Scientific value; 6. Patrick Ranjatson of Madagascar’s University of Antananarivo, a co-author of the study, said that rural Malagasy people affected by biodiversity offset projects are not being properly considered by national and international decision makers: “People living around these biodiversity offset sites are very poor and have little voice politically, they’re needs and concerns therefore don’t get the attention they deserve.”. High biodiversity value areas have features that provide essential ecosystems relied on by humans and animals, and they have an abundance of rare, vulnerable or endemic species and/or large areas of relatively intact natural habitat. Development activities, meanwhile, were also considered by the impacted communities to help provide the basic materials for a good life, though there were negative impacts reported regarding social relations, as conflicts arose around the distribution of benefits. The Sweet and the Bitter: Intertwined Positive and Negative Social Impacts of a Biodiversity Offset. An introduction to responsible investment, Strategy, policy and strategic asset allocation, Environmental, social and governance issues, Private retirement systems and sustainability, Investor action on biodiversity: discussion paper, Tollefson (2020) Why deforestation and extinctions make pandemics more likely. The United Nations designated 2011–2020 as the United Nations Decade on Biodiversity. The company conducts local outreach to ensure the population are aware of the restrictions, employs local villagers to undertake regular monitoring to detect and assess trends in human pressures, and occasionally brings in the local police to enforce the restrictions.”. For any base, the log of 1 is 0 and the log of any value between 0 and 1 is a negative number. Ambatovy claims to have achieved “no net loss” in biodiversity despite having cleared large areas of rainforest for its mine and pipeline. Biodiversity-related risks and opportunities are being assessed through a combination of in-house ESG methodologies and information from third-party data providers as part of ESG integration processes, while biodiversity filters are being applied to negative screening to exclude companies based on various criteria, including those exposed to biodiversity-related controversies. Its loss reduces the quantity, quality and resilience of ecosystem services3 and can present risks to investors across many sectors. Biodiversity underpins ecosystem function and the provision ofecosystem services. According to Ambatovy, when the mine is fully operational it will produce 60,000 metric tons of refined nickel, 5,600 metric tons of refined cobalt, and 210,000 metric tons of ammonium sulphate fertilizer every year for nearly 30 years. The efficacy of biodiversity offsets in achieving “no net loss” or even a “net positive increase” in wild fauna and flora populations has been the subject of much scrutiny, but the same cannot be said of the impacts of biodiversity offsets on local communities. It includes the following steps: avoid and minimise impacts on biodiversity, restore biodiversity and adopt actions that result in positive biodiversity outcomes, which can create opportunities for value generation in investees. The poor state of corporate biodiversity disclosure ... are not compared to the quantified magnitude of negative impacts on biodiversity that these companies generate. But the restrictions were also reported to negatively impact freedom of choice and action, with some locals saying that their village was more insecure because people were struggling financially as a direct result of the restrictions and were therefore more likely to steal from others. allocate capital to sectors or business models which are avoiding and reducing biodiversity loss and increase opportunities for positive outcomes on the ground, including restoration; engage investees on reducing negative biodiversity outcomes and design stewardship approaches to deliver positive biodiversity outcomes; engage policy makers on reforming incentives, including subsidies, to activities that drive biodiversity loss. It is critical that institutional investors take action to halt the loss of biodiversity. Rosales (2008) argues that “Although much uncertainty remains about individual species and ecosystems, it is well established that the overall impact of climate change on biodiversity has been and will be negative” (p.1410). Our EIN or tax ID is 45-3714703. Bidaud said in a statement that inadequate compensation for the very real costs of conservation is a matter of environmental justice, because the poorest people in global society are bearing the costs of development that doesn’t destroy biodiversity. Nature 584, 175-176 (2020)2World Economic Forum in collaboration with PWC (2020) Nature Risk Rising: Why the crisis engulfing nature matters for business and the economy3Capitals Coalition (2020) Framing Guidance4ShareAction (2020) Point of No Returns Part IV – Biodiversity. This paper highlights some emerging practices in this regard. “Development activities initiated by Ambatovy include: plant nurseries, donations of seeds, fertiliser or livestock (sometimes of novel varieties for the area), dam construction to irrigate rice fields, and training in agricultural or livestock-raising techniques,” the authors write in the study. 3. But the authors of a study published this week in the journal Conservation & Society say that companies using these offsets, consultancies providing technical support, and lenders like the International Finance Corporation must pay greater heed to the local costs of the conservation actions funded through biodiversity offsets. Bidaud and co-authors write that the Ambatovy team provided the following information in a presentation in November 2014: “The conservation restrictions focus on preventing seven key activities in their biodiversity offset sites: forest clearing for agriculture, gold mining, poaching, illicit human occupation, timber extraction, non-timber forest product extraction and livestock grazing in protected forests. Others are indirectly addressing biodiversity-related risk through the adoption of specific sector policies such as on palm oil and deforestation. negative biodiversity effects on productivity will be an important. To learn more, including how to block cookies, read our privacy policy. Biodiversity offsets enjoy a wide range of support. This tool, developed by 2⁰ Investing Initiative (2dii), was launched in September 2018 with the support of the Insurance Commissioner of California and the PRI. Source: Adapted from the Biodiversity Consultancy, Some investors are trying to better understand how they can include biodiversity in their investment strategies and collaborate with others to tackle biodiversity loss. functioning. Social values Social value of biodiversity lies in the more and more use of resources by affluent societies. One strategy increasingly being adopted in order to mitigate the impacts on wildlife and the provision of ecosystem services are biodiversity offsets, in which a company “offsets” the effects of, say, building a mine in a rainforest by investing in conservation actions elsewhere — habitat restoration or investments aimed at slowing the rate of habitat loss in another area, for instance. With illegal mining spreading in many protected areas in Madagascar thanks to a sapphire rush that is currently underway, the researchers behind the Conservation & Society study are also quick to point out that they are positive the issues highlighted in their paper can be resolved. You may republish Mongabay content in your publication at no cost, Alleged gov’t-linked land grabs threaten Cambodia’s Cardamom Mountains, Fueled by impunity, invasions surge in Brazil’s Indigenous lands, Chinese demand and domestic instability are wiping out Senegal’s last forests, Solomon Islands environmental defender faces life sentence for arson charge, ‘Tamper with nature, and everyone suffers’: Q&A with ecologist Enric Sala, New paper highlights spread of organized crime from global fisheries, Study: Chinese ‘dark fleets’ illegally defying sanctions by fishing in North Korean waters, Game changer? But Bidaud and team found that the conservation initiatives funded by offsets purchased on behalf of the Ambatovy mine can have significant negative impacts on local people, in terms of both standard measures of poverty and more subjective aspects of well-being.
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