MEPs are sceptical about the introduction of ‘nature credits’ to reward positive actions in favour of nature.
On Tuesday 23 September, during an exchange of views with the European Commission on the ‘roadmap’ towards ‘nature credits’, which was presented at the beginning of July (see EUROPE 13675/8), the MEPs criticised the idea of a financialisation of nature, while at the same time confronting the Commission about its contradictions.
With ‘nature credits’, the European Commission aims to make up for an annual shortfall of €37 billion in funding for biodiversity. It has estimated global demand for such credits at $180 billion a year between now and 2050.
A ‘nature credit’ may be granted after certification has been obtained and the results achieved have been verified, based on predefined criteria. A ‘nature credit’ can only be granted, after “independent” verification, the European Commission insisted. The Commission aims to propose a system of ‘nature credits’ in 2027.
MEPs confronted the European Commission regarding its contradictions. Despite welcoming the initiative, César Luena (S&D, Spanish) and Gerben-Jan Gerbrandy (Renew Europe, Dutch) respectively criticised the “drop in funding for environmental policies” envisaged in the 2028-2034 Multiannual Financial Framework and the lack of action “to protect nature”.
MEPs also targeted the simplification agenda adopted by the European Commission. According to Jonas Sjöstedt (The Left, Swedish), for example, it is incoherent to guarantee the control of declarations for ‘nature credits’, while at the same time “torpedoing” the directives on corporate reporting (CSRD) and corporate due diligence (CSDD) with regard to sustainability.
“We can’t replace policy with optional measures and financial incentives”, warned Martin Häusling (Greens/EFA, German).
See the ‘roadmap’: https://aeur.eu/f/hqw (Original version in French by Florent Servia)