π’ The Iceland-based International Carbon Registry (ICR) has unveiled a pilot biodiversity program aimed at creating a framework for voluntary biodiversity credits. This program marks a significant step towards conserving and restoring biodiversity through innovative financing.
π Key Details:
π Launch Date: Announced on June 20, 2024
π Technology: Utilizes blockchain for transparency and integrity
π± Focus: Priority areas and species, with active involvement of Indigenous Peoples and local communities
π Validation: Projects will be independently verified
“By establishing and scaling up biodiversity credit markets, we aim to mobilize necessary finance for biodiversity conservation and restoration, ensuring impactful outcomes while maintaining high standards of integrity, trust, and transparency.β
The program aligns with the Kunming-Montreal Global Biodiversity Framework (GBF).
π Units & Methodology:
Unit Type: Area-based, corresponding to one hectare conserved for one month
Integrity Scale: Measured from 0 to 1
Developer: US-based Savimbo, led by CEO Drea Burbank
Indicator Species: Focused on species that signify a healthy ecosystem
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