“I feel a bit of ‘carbon envy’ when I look at the carbon markets,” Cornell’s Tobin said, noting that biodiversity markets lack a universal metric that can apply to every project, unlike carbon markets where each credit represents one metric ton of carbon dioxide.
Companies will eventually be asked to assess and reduce their impact on the world’s natural systems, in line with agreements reached by governments at last year’s COP15 biodiversity conference, pictured.Carbon-market standard setter Plan Vivo plans to launch a biodiversity standard later this year to kick-start the market for credits for projects that conserve or restore important habitats.
She warns buyers to be wary of projects that mark their own homework. “There will be a lot that come out with their own methodologies, their own systems of collecting data, and their own ways of putting that data together and saying, ‘I have a million credits,’” she said.
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