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The World Business Council for Sustainable Development (WBCSD) is addressing the intertwined crises of climate change and biodiversity loss through its "Accelerating Business Solutions for Climate and Nature" report series. These reports aim to guide business leaders and stakeholders in taking collective action to support both human and planetary health.
Policy Recommendation
The initial report focuses on clarifying and mapping nature-based solutions (NbS) and natural climate solutions (NCS). It seeks to establish clear definitions and frameworks to accelerate consistent and credible actions. The recommendations are:
- Clarify Definitions and Scope: Clearly define NbS and NCS to eliminate confusion and ensure that businesses understand the distinctions and overlaps. NbS encompasses actions that benefit nature and society, while NCS specifically targets carbon emission reductions through biological sequestration.
- Promote Best Practices: Encourage the adoption of best practices for NCS to ensure they deliver both climate and nature benefits. This includes aligning business actions with high-quality standards that prevent negative impacts on biodiversity and society.
- Guide Sectoral Implementation: Provide tailored guidance for different sectors to implement NbS effectively. This ensures that sector-specific challenges and opportunities are addressed, promoting sector-wide adoption of sustainable practices.
- Facilitate Investment in High-Quality Projects: Develop a common framework to unlock investments in credible, high-quality NbS and NCS projects. This involves setting standards to identify and fund projects that are net-positive for nature, biodiversity, and local communities.
Expected Outcomes
Implementing these recommendations will foster a common understanding and consistent application of NbS and NCS, leading to increased investments in high-quality projects. This, in turn, will help mitigate climate change, protect biodiversity, and support sustainable development goals.
