Terrain NRM at COP15

The global spotlight has been on Montreal as representatives from around the world meet to gain agreement on a Global Biodiversity Framework and to set goals and targets to halt and reverse biodiversity loss. Thanks to our work on Cassowary Credits – a biodiversity credit scheme – Terrain NRM was part of the UN Conference.    

An historic agreement has been reached at the COP15 conference. Nations agreed to protect a third of the planet for nature by 2030 – great news that creates targets we can all work with for protecting rainforests, wetlands and the rights of Indigenous peoples.    

The next hurdle is funding, which was also a major topic of discussion at the conference. Setting targets is one thing, committing the funding to make it happen is another. Currently there is insufficient investment from governments. Other entities in the private sector are stepping up and environmental organisations have also been exploring alternative investment sources. An example is the Cassowary Credit Scheme that Terrain is developing to bring more funding into the Wet Tropics region for forest restoration projects. One of the targets set at COP15 includes substantial increases in investment from all sources, and recognises biodiversity credits as a mechanism for driving private sector finance into nature regeneration.    

Sarah Hoyal, Terrain’s Biodiversity and Climate Leader, says Terrain NRM’s thinking aligned with many others at COP15 on the need for greater investment in nature from multiple sources that truly benefit nature, Indigenous people, and local communities.   

“It’s obvious, from the people we’ve been speaking to, that there’s a real appetite for change that is broader and supplements government funding. There is a lot of thinking around how financial markets can help accelerate nature restoration. It’s not about monetising nature, it’s simply enabling a greater pool of investment.”  

“Currently there isn’t a developed nature market anywhere in the world, and many consortiums globally are coming together to tackle the idea of a global nature market. The risk is that while there is a lot of interest in restoring nature, without sufficient investment and a rigorous framework, it could all result in ‘green washing’.”