What Boris Johnson can teach the EU about restoring nature – POLITICO

“In theory it sounds very good, but in practice it is very, very difficult. You are trying to measure something that is inherently complex. By trying to reduce this complex thing called nature to a common form that people like Gresham House could sell, Friends of the Earth simply disagrees with the commodification of nature.”

Nature is not carbon

De Zilva is not alone. While more and more voluntary biodiversity credit projects are popping up (such as in Colombia), experts warn that you can’t trade nature the same way you trade tons of CO2 emissions.

Unlike CO2 emissions, which are chemically simple, have the same effect anywhere in the world and are relatively easy to quantify, biodiversity is extremely complex and difficult to define, much less measure and translate into economic terms.

Then there is the problem of attracting capital. The UK BNG scheme is in the minority as a compliance market. Most schemes or proposed schemes are voluntary and based on demand from corporations or investors who simply want to improve their environmental image.

“Demand is very low at the moment,” admitted Edmund Pragnell, head of nature finance at CreditNature.

Pragnell’s company is working with the Scottish Government to launch a voluntary biodiversity credit scheme that will pay local farmers to restore their land and farm more sustainably. The cost of the projects will be covered by selling loans to corporate clients.