A form of convergence is emerging on the issue of ‘nature credits’, according to the European Commission. The Commissioner for the Environment, Jessika Roswall, plans to confirm this momentum during her speech on the ‘vision for agriculture’ on Monday 5 May.
A ‘roadmap’ is expected by December to clarify both the direction and commitments. The European Commission wants to start by developing local schemes, which will serve as a basis for learning lessons, building trust and considering how to achieve it on a larger, centralised scale. The European Commission will be relying in particular on pilot projects run by governments in France, Finland and Ireland (see EUROPE 13628/4).
The World Economic Forum’s most optimistic scenario estimates that ‘nature credits’ could be worth around €180 billion worldwide by 2050. But it will be a slow start, and Europe accounts for only a fraction of this estimate, warns the European Commission.
The initiative was met with enthusiasm from the financial institutions who were invited to a round table organised by the Commission on Wednesday 23 April (see EUROPE 13625/10), according to Jessika Roswall’s office.
The European Commission estimates that 70% of businesses depend on at least one ecosystem service, and they have given assurances that these ‘nature credits’ will be developed as an incentive tool and on a voluntary basis, in order to offer farmers an additional source of income.
Certain areas of Europe are no longer profitable for conventional agriculture, so the European Commission sees ‘nature credits’ as an alternative source of income. (Original version in French by Florent Servia)