Supporting the development of credible biodiversity credit markets in developing countries

This talk reports key messages and lessons learned from work I have been doing for the United Nations (UNECA, UNESCWA and UNECLAC), on biodiversity credits and their role in catalysing private finance for nature and sustainable development in Arab, African, Latin American and Caribbean States. At the time of abstract submission, this work was just beginning, drawing on knowledge products and principles developed by the Biodiversity Credit Alliance, the World Economic Forum and the International Advisory Panel on Biodiversity Credits. It is also informed by the ongoing IPBES Monitoring Assessment, of which I am part. The brief for the work was twofold: produce (1) an analytical overview, providing context and foundational knowledge, and (2) clear and implementable guidelines, tools and modules for policymakers in developing countries. The aims are to develop enabling environments for biodiversity credit markets, catalyse private finance flows aligned with biodiversity and development priorities, and support inclusive, transparent, and accountable market development that benefits communities and safeguards biodiversity. To do this, I have worked with a range of experts, particularly in the Biodiversity Credit Alliance, the International Institute for Environment and Development the UNDP Biofin programme and UNECA itself. The work utilises case studies from the target regions, drawing where possible on storytelling expertise (collaboration being pursued at the time of abstract writing). Issues addressed include: the value of biodiversity and its capture by market instruments; scientific measurement of biodiversity and its weaving with Indigenous learning and knowledge and other forms of local recognition and valuing of nature; measurement standardisation; the role of regulation; legal and governance considerations; potential biases, distortions and perverse incentives; and coordination and cooperation at national and international levels, including spatial planning. One key aspect is examination of market demand dynamics, including key drivers and barriers and strategies to address them. Another is communication and engagement – strategies for raising awareness, building political and public support, and engaging key stakeholders throughout the policy and project lifecycle. I reflect on the process of bringing together academic research and regional-level policy and practice.