📋 Tender Overview
According to a new report published by the Global Environment Facility GEF and the International Institute for Environment and Development IIED the promotion and large-scale adoption of innovative financing in favor of nature including biodiversity impact carbon credits and nature certificates could help fill the significant gap in resources for safeguarding and restoring biodiversity and benefit indigenous peoples and local communities .The report titled Innovative Financing for Nature and People was carried out under the auspices of a high-level working group composed of 20 members see below and assisted by a group of experts. It makes a series of recommendations for the One Forest Summit co-hosted by the Gabonese and French governments in Libreville on March 1-2. This event is part of the series of One Planet summits an initiative of the President of the French Republic Emmanuel Macron aimed at bringing together heads of state and government heads of international organizations financial institutions representatives of the private sector international non-governmental organizations think tanks and research centers and organizations of indigenous peoples and civil societyThe recommendations made for governments and public decision-makers include putting in place clear laws policies and incentives to promote market demand and accountability for these innovative financial products. They also advocate the elimination of harmful subsidies for biodiversity as well as the need to distinguish carbon credits with biodiversity impact and nature certificates from biodiversity offset mechanisms and to articulate their role with the Paris Agreement on climate and the recently adopted Global Biodiversity Framework from Kunming to Montreal.Biodiversity impact carbon credits and nature certificates need to be piloted as part of national biodiversity and climate strategies and plans before they can be scaled up to a critical mass of trading. Governments should work with other stakeholders especially indigenous peoples and local communities to establish effective governance for nature certificates and improve the governance of existing carbon markets to include biodiversity.Biodiversity impact carbon credits and nature certificates have the potential to unlock additional finance from a variety of sources including private sector companies that are committed to positive impact for nature and support the transition to biodiversity. carbon neutral says Carlos Manuel Rodriguez President and CEO of the Global Environment Facility. We need to learn from the work done on carbon credits to create a single unified forest credit system that takes into account climate and biodiversity concerns. The report makes several recommendations for the private sector investors and other market participants. These include the need to stimulate and support demand from individual buyers and private investors and to collaborate on methodologies certification standards and indicators.The report also indicates that all parties involved must ensure that indigenous peoples and local communities as the main custodians of nature contribute to the design of these innovative financial products and benefit from them. The latter should be paid an agreed share of revenues receive support to design and run projects generating credits and certificates and be key players in market governance by certifying and managing exchanges and ledgers.Innovative finance offers a tangible solution to the lack of resources for biodiversity conservation and restoration but we must take the necessary steps at an early stage of market development to ensure that it does not become another form greenwashing says IIED Executive Director Tom Mitchell . Properly implemented they could help preserve valuable plants animals and ecosystems while channeling funding to local communities and indigenous peoples who are the most effective stewards of biodiversity. The report recommends that all parties involved in the development of biodiversity impact carbon credits and nature certificates define and apply principles of integrity for the voluntary market. In particular they should ensure that it is separate from biodiversity offset mechanisms the latter should remain the responsibility of regulators and is linked to adequate policy and institutional frameworks at national and sub-national level.The marketplace will also need to leverage existing networks to build a global partnership and platform that accelerates and scales up biodiversity impact carbon credit and nature certificate programs that deliver equitable and positive outcomes for nature. This platform should contribute to the identification of priority geographical areas help to establish appropriate methodologies as well as good practices and cooperation frameworks and promote financial monitoring and accountability using the lever of technology and in particular blockchains.
