As part of Defra’s commitment to develop robust nature markets, it has funded the British Standards Institution (BSI) to deliver the UK Nature Investment Standards Programme.
This multi-year initiative will develop standards that will give confidence to land managers and corporates looking to invest, buy or sell across UK nature markets.
The BSI’s work builds on, and aligns with, wider international work to set principles for high integrity nature markets.
For example, at COP16 in Columbia, the International Advisory Panel on Biodiversity Credits launched its ‘Framework for High-Integrity Biodiversity Credit Markets’. This was co-sponsored by the UK and France.
And, in the coming months, the UK Government will also start a related consultation. It will be about potential interventions that could help to strengthen voluntary carbon and nature markets.
The BSI’s Nature Investment Standards programme is inviting responses to a consultation on its new biodiversity standard. This standard applies to UK biodiversity schemes and nature projects looking to sell biodiversity benefits. This marks an important milestone in Defra’s efforts to set high integrity requirements for nature projects.
Why do we need this standard?
During the discovery phase of this work, BSI identified at least 23 different biodiversity schemes operating in the UK.
While this growth shows the increasing appetite for biodiversity investment, it also highlights the urgent need for a common approach.
The new standard will:
- standardise how biodiversity benefits are measured and verified
- establish clear requirements for high-quality biodiversity metrics
- build confidence in biodiversity credits
What this means for the sector
This standard will help:
- project developers design high-integrity biodiversity schemes for UK nature markets
- investors understand what good looks like in UK biodiversity markets
- landowners and managers demonstrate the quality of their biodiversity improvements
- market operators ensure their schemes meet recognised standards
- buyers have confidence in the biodiversity credits they purchase
Have your say
To ensure the new Biodiversity Standard works for everyone involved in green finance as well as for nature, the BSI is currently running a consultation on it.
The consultation is open until 3 January 2025.
They want to hear from everyone involved in biodiversity markets – from nature project developers, investors and buyers to landowners and conservation experts.
Your views will help ensure this standard works for the whole sector, while maintaining the high levels of integrity needed to drive genuine biodiversity improvements.