Thread by @greenfinanceobs

1/14 BREAKING -The European Commission just published a draft #taxonomy's delegated act for biodiversity - i.e. its list of the economic activities that fight biodiversity loss in the EU - that includes debunked #biodiversity #offsetting

2/14 The list includes so far 2 activities, with more to come in the future:
1. Conservation and restoration of habitats, ecosystems and species;
2. The provision of short-term tourism accommodation

3/14 We first note that the conservation & restoration activity does not prioritize curbing destruction over restoration, thereby implicitly favouring the latter, despite its uncertain & delayed results and weak track record

4/14 Most crucially, the draft includes the following:
"Additional minimum requirements
6.1 The conservation activity does NOT ONLY serve the purpose of #offsetting the impact of another economic activity"

5/14 We understand it to mean that #biodiversity #offsetting is included in the taxonomy, despite its documented environmental integrity issues & appalling track record.
This means that it will be included in green bonds, sustainable finance retail savings products & indices

6/14 Thereby legitimizing it and generating tremendous demand for this false solution to biodiversity loss, with the environmental and social consequences that we know.

7/14 The draft also states that managements plans must include "where applicable, a description of enhanced ecosystem services, such as carbon storage, water purification, flood protection, pollination, recreational opportunities, and wider socio-economic benefits."

8/14 Given the political context where the UK govt recently announced the launch of 4 nature markets on biodiversity offsetting, carbon storage, water purification and flood prevention, and where UK is starting to partner with France on nature markets, one might wonder...

9/14 ...whether this information request will pave the way for future multiple nature markets similar to the UK, that will privatize and assetize water purification & flood prevention.

10/14 As for the second activity listed, it is the provision of short term tourism accomodation that contribute substantially to conservation or restoration activities, either financially or in kind.
Possible contributions include:
- paying visits to conservation areas

11/14 - the purchase of food, beverages, handcrafts or merchandises from a conservation area where 1% of the annual turnover of the tourist establishment is paid to conservation activities, or only 0.5% if the agreement is for a group > 10 establishments

12/14 Note that the establishment must be awarded with an EU Ecolabel for tourist accommodation & have "at least 40% of food and beverages, wood (...), paper and cardboard products, by procurement value, certified according to environmental standards" (what about the 60%?)

13/14 Hotels and motels of all kinds with or without services such as swimming pool, holiday homes & fishing and hunting camps are included. Only cruise ships are excluded.

14/14 A public consultation is open for 4 weeks if you want to have your say
ec.europa.eu/info/law/bette…