Are #NatureBasedSolutions part of the solution or part of the pb?
While the concept was originally interesting there is growing evidence that it has been hijacked by the proponents of neoliberal financialisation of nature aka #naturalcapital & offsetting.
Below are 6 exhibits 1/7
2/7 Resolution 059 of the 2016 IUCN World Conservation Congress that defined NbS stated 'it is IUCN’s position that biodiversity offsets can contribute to positive conservation outcomes (...) it could be appropriate for the offset to conserve a different kind of biodiversity'
3/7 The list of contributions received under the 2019 UN #NatureBasedSolutions for Climate Manifesto includes projects promoting REDD, REDD+, carbon offset credits, and calling for the inclusion of Nature-Based Solutions in carbon markets. greenfinanceobservatory.org/wp-content/upl…
5/7 NbS are is the process of being mainstreamed in "green" finance products sold to pension funds and retail investors, through their inclusion in the EU taxonomy of sustainable finance (climate change adaptation delegated act) greenfinanceobservatory.org/2020/12/01/gfo…
1/11 CBD Post-2020 biodiversity framework: the updated zero draft unfortunately seems to confirm a strong focus on doomed financialization and market-based approaches to biodiversity. #naturalcapital#offsetting cbd.int/doc/c/3064/749…
2/11 the draft calls to value biodiversity and ecosystem services and "internalize the value of nature."
It also calls for “net improvements by 2050,” “net” being usually the codeword for offsetting, as is the case with Net Zero emission targets & No Net Loss / Net Gain policies.
3/11 The 20 action-oriented targets for 2030 raise serious concerns and questions:
- Does target 1 calling to restore X% of degraded freshwater and marine ecosystems mean to include water quality trading (a market for tradable credits to pollute rivers and other waterways)?
1/3 Another key topic at the #COP25 is the push for #NatureBasedSolutions. These are projects to protect or restore natural ecosystems, which in itself is good. The issue is that most often these projects are financed by offset mechanisms and foster natural capital approaches
2/3 = putting a price on some parts of nature and trading them. Even though it has been shown that it is not possible to comprehensively measure, let alone meaningfully value biodiversity and ecosystems. greenfinanceobservatory.org/2019/05/23/sec…