PARIS — For supporters, biodiversity credits could unlock billions in much-needed funding for nature, but critics fear a repeat of scandals that have dogged other financial approaches to protecting the environment.
Paying to safeguard tropical rainforests or compensate for habitat destruction is an area of growing interest, and trading credits in conservation will feature at this month's UN COP16 biodiversity summit in Colombia.The market in biodiversity credits or certificates — which monetize activities that claim to protect or restore nature — is new, unregulated and stalked by fears of 'greenwashing.
AFP PHOTOIt wants to encourage countries to have strong national credit schemes rather than strive for standard rules for international trade, which many admit could be unfeasible.The Alliance for Biodiversity Credits, backed by the UN, and the World Economic Forum is also looking to promote initiatives at the Cali meet.Elsewhere, similar proposals are attracting high-profile support.
Biodiversity Credits Unlock Billions For Nature?
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