Conservation Finance: Moving Beyond Donor Funding Toward An Investor-Driven Approach

This report shows existing unexploited private sector investment opportunities to increase conservation finance and deliver maximum conservation impacts while, at the same time, generating returns for investors. In order to develop appropriate financing structures and ensure that private sector conservation finance results in measurable conservation outcomes, financial institutions and non-governmental organizations must experiment and define their respective roles and approaches.

Securing Ocean Benefits for Society
In the Face of Climate Change

Benefits humans rely on from the ocean-marine ecosystem services-are increasingly vulnerable under future climate. This paper reviews how three valued services have, and will continue to, shift under climate change: (1) capture fisheries, (2) food from aquaculture, and (3) protection from coastal hazards such as storms and sea-level rise. Climate adaptation planning is just beginning for fisheries, aquaculture production, and risk mitigation for coastal erosion and inundation. A few examples are highlighted, showing the promise of considering multiple ecosystem services in developing approaches to adapt to sea-level rise, ocean acidification, and rising sea temperatures.

Ecosystem-based adaptation in fisheries and along coastlines and changes in aquaculture practices can improve resilience of species and habitats to future environmental challenges. Opportunities to sue market incentives-such as compensation for services or nutrient trading schemes-are relatively untested in marine systems. Relocation of communities in response to rising sea levels illustrates the urgent need to manage human activities and investments in ecosystems to provide a sustainable flow of benefits in the face of future climate change.

Navigating Wetland Mitigation Markets

While the use of ecosystem services markets is increasingly discussed as a policy option to protect ecological functions that benefit society, there is limited publicly available information regarding the risks associated with investing in, operating in, and regulating, such markets. In this paper we outline the risks faced both by entrepreneurs who sponsor wetland mitigation banks-the most mature ecosystem services market in the US-and the regulators who oversee them. To identify these risks, as well as their potential mitigants or other strategies to navigate them, we rely upon existing literature and interviews conducted with industry participants, including entrepreneurs, regulators, and consultants. This paper seeks to provide a consolidated list of risks that may help to inform investors due diligence processes and their understanding of wetland mitigation banking as a real asset, and may serve as a reference for entrepreneurs and regulators who are new to wetland mitigation banking or other more nascent ecosystem services markets featuring similar risks.

State of Watershed Payments 2012: Executive Summary for Business

 This report benchmarks companies taking a landscape-scale approach to water risk – looking beyond  direct operations to the larger watershed context.  Business leaders from Coca-Cola to SABMiller to  Sony are experimenting with natural infrastructure  investments that address many of the operational  risks at the top of their lists – including supply disruptions  and emerging regulations – while saving money,  increasing resilience to climate and natural disaster  shocks, and improving relations with local communities.  These efforts are known as investments in  watershed services (“IWS”).

This executive summary is developed specifically for a business audience, building upon data and analysis first  presented in a more comprehensive report from Forest Trends’ Ecosystem Marketplace on the topic of  watershed investments –  Charting New Waters: State of Watershed Payments 2012. In  Charting New Waters,  we track the size, scope, and outlook for investments in watershed services and in the ecological infrastructure  from which they flow.

State of Watershed Payments 2012: Executive Summary for Business

 This report benchmarks companies taking a landscape-scale approach to water risk – looking beyond  direct operations to the larger watershed context.  Business leaders from Coca-Cola to SABMiller to  Sony are experimenting with natural infrastructure  investments that address many of the operational  risks at the top of their lists – including supply disruptions  and emerging regulations – while saving money,  increasing resilience to climate and natural disaster  shocks, and improving relations with local communities.  These efforts are known as investments in  watershed services (“IWS”).

This executive summary is developed specifically for a business audience, building upon data and analysis first  presented in a more comprehensive report from Forest Trends’ Ecosystem Marketplace on the topic of  watershed investments –  Charting New Waters: State of Watershed Payments 2012. In  Charting New Waters,  we track the size, scope, and outlook for investments in watershed services and in the ecological infrastructure  from which they flow.

The Economics of Ecosystems and Biodiversity for Water and Wetlands

The “nexus” between water, food and energy is one of the most fundamental relationships and challenges for society. The importance of this nexus was reemphasised at the UN Conference on Sustainable Development (Rio+20) in June 2012. The outcome document adopted at Rio+20 “The Future We Want” noted: “We recognize the key role that ecosystems play in maintaining water quantity and quality and support actions within respective national boundaries to protect and sustainably manage these ecosystems” UNCSD (2012, para 122). Wetlands are a fundamental part of local and global water cycles and are at the heart of this nexus. We also expect wetlands to be key to meeting the Millennium Development Goals (MDGs) and the future Sustainable Development Goals (SDGs).

Wetlands are essential in providing water-related ecosystem services, such as clean water for drinking, water for agriculture, cooling water for the energy sector and regulating water quantity (e.g. flood regulation). In conjunction with their role in erosion control and sediment transport, wetlands also contribute to land formation and therefore resilience to storms. Moreover,  
they provide a wide range of services that are dependent on water, such as agricultural production, fisheries and tourism.
Notwithstanding the high value of the ecosystem services that wetlands provide to humankind, wetlands continue to be degraded or lost due to the effects of intensive agricultural production, irrigation, water extraction for domestic and industrial use, urbanisation, infrastructure and industrial development and pollution. In many cases, policies and decisions do not take into account these interconnections and interdependencies sufficiently. However, the full value of water and wetlands needs to be recognised and integrated into decisionmaking in order to meet our future social, economic and environmental needs. Using the maintenance and enhancement of the benefits of water and wetlands is, therefore, a key element in a transition to a green economy.

A Primer for Monitoring Water Funds

Water Funds are governance and financial mechanisms organized around the central principle of watershed conservation.

This document is intended to assist people working on Water Funds to understand their information needs and become familiar with the strengths and weaknesses of various monitoring approaches. This primer is not intended to make people monitoring experts, but rather to help them become familiar with and conversant in the major issues so they can communicate effectively with experts to design a scientifically defensible monitoring program.

The document highlights the critical information needs common to Water Fund projects and summarizes issues and steps to address in developing a Water Fund monitoring program. It explains key concepts and challenges; suggests monitoring parameters and an array of sampling designs to consider as a starting-point; and provides suggestions for further reading, links to helpful resources, and an annotated bibliography of studies on the impacts that result from activities commonly implemented in Water Fund projects. While this document highlights the importance of setting clear goals and objectives, which will guide a Water Fund and its activities and define what information should be tracked, it does not provide detailed information about how to develop goals and objectives.

For more information on this process, see the Conservancy’s primer on Water Fund creation and design, Water Funds: Conserving green infrastructure: A guide for design, creation and operation.

Increasing Participation In Incentive
Programs For Biodiversity Conservation

Engaging private landowners in conservation activities for imperiled species is critical to maintaining and enhancing biodiversity. Market-based approaches can incentivize conservation behaviors on private lands by shifting the benefit–cost ratio of engaging in activities that result in net conservation benefits for target species. In the United States and elsewhere, voluntary conservation agreements with financial incentives are becoming an increasingly common strategy. While the influence of program design and delivery of voluntary conservation programs is often overlooked, these aspects are critical to achieving the necessary participation to attain landscape-scale outcomes. Using a sample of family forest landowners in the southeast United States, we show how preferences for participation in a conservation program to protect an at-risk species, the gopher tortoise (Gopherus polyphemus), are related to program structure, delivery, and perceived efficacy. Landowners were most sensitive to programs that are highly controlling, require permanent conservation easements, and put landowners at risk for future regulation. Programs designed with greater levels of compensation and that support landowners’ autonomy to make land management decisions can increase participation and increase landowner acceptance of program components that are generally unfavorable, like long-term contracts and permanent easements. There is an inherent trade-off between maximizing participation and maximizing the conservation benefits when designing a conservation incentive program. For conservation programs targeting private lands to achieve landscape-level benefits, they must attract a critical level of participation that creates a connected mosaic of conservation benefits. Yet, programs with attributes that strive to maximize conservation benefits within a single agreement (and reduce risks of failure) are likely to have lower participation, and thus lower landscape benefits. Achieving levels of landowner participation in conservation agreement programs that deliver lasting, landscape-level benefits requires careful attention not only to how the program structure influences potential conservation benefits, but also how it influences landowners and their potential to participate.

Financial Mechanisms For Environmental Compliance in Infrastructure Projects

Environmental impact assessments (EIA) are the main regulatory tool governments use to balance the development and environmental values at stake in infrastructure development. Currently, however, project developers’ incentive for environmental performance dissipates as soon as environmental approval and financing are secured. To really protect the environment, EIAs need to be accompanied by intelligently structured financial incentives.

Both governments and banks can provide these incentives. Governments must lead, because they control most of the decisions on the planning and implementation of infrastructure. Whether governments own projects or not, they establish the rules and provide the enforcement capacity needed to secure compliance. Banks, for their part, can use a blend of positive and negative incentives during the life of a given loan. Beyond the period of a loan, banks’ most powerful incentive is conditioning future access to, or the price of, credit on past environmental performance.

Incentives should be scaled to be on par with the cost of environmental compliance and operate over the entire period of time in which a project’s environmental risks are present, which may be longer than the project itself. They should also avoid pushing projects to lessFdemanding lenders, and aim for fair and politically feasible cost sharing between lenders, private companies, governments and recipients of environmental services.

  • Among the options presented in this paper, we highlight several for their promise:
  • Performance bonds for avoidable impacts of projects, specified in each project’s mitigation requirements.
  • UpFfront deposits for compensation of inevitable impacts, with funds earmarked for specific offsetting compensation in longFterm habitat conservation or restoration.
  • A carbon depositFrefund system would be a special case of the previous two points, providing an upFfront deposit, a part of which could be refunded (like a bond), based on longFterm avoidance of impacts.
  • Accelerated depreciation in return for high compliance, with corresponding tax penalties for poor performance.
  • Access to credit and public contracts conditioned on past environmental performance. At an extreme, any lapse in compliance would relegate developers to a list on which they had no access to credit (from banks participating in the rating scheme) or public bids. Another approach would be to include the environmental score in the overall rating of public bids and as a determinant of the interest rate charged.

We propose several other measures here, approaches that are already widely used, such as fines, and ones that are more exotic, such as variable interest rates. With the right combination of targeted and timely incentives the coming wave of infrastructure development can be done in a way that’s economically sound and conserves natural ecosystems.

Recommendations from Katoomba China-Global

Policymakers, natural resource managers, researchers, and expert practitioners from 13 Chinese provinces and 15 countries recently convened at Katoomba XVIII: Forests, Water, and People in Beijing to advance investments in natural infrastructure for water security in an urbanizing world. The setting reflected China’s global leadership in eco-compensation as well as regional opportunities to improve the efficiency and effectiveness of investments in watershed services.

Over the four-day meeting, participants presented and discussed innovative approaches from China and around the world for addressing water risk through investments in natural infrastructure. Sessions focused on innovative financing for natural infrastructure, new approaches by governments and business, managing the water-energy-food-nexus, and urban partnerships for watershed protection. Participants also delved into ongoing investments in Beijing’s watershed, focusing on efforts led by the neighboring Beijing Municipality and Hebei Province. Drawing on insights and observations during the meeting as well as experience from around the world, meeting participants developed recommendations, presented in these documents.

Charting New Waters

 The number of initiatives that protect and restore forests, wetlands, and other water-rich ecosystems has nearly doubled in just four years as governments urgently seek sustainable alternatives to costly industrial infrastructure, according to a new report from Forest Trends’ Ecosystem Marketplace.

“Whether you need to save water-starved China from economic ruin or protect drinking water for New York City, investing in natural resources is emerging as the most cost-efficient and effective way to secure clean water and recharge our dangerously depleted streams and aquifers,” said Michael Jenkins, Forest Trends President and CEO. “80 percent of the world is now facing significant threats to water security. We are witnessing the early stages of a global response that could transform the way we value and manage the world’s watersheds.”
The report, State of Watershed Payments 2012, is the second installment of the most comprehensive inventory to date of initiatives around the world that are paying individuals and communities to revive or preserve water-friendly features of the landscape. Such features include wetlands, streams, and forests that can capture, filter, and store freshwater.

State of the Voluntary Carbon Markets 2012 Report Assessment

Mitigating extreme climate change is invaluable, but cutting carbon emissions comes at a price. Understanding what drives that price – from contract structures to technologies – gives market players the transparency they need to make decisions that minimize risk and spur investments.

Published by Ecosystem Marketplace and Bloomberg New Energy Finance for 7 years, The State of the Voluntary Carbon Markets (SOVCM) reports have an established track record of offering this kind of valuable market intelligence – answering questions like, “How big is the market?”, “What’s being traded?”, “Who’s buying and selling, and at what price?”
This information is more relevant than ever to decision-makers in every sector, as…

  • Voluntary corporate climate actions and top-down regulations converge
  • Emerging economies leverage the voluntary carbon markets’ existing infrastructure to underpin new marketplaces
  • Companies warm to the business case for offsetting as a hedge against reputational and regulatory risk; to sustainably improve agricultural yields; connect with clients; green their supply chains; and many other motivations.

This document describes how Ecosystem Marketplace’s latest edition continues to leverage stakeholder input to expand support for and coverage of carbon market activities and transparency. Topics covered include:

  • Reader statistics, locations and companies
  • New content and analysis in 2012
  • Plans for the year ahead!

Global Estimates of the Value of Ecosystems and their Services in Monetary Units

This paper gives an overview of the value of ecosystem services of 10 main biomes expressed in monetary units. In total, over 320 value estimates were coded and stored in a searchable Ecosystem Service Value Database (ESVD). A selection of 665 value estimates was used for the analysis.

Acknowledging the uncertainties and contextual nature of any valuation, the anaysis shows that the total value of ecosystem services is considerable and ranges between 490 int$/year for the total bundle of ecosystem services that can potentially be provided by an ‘average’ hectare of open oceans to almost 350,000 int$/year for the potential services of an ‘average’ hectare of coral reefs.

More importantly, our results show that most of this value is outside the market and best considered as non-tradeable public benefits. The continued over-exploitation of ecosystems thus comes at the expense of the livelihood of the poor and future generations. Given that many of the positive externalities of ecosystems are lost or strongly reduced after land use conversion, better accounting for the public goods and services provided by ecosystems is crucial to improve decision making and institutions for biodiversity conservation and sustainable ecosystem management.

REDD+ Biodiversity Safeguards: Options for Developing National Approaches

Presently, over 20 Asian countries are engaged in REDD+ readiness activities. Each of these countries is committed to promoting and supporting the ‘Cancun safeguards’ for REDD+ activities under the United Nations Framework Convention on Climate Change (UNFCCC), in addition to delivering on national interpretations of the ‘Aichi Targets’ for the Strategic Plan (2011-2020) of the Convention on Biological Diversity (CBD). Applying and adapting existing multilateral safeguards frameworks to national REDD+ strategies and action plans is one clear and tangible national response to international biodiversity safeguard commitments. This has been the focus of post-Cancun activity on safeguards for national governments and their development partners.

This brief explores how a national safeguard approach can be developed that will meet the International policy commitments yet remain consistent with national policy frameworks. It further discusses how SNV together with UNEP-WCMC is exploring a national safeguard approach for Vietnam.

Read more about the brief here.

Preserving Our Marine Health

The Centre for Policy Development (CPD) is a progressive think tank dedicated to seeking out creative, viable  
ideas and innovative research to inject into Australia’s policy debates. Their work combines big picture thinking  
about the future of government with practical research on options for policy reform. They give a diverse, crossdisciplinary community of thinkers space to imagine solutions to Australia’s most urgent challenges and they  
connect their ideas with policy makers, media and concerned citizens.


Lessons Learned from Community Forestry & REDD+ in Brazil

In the new publication REDD+ and Community Forestry: Lessons Learned from an Exchange of Brazilian Experiences with Africa, experts describe the lessons learned from an initiative by the Forest Carbon Partnership Facility to share Brazilian experiences with African countries. The initiative was undertaken by World Bank staff with funding from the Global Environment Facility and coordinated by the Amazonas Sustainable Foundation, with technical support from the Office National des Foríªts International.

The new publication brings together information, analyses, and conclusions on issues relevant to the design and implementation of national REDD+ strategies. It aims to foster a discussion on the role of community forest management as a strategic option to promote REDD+ goals, and, conversely, on ways that REDD+ can incentivize community management of forests.
The report’s main conclusions include:
  • REDD+ initiatives need to be integrated with sectoral and cross-sectoral policies, including forestry, agriculture, infrastructure, and environmental policies.
  • Support for long-term capacity building and financing are key elements for the success of REDD+ initiatives.
  • Community-based forest management plays a very important role in reducing deforestation and forest degradation.
  • Forests should managed through participatory processes that empower indigenous peoples and local populations in decision making.
  • Measurement, reporting and verification are key elements of REDD+ initiatives, and South-South cooperation plays an important role in increasing their efficiency and effectiveness.
  • Cooperation and exchange of experiences with Brazil could provide important support for REDD+ development in Africa.

Read more here

CDM Reform: Improving the efficiency and outreach of the Clean Development Mechanism through standardization

This study is the first outcome of a new work program on regulatory aspects of the Clean Development Mechanism (CDM) started by the World Bank in May 2011 at the Carbon Expo in Barcelona. The guiding principle of this work has been to approach the complex and broad topic of CDM regulation in a strictly technical and step-wise manner, based on real world project experience and a broad consultation with practitioners of the CDM.

This document is the first module in a series, focusing on the topic of standardization of project registration and procedures for both stand-alone activities, using standardized baselines, and Programmes of Activities (PoAs) addressing micro-scale emission reductions. The standardization of CDM procedures has always been an element of the evolving CDM regulation. However, the relevance of standardization has grown beyond incremental improvements of the CDM. It has become one of the core areas in developing the mechanism. The reasons are threefold:
First, standardization of CDM methodological approaches can contribute to overcoming certain limitations of the CDM in terms of regional and sectoral outreach as well as objectivity in project assessment and approval;
Second, standardization — if extended to CDM procedures — can improve the efficiency of the mechanism and reduce regulatory risks, transaction costs and time requirements; and
Third, standardization facilitates a more programmatic and systemic implementation of the CDM in developing countries, which could allow the mechanism to grow beyond its current project-by-project scope.
Against this background, standardization gained momentum in the recent regulatory development of the CDM. At the 6th session of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol (CMP 6) that took place in 2010, in Cancun, Mexico, major progress was made in establishing the concept of standardized baselines. Now it is time to develop the concept further.
This study outlines various options to extend standardization to CDM procedures and the CDM project cycle itself and assess how this could improve the efficiency of the mechanism as well as facilitate more programmatic and systemic approaches.

Read the study here

Taking Stock of Durban: Review of Key Outcomes and the Road Ahead

The Durban Climate Conference in December 2011 represented a significant step forward for the United Nations climate change process. Although its outcomes continue to be debated, the Durban Conference could prove to be a game-changing conference for the climate negotiations. Governments adopted a comprehensive package of decisions—including an agreement to initiate a second commitment period for the Kyoto Protocol and the “Durban Platform” to negotiate a long-term, all inclusive future mitigation regime that includes a process to address the “ambition gap” for stabilizing average global temperature increases at 2 degrees Celsius over pre-industrial levels. They also adopted a range of decisions designed to implement the 2010 Cancun Agreements, including launching a new Green Climate Fund and developing stronger requirements for the reporting and review of countries’ mitigation efforts.

This paper will evaluate the substantive results of the Durban conference, draw implications for developing countries and consider the next steps as a new phase of intergovernmental climate negotiations gets underway.

Access the report here.

Global Climate Leadership Review 2012

Australia does not act on climate change in isolation. The Climate Institute’s Global Climate Leadership Review 2012 positions Australian climate policy in a global context. It aims to elaborate on the implications of global climate diplomacy and domestic actions for Australia.

The overarching theme of this flagship project is leadership. The Global Climate Leadership Review identifies which nations are currently leading the low carbon economy, who is leading the international negotiations and provides an annual case study of where Australia can show leadership.
Access the report here.

Governments Worldwide Embrace Voluntary Carbon Offset Market: Report

With the future of an international climate agreement still in flux, governments worldwide are turning to markets for voluntary carbon offsetting to engage private sector climate actors – and to inform or provide the tools that could shape tomorrow’s regulated carbon markets.

At least 21 such government programs are currently underway, and nine of these have emerged in the last four years, according to this study by Forest Trends’ Ecosystem Marketplace. The report provides case studies of the 13 most advanced programs in Bringing it Home: Taking Stock of Government Engagement with the Voluntary Carbon Market.

Why Value the Oceans?

Oceans cover almost three-quarters of the planet, yet we are just beginning to discover the extent of the resources, both biotic and abiotic, the lie beneath their surfaces. We are also just beginning to understand the complexity of the interactions that tie oceans to the rest of Earth’s systems. And then there is the coastal biome, where vital ecosystem services are most vulnerable. The coastal biome’s links with both land adn ocean extend its reach and vulnerability both far inland and well out to sea

This discussion paper is based on contributions from an international group of experts. The paper is not intended to be comprehensive. Instead, it highlights areas of ocean and coastal management for which a better understanding of the economic value of marine ecosystem services could:

  • substantially improve the management of critical marine resources;
  • improve governance, regulation, and emerging ocean policy; and,
  • provide a better understandng of the potential economic challenges that arise from a rapidly changing ocean environment.

Project Developer’s Guide to VCS REDD Methodologies

Published by Conservation  International, the purpose of this guidebook is to assist project developers in evaluating and selecting those VCS approved methodology(ies) that are best suited to account for the greenhouse gas benefits of their proposed REDD project activities. It contains a summary of VCS requirements applicable to all REDD projects and a detailed review of those REDD methodologies approved under the VCS at the time of writing. It also provides a number of tools for developers to compare the applicability conditions, accounting approaches, and resource requirements associated with each methodology, and suggestions for applying these methodologies in practice.

This guidebook is intended to be a living document that will be updated periodically to include new methodologies that are approved by the VCS.

The Economics of Change: Catalyzing the Investment Shift Toward a Restorative Built Environment

“The Economics of Change: Catalyzing the Investment Shift Toward a Restorative Built Environment” provides effective alternatives to the current financial model and policy framework that drive investment decisions in real estate.   These alternatives will help shift limited investment capital towards a restorative built environment by integrating social and environment benefits into investment models appraiser methodologies, and supporting policies.   The report was made possible through a collaborative partnership between the Bullitt Foundation, Autopoises LLC, Cushman and Wakefield, and Earth Economics

USAID Research and Analysis of Carbon Rights and Institutional Mechanisms for REDD+ Benefit Distribution

While a number of researchers and organizations in the US and internationally have highlighted the potential impacts of mitigation efforts on tenure, there remains minimal information and best practice on how to practically address these issues at the field level. Emerging interventions to reduce emissions from deforestation and forest degradation, and enhance forest carbon stocks (REDD+) pose potential opportunities and risks for the rights of rural populations in developing countries. In many countries, the right of local populations to benefit from REDD+ activities requires further clarification. As a result, there are lessons to be learned from countries that are progressing on REDD+ or have experience with payment for environmental services (PES). PRRGP’s work on REDD+ over the past ten months has examined 1) trends and opportunities for the devolution of rights to local populations; 2) how tenure relates to the right to benefit from REDD+ revenues, and 3) early experiences with and best practices on governance systems for benefit distribution.

Framework papers have been developed on each of these topics, as well as provide insights from country case studies in Indonesia, Nepal, Mozambique, Mexico, Tanzania and the Democratic Republic of the Congo. The work has resulted in the development of two tools related to a carbon rights guidebook and an analytical tool for assessing benefit distribution institutions which will be released in the coming months.  

Working papers are available on:

  • Devolution of Forest Rights and Sustainable Forest Management: A Review of Policies and Programs in 16 Developing Countries
  • Devolution of Forest Rights and Sustainable Forest Management: Country Case Studies
  • REDD+ and Carbon Rights: Lessons from the Field
  • REDD+ and Carbon Rights: Case studies from Mexico, Indonesia, Nepal, Tanzania and Mozambique
  • Institutional Mechanisms for REDD+ Framework Paper
  • Institutional Mechanisms for REDD+: Case studies from Mexico, Indonesia, Nepal, Tanzania and Democratic Republic of Congo
  • Issues Brief: Land Tenure and REDD+: Risks to Property Rights and Opportunities for Economic Growth

***Working Papers and presentations on each of the framework papers are accessible here

Feedback on the working papers is welcome and can be delivered to:

Local perspectives on REDD

From the local perspective of stakeholders living in tropical forest margin, the REDD+ debate is an additional complication in an already complex relationship that they have with central governments and forest authorities. Can they make use of the REDD+ interest of their national government to further their livelihoods strategies and development aspirations? Or will the REDD+ implementation measures set them back in their conflicts over resource access? We provide a number of case studies of two high carbon emission provinces in Indonesia, the land with the highest land-based carbon emissions

Download the report here

Biodiversity Offsets:

This “ICMM proposition statement” provides an industry perspective on biodiversity offsets. It addresses those aspects of offsets on which different groups disagree, for example: How to establish offsets? Which activities are acceptable offsets? How to compare the biodiversity lost through the mining activity with gains through the proposed offset?