The Oceanographic Institute, led by CEO Robert Calcagno, is advocating for high-integrity biodiversity credits as an essential tool for global conservation efforts. At COP16 in Cali, Colombia, the Institute has thrown its support behind a new framework from the International Advisory Panel on Biodiversity Credits (IAPB), which aims to build a credible, regulated market for these innovative financial instruments.
“By creating innovative tools like biodiversity credits, we can generate the necessary funding to conserve and restore nature, while recognising the Earth’s limited resources,” said Robert Calcagno, a co-author of a recent op-ed in Nature Magazine.
The Oceanographic Institute’s commitment reflects its vision for a financial system that values environmental preservation. As co-chair of the IAPB’s ‘Knowledge Partners’ team, Calcagno noted the need for an evolution in economic thinking: “The profound reform of our society will not come from a brutal transformation but from a progressive evolution, where the logic of limitless growth must give way to a regulated approach aimed at preserving our planet and its biodiversity.” In collaboration with the World Economic Forum and the Biodiversity Credit Alliance, the IAPB’s framework aims to prevent pitfalls seen in other environmental markets, notably carbon credits, which Calcagno acknowledged may create “concerns” but insists that biodiversity credits are a “blank page” on which to create a positive impact.
The framework presented at COP16 is the result of an extensive international collaboration involving over 120 experts from more than 25 countries. These credits, as defined by the Biodiversity Credit Alliance, represent “a measured and evidence-based unit of positive biodiversity outcome that is durable and additional to what would have otherwise occurred.” Launched in 2023 by the UK and French governments, the IAPB seeks to guide biodiversity credit markets through credible, actionable standards, encouraging global governments and financial institutions to incorporate these credits into a conservation-driven economy.
Addressing the risks and concerns associated with biodiversity credits, Calcagno stressed the IAPB’s focus on creating well-structured and transparent rules to ensure the market operates with integrity: “It’s essential we take lessons from other markets. That’s precisely the purpose of this international working group.” By applying rigorous standards, the IAPB seeks to avoid the misuse seen in other environmental credit markets, ensuring that biodiversity credits achieve their intended impact.
Join the Monaco Life community – sign up for the Monaco Life newsletter, follow our Podcasts on Spotify, and check us out on Threads, Facebook, Instagram, LinkedIn and Tik Tok.
Photo credit: S N Pattenden, Unsplash