Eco Solutions now a member of the Biodiversity Credit Alliance
March 27, 2024
Eco Solutions is proud to become part of the Biodiversity Credit Alliance (BCA). Its mission is to bring “clarity and guidance for the formulation of a credible and scalable biodiversity market under Global Biodiversity Credit Principles (Global Principles) that seek to mobilize financial flows towards biodiversity custodians while recognizing local knowledge and contexts. BCA currently functions as an informal Working Group (IWG). The IWG will adopt an open innovative approach for the development of the BCA.”
As the nascent biodiversity credit model develops, Eco Solutions hopes to contribute to its goal of creating global principles to support financing to indigenous and local forest communities who are on the front lines of the biodiversity conservation movement. One of the key elements of the Paris Agreement on climate change is for countries to include achievable targets to end deforestation and restore the world’s forests.
Not only do forests support rich biodiversity and provide for human societies and economies but they play a vital role in stabilizing our climate,” says Mirey Atallah, head of the Climate Change Adaptation and Resilience branch of the United Nations Environment Programme (UNEP).
According to the Food and Agriculture Organization (FAO) 420 million hectares of forests have been lost since 1990, about half the size of China. Rather than decreasing, forest loss is accelerating to 10 million hectares a year just between 2015-2020, an area about the size of Portugal. Financing nature-based solutions by indigenous and local forest communities that are conserving forests and increasing biodiversity is one important step.
