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DAILY NEWS ANALYSIS

  • 02 January, 2024

  • 3 Min Read

Bio Credits – Biodiversity credits

There is an urgent need to regulate frameworks to ensure the effective implementation of biodiversity credits.

Kunming-Montreal Global Biodiversity Framework (KMGBF)

Aim - KMGBF aims to catalyze transformative action by governments, and subnational and local authorities, with the involvement of all of society, to halt and reverse biodiversity loss.

  • Adoption - KMGBF was adopted in 2022 at the 15th Conference of Parties (CoP15) of Convention on Biological Diversity (CBD).
  • Financing work - Biodiversity credits are increasingly being pushed as a means for financing work on the various targets set under the Kunming-Montreal Global Biodiversity Framework (KMGBF).

Biodiversity Credits

  • Biodiversity credit is a financial mechanism, which represents an asset created through investments in the restoration, conservation, and development of biodiversity in a specific landscape.

Biocredits are similar to carbon credits used to control greenhouse gas emissions.

  • Biocredits are not designed to offset or compensate for actions with negative impacts on biodiversity.
  • Instead, proceeds from the sale of biocredits are used to protect and restore biodiversity where it exists.
  • To promote biocredits, the biodiversity credit alliance was also launched at CoP15.

Biodiversity Credit Alliance (BCA)

  • BCA provides guidance for the establishment of a credible and scalable market that stands up to the scrutiny of multiple stakeholders.
  • BCA is working together with the Indigenous Peoples and Local Communities to ensure strong foundations and principles exist and can be applied by all market participants going forward.
  • BCA was launched during the COP 15 with the support from UNDP, the United Nations Environment Programme Finance Initiative (UNEP FI) and the Swedish International Development Cooperation Agency (SIDCA).
  • BCA is a voluntary international alliance that brings together diverse stakeholders to support the realization of the Global Biodiversity Framework.

Implementation and Initiatives:

Ocean Conservation Commitments (OCCs): Launched in September 2023, OCCs are tied to Niue's Moana Mahu Marine Protected Area, covering 127,000 square kilometers.

      • OCCs are available for purchase by interested buyers, each representing a commitment to support conservation efforts for 20 years.
      • Priced at USD 148 per OCC, these commitments have attracted investments from non-governmental organizations like the Blue Nature Alliance, Conservation International, and private donors.

Wallacea Trust: This UK-based organization focused on biodiversity and climate research has made substantial financial commitments, amounting to 5 million biodiversity credits. Their engagement signals a significant interest from research-oriented entities in utilizing biodiversity credits to support conservation efforts.

India Business & Biodiversity Initiative (IBBI): It serves as a national platform for businesses and its stakeholders for dialogue sharing and learning, ultimately leading to mainstreaming sustainable management of biological diversity into businesses.

National Plan for Conservation of Aquatic Ecosystems (NPCA)

  • NPCA is a single conservation programme for both wetlands and lakes.
  • It is a centrally sponsored scheme, currently being implemented by the Union Ministry of Environment and Forests (MoEF).
    • It was formulated in 2015 by merging of the National Lake Conservation Plan and the National Wetlands Conservation Programme.
  • NPCA seeks to promote better synergy and avoid overlap of administrative functions.

Source: downtoearth


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