the impact for internal goals and/or compliance.Operational efficiencies Access to new market segmentswith new products and refreshedimage(e.g.certified organiccotton textiles)Innovation in production and operations can unlock the development of new sustainable products.Establish

147、clear linkages between credits and products.Nature as a growth themeNet costsavings fromrisk mitigation Increase in financing costs Limitation of financing optionsRegulations either within local or export markets could limit businesses abilitiesto sell products.Loss in sales(including lossin market

148、share)Increase in operating expenditures(OpEx)due to compliance penalty feesImproper irrigation techniques orplanting could exacerbate water scarcityso that harvests are disrupted.Loss in sales due to lack of rawmaterials for production Decline in operating margin dueto increase in procurement costs

149、Deforestation and loss of critical habitats on owned land orfrom suppliers land could harmcompany image.Loss in sales due to reputationaldamage to brandNegative environmental impacts could reduce available financing because lenders are less willing to invest.FinancingriskReputationalriskTransitionna

150、ture riskPhysicalnature riskValue unlock from risk mitigationUnlock valueDo nothingMitigate risksSources:Simon,F.(2023).Indonesia,Malaysia seek more time to implement EU anti-deforestation law.Euractiv;Staal,A.et al.(2018).Forest-rainfall cascades buffer against drought across the Amazon.Nature Clim

151、ate Change,vol.8,pp.539-543;Mighty Earth.(2023).Sauver le Cerrado:Les Supermarchs,Bunge et les Gouvernements Doivent Agir sans Tarder;Mongabay.(2009).World Banks IFC suspends lending to palm oil companies;Neste.(2018).Neste-lead project verified 50%methane emission reduction at palm oil mills;Profor

152、est.(2020).Sustainable Palm Oil:Trade and key players between Indonesia and China;McKinsey&Company analysis.Nature Finance and Biodiversity Credits20Specifying an implementation planAfter identifying actions and their value,businesses can decide how to capture that value and over which timelines.For

153、 example,to protect land near cotton farms and ensure pollinators thrive,a business could either pay a third party or manage the land itself.Implementation plans should define clear responsibilities relating to internal and external stakeholders involved,ownership rights,timelines,milestones linked

154、to value drivers and tracked by robust metrics,and reliable allocation of capital and resources.Such plans should also include decisions on the financing mechanisms used to implement the actions(such as biodiversity credits).Note that credits are only one of many nature financing mechanisms.A non-ex

155、haustive overview of nature financing options,including their advantages,disadvantages and suitability,can be found in theappendices.Furthermore,theBiodiversity FinanceInitiative(BIOFIN)maintains aCatalogue ofFinance Solutions.Preparing to make relevant disclosures In line with GBF target 15 and oth

156、er frameworks like the TNFD and SBTN,businesses should assess,reduce and disclose their nature-related dependencies,impacts,risks and opportunities.Preparing to make disclosures can make identifying and taking concrete action easier.TNFDs Recommendations of the Taskforce on Nature-related Financial

157、Disclosures(Figure 10)is an overview of recommended disclosures.Guidance on disclosing is not only relevant for the priority actions identified,but is also relevant during step 4 of the nature finance action plan(manage communication and claims)and should beclosely aligned with the final element of

158、the nature strategys ACT-D framework:disclose.Recommended disclosures as outlined by TNFDFIGURE 10Describe the nature-related dependencies,impacts,risks and opportunities the organization has identified over the short,medium and long term.Describe the organizations processes for identifying,assessin

159、g and prioritizing nature-related dependencies,impacts,risks and opportunities in its direct operations.Describe the organizations processes for identifying,assessing and prioritizing nature-related dependencies,impacts,risks and opportunities in its upstream and downstream value chain(s).Describe t

160、he boards oversightof nature-based dependencies,impacts,risks and opportunities.Describe the effect nature-related dependencies,impacts,risks and opportunities have had on the organizations business model,value chain,strategy and financial planning,as well as any transition plans or analysis in plac

161、e.Describe the organizations human rights policies and engagement activities,and oversight by the board and management.Ensure respectto IPs,LCs and affected and other stakeholders in the organizations assessment of,and response to,nature-related dependencies,impacts,risks and opportunities.Disclose

162、the metrics used bythe organization to assess and manage material nature-related risks and opportunities in line with its strategy and risk management process.1Disclose the organizations governance of nature-related dependancies,impacts,risksand opportunities.Describe managements rolein assessing an

163、d managing nature-related dependencies,impacts,risks and opportunities.23Describe the resilience ofthe organizations strategyto nature-related risks and opportunities,taking into consideration different scenarios.Disclose the locations of assets and/or activities in the organiza-tions direct operati

164、ons and,where possible,upstreamand downstream valuechain(s)that meet the criteria for priority locations.Describe the organizations processes for managing nature-related dependencies,impacts,risks and opportunities.Describe how processesfor identifying,assessing,prioritizing and monitoring nature-re

165、lated risks areintegrated into and informthe organizations overallrisk management processes.Disclose the metrics used bythe organization to assess andmanage dependencies and impacts on nature.Describe the targets andgoals used by the organizationto manage nature-related dependencies,impacts,risks an

166、d opportunities andits performance against these.GovernanceDisclose the effects of nature-based dependencies,impacts,risks and opportunities on the organizations business model,strategy and financial planning where such information is material.StrategyDescribe the process usedby the organization to

167、identify,assess,prioritize and monitor nature-related dependencies,impacts,risks and opportunities.Risk and impact managementDisclose the metrics and targets used to assess and manage material nature-related depend-encies,impacts,risks and opportunities.Metrics and targets12341231A231BRecommended di

168、sclosuresSource:TNFD.(2023).Recommendations of the Taskforce on Nature-related Financial Disclosures.Nature Finance and Biodiversity Credits21In recent years,guidance on metrics that businesses can use to track nature-positive actions has undergone continuous progress and evolution.However,challenge

169、s remain in some areas,such as accurately attributing benefits of a specific action to a specific party,given that biodiversity outcomes are typically measured across large areas,over long periods of time and are influenced by many stakeholders and projects.To measure the impact and outcomes of the

170、specific actions identified and selected in the nature finance action plan,companies need to adopt specific metrics that are suitable and tailored to those actions.Nature strategies and nature finance action plans should be designed through an iterative process,so the specific metrics of the nature

171、finance action plan need to align with the indicators and metrics used while defining the nature strategy(e.g.through ACT-D).All metrics should be robust,science-based,feasible,cost-effective,applicable over long periods of time andindicative of durable,system-scale outcomes(as outlined in step 1).E

172、xisting metrics in disclosure and target-setting frameworksAlthough metrics related to biodiversity are used frequently,no universally accepted biodiversity-specific disclosure standard exists.The TNFD provides some guidance on measuring nature in general.20 Examples of its core global disclosure me

173、trics for nature-related dependencies and impacts include total spatial footprint,encompassing surface area controlled,disturbed and rehabilitated/restored(km2,TNFD indicator reference C1.0).Theyalso include extent of land-/freshwater-/ocean-use change(km2,C1.1),amount of wastewater discharge(m3,C2.

174、1)and quantity of high-risk natural commodities sourced from land/ocean/freshwater(t,C3.1),all within an organizations operations and value chains and directly mapping to GBF targets.Furthermore,the TNFD also provides core global disclosure metrics for nature-related risks and opportunities(C7.0-C7.

175、4),core sector metrics and an array of additional global disclosure metrics,such as for responses to nature-related issues.Examples of these metrics include an organizations investment in projects that mitigate and reduce negative nature impacts or conserve ecosystems where impacts cannot be avoided

176、(A21.0),restoration of negatively affected species and ecosystems(A23.2),and value of operational/capital expenditure.These examples are paired withmitigation hierarchy actions based on value and/or proportions(A23.5).The suite of metrics outlined by TNFD help gauge an organizations impact on nature

177、 as well as responses to nature-related issues overall.However,there is still a lack of guidance on how these metrics apply and pertain to different nature financing mechanisms such as biodiversity credits,where metrics tend to be more detailed and tailored to specific circumstances.This is also the

178、 case for other guidance,such as the SBTN and the CSRD.Guidance is,however,consistently enhanced,for instance through regular publications by the TNFD,the SBTN and the Nature Positive Initiative.Navigating the dynamic field of nature and biodiversity metricsAs overall metrics guidance evolves,busine

179、sses should strive to align with the TNFD and SBTN,staying informed on emerging guidelines and engaging with these institutions to ensure feasible standards are set in line with technological and cost considerations.Today,no existing framework may have sufficient specificity for a given business or

180、action,so frontrunners may have to choose what they believe to be most suitable and select metrics accordingly(possibly inspired by existing methodologies for biodiversity or other nature-related credits).To help navigate this fast-moving space,the Forums 2024 paper,Biodiversity Credits:Demystifying

181、 Metrics for Nature Markets,supports businesses in adopting a fit-for-purpose measurement approach by guiding on four key decisions,outlined in Figure 11.While the report has been developed specifically for biodiversity credit markets,the insights are also relevant for other financing instruments.Th

182、e International Finance Corporation also provide guidance on indicative metrics for different biodiversity finance activity.3.2 Step 2:Identify metrics All metrics should be robust,science-based,feasible,cost-effective,applicable over long periods of time andindicative of durable,system-scale outcom

183、es.Nature Finance and Biodiversity Credits22Four key decisions to help identify nature and biodiversity metrics FIGURE 11Prerequisite decisionHow aggregated should the metrics be?Two main options:Composite metrics(e.g.BII)built from multiple measure-ments,together quantifying ecosystem healthDiscret

184、e(keystone)metrics(e.g.apex predator population)used as indication for the healthof the wider ecosystemHow should change in the metric(s)be quantified?Two main options:Static point,e.g.a historical valueDynamic pathway representing either what would have been the stateof nature at any time without i

185、ntervention,or the most recent measurements(being continually compared to)What type(s)of metric(s)should be used?Three primary types:The direct qualityof nature/biodiversity(e.g.species count)Pollutants and novel entities that affect natureFactors closely relatedto nature outcomes(e.g.IP and LC incl

186、usion)If outcomeShould practices or outcomes be measured?Practices can be measured,e.g.conserved area,timing of intervention or allocated funds.Outcomes are the achieved uplifts in nature or biodiversity the preferred option for ensuring real impact.While the first two steps of the finance action pl

187、an are broadly applicable to other nature financing instruments,the two following steps apply to a situation in which the purchase of biodiversity credits is identified as a concrete action in the nature finance action plan.Nontheless,the insights and considerations in these steps can be applied to

188、other nature financinginstruments.Active risk management across three key risk categoriesIf businesses select biodiversity credits as one of their preferred nature financing options,they need to understand and mitigate key risks associated with them to avoid cascading negative effects.Asoutlined in

189、Biodiversity Credits:A Guide to Support Early Use with High Integrity,there are three main categories of risks associated with buying biodiversity credits:strategic,operational and reputational risks(Figure 12).These risks canoccur independently but are often related.21 Strategic risk is the first a

190、nd most prominent category to consider,as it has the highest potential to create negative effects down the line.For example,strategic risks from an unclear strategy can create operational risks that cause the purchase oflow-integrity credits,in turn leading to inaccurate claims that cause reputation

191、al risks.Developing a holistic nature strategy and following key principles outlined in the previous steps of the nature finance action plan(e.g.mitigation hierarchy)can help businesses mitigate strategic risks.Operational risks are best mitigated through strong due diligence and procurement princip

192、les,which enable the identification of high-integrity credits andtheir credible procurement.These lower the riskof being associated with low-integritycredits.Finally,reputational risks are particularly relevant after businesses have purchased credits.These arediscussed in step 4(manage reputational

193、risksand claims).3.3 Step 3:Procure credits(or other instruments)with integrity Source:Adapted from World Economic Forum.(2024).Biodiversity Credits:Demystifying Metrics for Nature Markets.Nature Finance and Biodiversity Credits23Description and examples of three key risk categoriesFIGURE 12Operatio

194、nal risksFailure to identify trustworthy suppliers and partners and to procure high-integrity credits that deliver positive outcomes for nature and IPs and LCsExample:Credits of questionable integrity are procured,with subsequently emerging signs of severe leakage issuesStrategic risksFailure to cle

195、arly set and deliver nature-related goals,in which biodiversity credits are embeddedExample:Vague strategic goals are translated into conflicting implementation plans across the organization,leading to significantly reduced progress on natureReputational risksFailure to accurately communicatethe pur

196、pose and outcomes achieved with biodiversity credits Example:Misleading communication,purporting credits offset all impacton natureSource:Adapted from World Economic Forum.(2023).Biodiversity Credits:A Guide to Support Early Use with High Integrity.Main aspects to be covered by procurement principle

197、sFIGURE 13Science-based KPIs to track procurement and impactObjectives of credit procurement(e.g.target biodiversity uplift,inclusion of IPs and LCs)Covered by procurement principlesConsiderationsDesired volumes to be procured and timing thereof(e.g.on annual basis)Intended use case of creditsPrefer

198、red credit types(e.g.prioritized habitats and metrics)Credit screening criteriaSource of fundingAvailable budgetTolerable flexibility in case credits fail to meet all preferencesAlignment with existing procurementand sustainability policiesAcceptable level of third-party riskTimeline for procurement

199、 of creditsand demonstrable impact of said creditsCreditFunding and KPISource:Adapted from World Economic Forum.(2023).Biodiversity Credits:A Guide to Support Early Use with High Integrity.Credit procurement principlesBefore procuring services or instruments supporting nature conservation,such as bi

200、odiversity credits,businesses should develop procurement principles that are aligned with the nature strategy.Figure 13 outlines some important aspects of these principles specifically related to biodiversity credits,adapted from Biodiversity Credits:A Guide to Support Early Use with High Integrity.

201、22 Note that this is not an exhaustive list and the principles will need to be tailored to individual circumstances.Nature Finance and Biodiversity Credits24Identifying high-integrity creditsThe nature strategy should inform the businesss objectives and,therefore,the procurement principles and the p

202、referred credit types.Beside identifying the right type of credits,it is imperative for businesses to ensure the environmental and social integrity of theprojects and credit suppliers.The Forums report Biodiversity Credits:A Guide to Identify High-Integrity Projects23 outlines how businesses can rev

203、iew projects against 10 integrity guardrails,outlined in Figure 14,that will be readilyrecognizable to carbon credit stakeholders.For each guardrail,the paper provides suggested documentary evidence to be requested from suppliers,including respective review criteria.Further resources include High-le

204、vel Governance and Integrity Principles for Emerging Voluntary Biodiversity Credit Markets and Biodiversity Credits:A Guide to Support Early Use with High Integrity.Finally,other screening guidelines also exist,such as the Pollination Groups Review Frameworks for Biodiversity Credit Schemes.10 guard

205、rails for screening the integrity of biodiversity creditsFIGURE 14Projects should undergo robust monitoring,reporting and verification(MRV)of biodiversity and community outcomes using sound scientific methods,transparent metrics and traditional knowledge,developed with inclusive participation from I

206、Ps and LCs.Governance arrangements should provide publicly available,comprehensive and transparent information on project design and credit issuance.Rights of IPs and LCsProject developers should respect and protect the rights of IPs and LCsand ensure their meaningful inclusion in all project stages

207、.Benefit-sharingarrangementswith IPs and LCsProject developers should ensure transparent,equitable benefit-sharing with IPsand LCs,document biodiversity credit ownership,respect traditional knowledgeand compensate for impacts while preserving local livelihoods.Legal rightsProject developers should h

208、ave the legal right to carry out a biodiversity credit project.TransparencyrequirementsGovernance arrangements should include regular,independent verificationand validation at both the project developer and project levels,involve affected stakeholders,use transparent data collection,publicly disclos

209、e review outcomes and recommendations,and implement such recommendations in a timely way.Independent validationand verificationMonitoring,reportingand verificationIndependent third parties should administer projects and issue credits.To avoid double counting,registries that uniquely identify,record,

210、trackand securely retire credits should be used.Third-party issuanceWhile additionality is an established integrity principle in carbon markets,the value-add of strict additionality clauses for biodiversity credits requires further rethinking,given biodiversity credits are not offsets.AdditionalityP

211、rojects should achieve long-term positive biodiversity outcomes and developers should transparently communicate durability periods and measures to manageor compensate for reversals.Durability(permanence)Project developers should address leakage risks to prevent the unintendeddisplacement of activiti

212、es that negatively impact biodiversity outside the projectarea,undermining intended positive outcomes.LeakageQualityRightsCredibilitySource:Adapted from World Economic Forum.(2024).Biodiversity Credits:A Guide to Identify High-Integrity Projects.Options for procuring creditsTo determine where to pro

213、cure biodiversity credits,prospective buyers can consult recent market landscape mappings,such as the Pollination Groups State of Voluntary Biodiversity Credit Schemes and Initiatives,the International Institute for Environment and Developments(IIEDs)Biocredit Catalogue and the Nature Finance and II

214、EDs Mapping of Indigenous Peoples and Local Community Involvement in Emerging Biocredits.Alternatively,the weekly OPIS Biodiversity Market Report provides an overview of current nature andbiodiversity markets,including credit projectsand pricing.Nature Finance and Biodiversity Credits25Finally,buyer

215、s need to consider their options for how to procure credits.Deals are often bilateral since there is currently no centralized marketplace,and they can happen at various stages of the project life cycle.While the most intuitive approach may be to purchase credits post-issuance,entering into offtake a

216、greements at earlier stages,in particular with IPs and LCs,can help project developers and buyers reduce risk by guaranteeing demand at given volumes and prices.In some instances,buyers might benefit from a discounted price for credits pre-issuance,as they would be providing funds early in the proje

217、cts lifetime and share part of the project risk(such as of failure to generate sufficient credits).Businesses should,however,avoid negotiating prices below project operating costs.Extended offtake agreements should also facilitate flexible pricing and term reviews to manage supply variability and ri

218、sk sharing.Furthermore,to reach sufficient project scale for meaningful impact on nature,buyers and project developers can collaborate on expanding the number of credit buyers,thereby making useofeconomies of scale for instance through reduced monitoring,reporting and verification(MRV)costs and,at t

219、he same time,increase the impact ofthe money deployed.Nonetheless,in the case of forward-sold credits,businesses should verify the existence of guardrails that prevent project developers from pre-selling credits to multiple buyers and corporate claims should be made on those credits only after the o

220、fficial credit registration and issuance.Five ways biodiversity credits can be used and claimedFIGURE 15Enhance carboncredits for betternature outcomesEnsure bought carbon credits do not have adverse effects on nature by choosing credits from,for example,nature-based solutions.Biodiversity uplift ca

221、n be co-benefitor separate credit.Access ecosystem services as inputsSecure ecosystem services that are keyto the supply chain(e.g.pollination)tohelp manage nature riskand increase resilience,lower cost,etc.Contribute to nature recovery beyond own impactShow commitment to nature beyond the value cha

222、in to support global goals,ensuring notto use credits as offset/instead of actions to reduce ones own negative impact.Offer products bundled with nature recoverySell at potential premium and let consumers support nature,backed by rigorous verification,without misleading stakeholders by claiming dire

223、ct relation between product and nature uplift.1234Take responsibilityfor unmitigated biodiversity impactConsider using biodiversity credits to address unmitigated biodiversity impacts (to be done with caution,pending market infrastructure and standards for equivalence).5Viability of thisuse case con

224、testedin current marketSource:Adapted from World Economic Forum.(2023).Biodiversity Credits:A Guide to Support Early Use with High Integrity.As indicated in section 3.3,reputational risks can be caused by failing to accurately communicate the purpose and outcomes achieved through the purchase of bio

225、diversity credits(Figure 12).Beyond having a solid strategy and an established process to address operational risks,reputational risks are best mitigated by ensuring effective communication of credit-related claims.The type of claim,made with regards to a biodiversity credit,is closely linked to its

226、 use case.Therefore,considerations on which claims to make could be an additional factor in the approach to shortlisting actions in step 1(define actions and value).Biodiversity credit claims anduse casesThe Forums 2023 report,Biodiversity Credits:Demand Analysis and Market Outlook,delineates five m

227、ain ways in which biodiversity credits can be used and claimed(Figure 15).One or multiple use cases may be relevant for any biodiversity credit buyer.However,the fifth use case takingresponsibility for unmitigated biodiversity impacts is currently contested and not seen as a viable option,considerin

228、g the level of development of the market infrastructure and governance.243.4 Step 4:Manage communication and claims Reputational risks can be caused by failing to accurately communicate the purpose and outcomes achieved through the purchase of biodiversity credits.Nature Finance and Biodiversity Cre

229、dits26Overall,to ensure integrity in the claim,businesses should be clear that they are not using biodiversity credits as a standalone instrument for corporate action,but as one aspect of the broader corporate transition.Before they purchase credits,businesses should ensure that they have goals and

230、targets tohalt and reverse nature loss by 2030,that they are maximizing the potential of direct interventions throughout the mitigation hierarchy and are applying the most efficient nature financing mechanism to achieve their objectives.In other words,they should be committed to following guidelines

231、 such as those outlined and referenced inthis roadmap.Communicating this progression will be crucial tomitigating any reputational risk.Clear and transparent communicationCommunication on the purchase of credits and their intended use should provide clarity on 1)scope,2)boundary,3)accuracy and 4)tra

232、nsparency.1.Scope means ensuring clarity on where and how a credit is being used and what the circumstances of the credit are(such ascurrent and future status of the ecosystem,anthropogenic pressures and protection status).Businesses should be clear about whether a credit use applies within or beyon

233、d the value chain,as well as whether the credit has been purchased as a voluntary contribution to nature or,for example,to comply with externally imposed requirements.2.Boundary means detailing the elements ofa business that the credit claims apply to,ranging from the entire company to certain produ

234、cts.For example,a business could use credits to finance conservation of biodiverse and pollinator-rich areas near upstream farms that are dependent on the ecosystem services of those pollinators to produce ingredients that the company uses in its bakeries.More specific claims tend to be clearer,as a

235、ggregated,company-wide claims can be complex tocommunicate.3.Accuracy means not overstating the impact ofactivities that generate the credits,nor omitting potential trade-offs and failing to understand the risks.As with the boundary dimension,achieving accuracy tends to be more difficult with broade

236、r claims.4.Transparency means providing clear,accessible and supporting information on claimsand relevant trade-offs in terms of habitats and species composition.Transparency should reinforce credibility,enable traceability and verifiability of outcomes,and consider theneed for further development o

237、f standards.An example of complete transparency would be providing open online access to all information on the underlying credit purchase.In addition to the above guidance,businesses should be careful to avoid oversimplified,incorrect and misleading communication on biodiversity credits and markets

238、.This includes claims such as biodiversity projects having an impact before verification,direct comparisons between biodiversity and carbon credits,or portrayals of biodiversity credits as a fully established and risk-free financing mechanism for nature.A call to action for elaborated guidance on bi

239、odiversity creditsToday,guidance on communication about biodiversity credits is relatively rare.While this roadmap provides some high-level guidance andreferences,there is a need for multistakeholder alignment,specifically around the overall use cases and acceptable claims related to biodiversity cr

240、edits,some of which are still debated.However,some lessons on communication may be drawn from project developers who provide guidance for their specific products.Examples include NaturePlus NaturePlus Claims Guidance(also referencing Accounting for Natures Claims Rules)and South Poles EcoAustralia C

241、redits Frequently Asked Questions.25 While these sources are likely not applicable across all credits,they have commonalities and key points that can guide communication for businesses.Additionally,independent standard-setters will likely continue to play a fundamental role in providing guidance to

242、the biodiversity credit network.Considering the overall lack of a globally recognized standard,one source of inspiration could be the widely agreed-upon guidance for the voluntary carbon market,as laid out in the VCMI Claims Code of Practice or ISEALs Effective Company Claims About Contributions to

243、Landscape Performance Outcomes.However,since that guidance may not directly transfer to biodiversity credits,it may be valuable to develop a tailored code of practice.Finally,regulation related to greenwashing is continuously developing,such as the recently released green transition directive from t

244、he European Union,26 outlining rules for sustainability-related claims,the Green Guides fromthe Federal Trade Commission in the US,27 which are currently being reviewed,and the UKs green claims code for businesses.28 Similar to other discussed guidelines,national regulations may not specifically add

245、ress biodiversity credits but can offer a framework forethical conduct.There is a need for multistakeholder alignment,specifically around the overall use cases and acceptable claims related to biodiversity credits,some of which are still debated.Nature Finance and Biodiversity Credits27Integrate the

246、 nature finance action plan into the nature strategy 4The nature strategy and the nature finance action plan should ideally be developed jointly and iteratively.Nature Finance and Biodiversity Credits28Since nature strategies are still evolving,they maydiffer in detail and may not always specify how

247、 businesses can implement them.This is why the nature finance action plan complements these overall directives.Action plans should revisit and further substantiate the direction set in the nature strategy and be integrated into the strategy toensure coherence,whether the strategy is developed first

248、or both are developed together.Figure 16 visualizes how the steps of the action planmap to each component of the nature strategy,which is based on the ACT-D framework.During the development of each step in the action plan,the corresponding parts of the strategy should be consulted and updated where

249、relevant,depending on the needs of the specific business.Relationships between the steps of a nature finance action plan and those of ACT-DFIGURE 16Strong relationSome relationConduct an initial materiality assessment to prioritize efforts Measure and evaluate impacts and dependencies on natureAsses

250、s risks and opportunitiesConsider climate and people within the nature assessmentDefine ambition and goalsSet targetsAvoid and reduceRestore and regenerateShift business strategy and modelsCollaborate along value chain at landscape,seascape and river basin levelAdvocate for ambitious policies and in

251、itiativesEmbed nature within the corporate governanceSeek independent validationand verification to enhance credibilityAlign reporting with major reporting standardsFinance action plan stepsStep 1:Define actionsand valueStep 2:Choose metricsStep 3:Procure credits(or deployother nature financing)Step

252、 4:Manage risksand claimsAssessCommitTransformDiscloseNature strategy componentsMonitor progress regularlyReport progress made towards nature-positive goals and communicate findings with key stakeholders throughout the processNature Finance and Biodiversity Credits29Conclusion Nature and biodiversit

253、y markets,as well as regulations,are rapidly evolving.The time to prepare for the future is now.Engaging in nature finance through actions such as purchasing biodiversity credits can be a source of competitive differentiation and provide a host of benefits,including safeguarding at-risk financial va

254、lue and generating new value.The key actions outlined in this roadmap can help businesses navigate nature finance,enhance their readiness and take action.Figure 17 presents five key takeaways from this document.While this roadmap primarily targets corporate buyers of biodiversity credits,all stakeho

255、lders innature finance are encouraged to use and test the sections they find relevant.They are also encouraged to apply and tailor the roadmap to theirsectors or chosen nature financing mechanisms.Moreover,standard-setters,NGOs,market consortia and governments are invited to fill the gap in generall

256、y applicable guidance on biodiversity credit use.Clarifications and further guidance on all aspects of nature finance can help boost buyer confidence and drive demand,which is critically needed to close the nature funding gap and meet the GBFs goals of halting and reversing biodiversity loss by 2030

257、 and living in equilibrium withnature by 2050.Five key takeaways from this roadmapFIGURE 17The time is now forthe private sectorto engage and help bridge the nature finance gap.A nature strategy and a finance action plan that are inherently integrated with each other are needed to purposefully act o

258、n and finance nature.While there is a fair body of guidance available for nature strategies,there is a lack of resources on how to operationalize them(e.g.with a nature finance action plan).This roadmap provides a foundation for corporates to meaningfully engagein nature finance(e.g.biodiversity cre

259、dits).A nature strategy can be developed by using a framework like ACT-D.The nature finance action plan should be developed through four key steps:1.Define actionsand value2.Identify metrics3.Procure credits(or other instruments)with integrity4.Manage communicationand claimsBiodiversity credits are

260、one of many options for nature finance.While focusing mainly on biodiversity credits,this roadmap may still guideon other options.Nature Finance and Biodiversity Credits30AppendicesThe development and implementation of a nature strategy and a nature finance action plan involve key capabilities and c

261、ollaboration,as outlined inFigure 18.Developing or sourcing capabilitiesNew capabilities may be needed to develop anature strategy and nature finance action plan.Some capabilities are transferable from similar functions,such as general strategy orprocurement functions,but nature-related actions requ

262、ire specific capabilities.These might include in-depth knowledge of nature dependencies and opportunities or aligning with the Taskforce for Nature-related Financial Disclosures(TNFD).Thesecapabilities can be developed in-house orsourced externally.Developing capabilities in-house through upskilling

263、 or targeted hiring helps ensure continuous,long-term organizational learning enabled by consistent codification of lessons learned.This is particularly important in the relatively new field of nature strategy,in which both individual businesses and the economy as a whole need to advance and mature.

264、Sourcing capabilities externally can help accelerate delivery time to action and support in-house capability building.Collaborating with other frontrunnersBeyond developing or sourcing capabilities,collaborating with peers can help drive success.Consortia and other partnerships can help move individ

265、ual businesses and the entire field of nature finance forward by creating and spreading consensus.This can be achieved by pooling perspectives,identifying new ideas,instillingconfidence to act when needed and providing organizations with the authority totake market-forming stances.Capabilities and c

266、ollaboration as two key enablers for nature-positive actionFIGURE 18Refine perspectivesMove to consensusInstill confidence and provide authorityDevelop capabilitiesUpskill or hireIngrain nature-positive mindsetEnsure continuous learningSource capabilitiesUse trusted advisers Boost time to action and

267、 learning curvesEnsure knowledge transferDevelop or sourcerequisite capabilitiesCollaborate with other frontrunnersA1 Capabilities and collaboration Nature Finance and Biodiversity Credits31Advantages,disadvantages and suitability of various nature financing mechanismsTABLE 1Nature financing mechani

268、smAdvantagesDisadvantagesSuitable for businesses that are Improve own operations Full mandate and ability to influence Easily demonstrable results May have co-benefits(e.g.efficiency gains)Doesnt remediate nature impact in wider value chain May not be most effective way to benefit nature if value ch

269、ain footprint is largerSituated in hard-to-abate nature impact sectorsUse partners to improve operations Potential to quickly unlock both impact and capabilities May create win-win if collaborating with competitors or stakeholders from other markets May create connections for future partnerships May

270、 be relatively costly(e.g.due to pure cost of hiring advisers or upfront investment for a collaboration effort)Risks losing some control of own operationsIn a position with access to helpful partners and already doing or have completed“no-regret”in-house improvementsImprove others in value chain Lar

271、ge sphere of influence with intact ability to claim impact May strengthen relationships Co-benefits(e.g.efficiency gains)may be shared Requires deep understanding of value chain and where nature is affected Dependent on value chain stakeholders who also have other interestsPart of value chain with s

272、ignificant nature impact,but not the main contributor thereinConduct own projects outside own operations Can be tailored to ones circumstances for maximum effect Potential for new organizational learning Communication can be fully owned Risks going far beyond core operations and capabilities Require

273、s much active involvement for being(mainly)outside own value chainAble and willing to conduct projects outside core operations and be hands-onBuild new,green business Maximum potential for innovation Can be tailored to fit any need Market-based option with potential for strong business case May requ

274、ire substantial upfront investment and preparation Potentially risky and uncertain impact on business and nature In a position with access to strong innovative capabilities and capital Directly finance third-party nature projects or stakeholders Relatively easily attained,far-reaching impact Tangibl

275、e philanthropic impression Relatable to end consumers who donate themselves May have limited options in terms of both projects/stakeholders and timing Limited control of how money is usedIn relatively nature-friendly value chain but still want to contribute,or have indirect/uncertain impact(e.g.fina

276、ncial institution)Use biodiversity credits to finance third party nature projects or stakeholders Requires minimal active involvement(granted a functioning market exists)Standardized and verified impact(though still in development)Scalable way to pool funding for large projects and benefit from econ

277、omies of scale Nascent field requiring up-to-date knowledge on developments(for now)Reputational third-party risk from credit supplier introducedFrontrunners aiming to generate momentum for nature markets/ready to communicate transparentlyTable 1 provides a non-exhaustive overview of nature financin

278、g options,including their advantages,disadvantages and suitability tospecific contexts.Further guidance can be found in the BIOFIN Catalogue of Finance Solutions.29A2 Advantages,disadvantages and suitability ofvarious nature financing mechanisms Nature Finance and Biodiversity Credits32EcoMines is a

279、n illustrative mining company,dedicated to halting and reversing biodiversity loss.Its ambition is to become the worlds most nature-friendly mining company by 2050.EcoMines nature strategy consists of the following:Baseline:in 2020,EcoMines.Reduced biodiversity ecosystems by 10%on average,across its

280、 2,000 hectares(ha)of land used for mining activities(including operational sites and areas affected by infrastructure development),measured bythe Biodiversity Intactness Index(BII)Induced the loss or degradation of 500 ha of critical habitats,including wetlands and forests,due to mining activities

281、Generated 3 million tonnes of mining waste,including tailings and overburden,with limited recycling Used 5 million cubic metres of water,primarily for ore processing and dust suppression Emitted 1.2 million tonnes carbon dioxide equivalent(CO2e),contributing to air pollution and climate change Consu

282、med 1.5 million megawatt-hours,80%of which were derived from non-renewable sources Induced the displacement of IPs and LCs,affecting 1,000 households Conducted a comprehensive environmental impact assessment using the ACT-D framework to identify key areas for improvementSet of targets:EcoMines key n

283、ature objectivesareto.Reduce biodiversity impact in active mining areas by 25%by 2030,and by 80%by 2050 Reduce water use by 70%by 2030 Switch to 100%sustainable energy by 2030 Reduce waste by 50%and reach a recycling rate of 80%by 2050 Restore 100%of closed mining areas by 2030 Support all suppliers

284、 and interested peers in adopting nature-positive strategies and actions Engage affected IPs and LCs in project planningprocessesNature finance action plan:In line with its environmental impact assessment,EcoMines has identified key nature-positive actions and pledged$70 million in nature investment

285、 over five years to.Create wildlife corridors and plant native vegetation on 900 ha on and around miningsites Partner with environmental organizations to restore 1,000 ha of degraded lands meeting and exceeding local regulation Purchase biodiversity credits that conserve 1,000 ha and restore an addi

286、tional 1,000 ha over a 25-year period to go beyond own impactand generate nature-positive outcomes(to do this,they have developed aset of procurement guidelines in line with the highest integrity standards)Issue green bonds to finance water efficiency,renewable energy,waste reduction and restoration

287、 measures onmining sitesThe outcomes of EcoMines actions will be tracked primarily through BII and the Integrated Biodiversity Assessment Tool(IBAT),although specific methodologies vary according to local context.Toidentify the most suitable communication strategy,considering risk and claims guideli

288、nes,EcoMines has set up an internal taskforce.An extract from the companys business case evaluation of the actions outlined reveals that EcoMines will:Save$5 million annually by 2030 from reduced water and energy costs and carbon tax liabilities Avoid$2.5 million in potential fines and opposition co

289、sts through community engagement Access$50 million in new capital over five years by issuing green bonds to finance return-on-investment positive efforts on mining sites Deploy$20 million in on-balance-sheet finance for additional restoration efforts,including efforts related to regulatory requireme

290、nts Generate$10 million annually from sustainably sourced minerals and$4 million from new market entry into generative artificial intelligence(AI)-enabled MRV systems for mining,developed with existing MRV partnersA3 Applied example:A nature strategy and anature finance action plan for EcoMines,anil

291、lustrative company Nature Finance and Biodiversity Credits33ContributorsAcknowledgementsGiulia CarboneDirector,Nature for Climate,World Business Council for Sustainable DevelopmentAlejandra CastroGlobal Head,Partnerships,International Organizations,BayerAdele CheliDirector,Sustainability Partnership

292、s&Strategy,GSKLetcia GuimaresBiodiversity Lead,Vale Erika KorosiFellow and Senior Director,Nature Markets,Conservation InternationalNatalia PaesAnalyst,Biodiversity,ValeOlga PanchenkoCarbon Markets and Policy Expert,RabobankEdmund Pragnell Lead,Nature Finance,CreditNatureR.RaghunathanDirector,The Si

293、lent FoundationToral ShahBiodiversity Coordinator,Plan Vivo FoundationElisa VacherandDeputy Practice Leader,Finance,WWFBelle TanNature Finance,Standard Chartered BankAdrian WardChief Executive Officer,Accounting for NatureProductionLouis ChaplinEditor,Studio MikoLaurence DenmarkCreative Director,Stu

294、dio MikoJay KellyDesigner,Studio MikoWorld Economic Forum Alessandro ValentiniLead,Innovative Finance for Nature McKinsey&CompanyMariella GoeblAssociateTony HansenDirector,Natural Capital and NatureDuko HopmanPartnerJoshua KatzPartner Daniel LavingSpecialistNature Finance and Biodiversity Credits34E

295、ndnotes1.United Nations Environment Programme(UNEP).(2024).Private finance for nature surges to over$102 billion,paving the way to close global biodiversity financing gap by 2030.https:/www.unepfi.org/wordpress/wp-content/uploads/2024/06/Press-release-New-Green-Shoots-research-Clean-10062024-updated

296、-2.pdf.2.McKinsey&Company.(2022).Where the worlds largest companies stand on nature.https:/ al.(2020).Financing Nature:Closing the Global Biodiversity Financing Gap.The Paulson Institute,The Nature Conservancy and the Cornell Atkinson Center for Sustainability.https:/www.paulsoninstitute.org/conserv

297、ation/financing-nature-report/.4.World Wide Fund for Nature(WWF).(2022).Living Planet Report 2022:Building a Nature-Positive Society.https:/wwflpr.awsassets.panda.org/downloads/lpr_2022_full_report_1.pdf.5.Dasgupta,P.(2021).The Economics of Biodiversity:The Dasgupta Review.https:/assets.publishing.s

298、ervice.gov.uk/government/uploads/system/uploads/attachment_data/file/962785/The_Economics_of_Biodiversity_The_Dasgupta_Review_Full_Report.pdf.6.Deutz,A.et al.(2020).Financing Nature:Closing the Global Biodiversity Financing Gap.The Paulson Institute,The Nature Conservancy and the Cornell Atkinson Ce

299、nter for Sustainability.https:/www.paulsoninstitute.org/conservation/financing-nature-report/.7.Biodiversity Credit Alliance.(2024).Definition of a Biodiversity Credit.https:/www.biodiversitycreditalliance.org/wp-content/uploads/2024/05/Definition-of-a-Biodiversity-Credit-Rev-220524.pdf.8.Convention

300、 on Biological Diversity.(2022).Kunming-Montreal Global Biodiversity Framework.https:/www.cbd.int/gbf/targets/19.9.Nature Positive Initiative.(2023).The Definition of Nature Positive.https:/4783129.fs1.hubspotusercontent- refers to targets two and three of the Global Biodiversity Framework(GBF)adopt

301、ed at COP15.Convention on Biological Diversity.(2022).2030 Targets(with Guidance Notes).https:/www.cbd.int/gbf/targets.12.Taskforce on Nature-related Financial Disclosures(TNFD).(2023).Guidance on the identification and assessment of nature-related issues:The LEAP approach.https:/tnfd.global/wp-cont

302、ent/uploads/2023/08/Guidance_on_the_identification_and_assessment_of_nature-related_Issues_The_TNFD_LEAP_approach_V1.1_October2023.pdf?v=1698403116.13.Science Based Targets for Nature(SBTN).(2020).Initial guidance for business.https:/sciencebasedtargetsnetwork.org/wp-content/uploads/2020/09/SBTN-ini

303、tial-guidance-for-business.pdf.14.Shi,H.et al.(2005).Integrating Habitat Status,Human Population Pressure,and Protection Status into Biodiversity Conservation Priority Setting.Conservation Biology,vol.19,issue.4,pp.12731285.https:/www.jstor.org/stable/3591312.15.Freudenberger,L.et al.(2013).Nature c

304、onservation:priority-setting needs a global change.Biodiversity and Conservation,vol.22,pp.12551281.https:/doi.org/10.1007/s10531-012-0428-6.16.Bacchetta,G.,Farris,E.,&Pontecorvo,C.(2012).A new method to set conservation priorities in biodiversityhotspots.Plant Biosystems-An International Journal De

305、aling with All Aspects of Plant Biology,vol.146,issue.3,pp.638648.https:/doi.org/10.1080/11263504.2011.642417.17.Y.Kobayashi,K.Okada,A.S.Mori.(2019).Reconsidering biodiversity hotspots based on the rate of historical land-use change.Biological Conservation,vol.233,pp.268275.https:/doi.org/10.1016/j.

306、biocon.2019.02.032.18.International Union for Conservation of Nature.(n.d.).Red List of Threatened Species.https:/www.iucnredlist.org/.19.T.Pienkowski,C.Cook,M.Verma,L.R.Carrasco.(2021).Conservation cost-effectiveness:a review of the evidence base.Conservation Science and Practice,vol.3,issue.5.http

307、s:/doi.org/10.1111/csp2.357.20.Taskforce on Nature-related Financial Disclosures(TNFD).(2023).The TNFD Nature-related Risk and Opportunity Management and Disclosure Framework.Beta v0.4 Annex 4.3 Disclosure Metrics Annexes.https:/tnfd.global/wp-content/uploads/2023/07/23-23882-TNFD_v0.4_Annex_4.3_v3-

308、1-1.pdf?v=1690527800.21.World Economic Forum.(2023).Biodiversity Credits:A Guide to Support Early Use with High Integrity.https:/www3.weforum.org/docs/WEF_Biodiversity_Credits_A_Guide_to_Support_Early_Use_with_High_Integrity_2023.pdf.22.Ibid.23.World Economic Forum.(2024).Biodiversity Credits:A Guid

309、e to Identify High-Integrity Projects.https:/www3.weforum.org/docs/WEF_Biodiversity_Credits_A_Guide_to_Support_Early_Use_with_High_Integrity_2023.pdf.24.World Economic Forum.(2023).Biodiversity Credits:Demand Analysis and Market Outlook.https:/www3.weforum.org/docs/WEF_2023_Biodiversity_Credits_Dema

310、nd_Analysis_and_Market_Outlook.pdf.Nature Finance and Biodiversity Credits3525.South Pole.(n.d.).EcoAustralia Credits Frequently Asked Questions.https:/ of the European Union.(2024).Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directives 2005/29/EC and 2011/83/EU a

311、s regards empowering consumers for the green transition through better protection against unfair practices and better information.https:/data.consilium.europa.eu/doc/document/ST-5417-2024-INIT/en/pdf.27.Federal Trade Commission.(n.d.).Green Guides.https:/www.ftc.gov/news-events/topics/truth-advertis

312、ing/green-guides.28.GOV.UK.(2021).Green claims code:making environmental claims.https:/www.gov.uk/government/publications/green-claims-code-making-environmental-claims.29.The Biodiversity Finance Initiative(BIOFIN).(n.d.).BIOFIN Catalogue of Finance Solutions.https:/www.biofin.org/finance-solutions.

313、Nature Finance and Biodiversity Credits36World Economic Forum9193 route de la CapiteCH-1223 Cologny/GenevaSwitzerland Tel.:+41(0)22 869 1212Fax:+41(0)22 786 2744contactweforum.orgwww.weforum.orgThe World Economic Forum,committed to improving the state of the world,is the International Organization for Public-Private Cooperation.The Forum engages the foremost political,business and other leaders of society to shape global,regional and industry agendas.