LONDON, Oct. 1, 2024 /PRNewswire/ -- A new way for businesses to connect with nature and fund biodiversity projects has been launched: voluntary biodiversity credits (VBC).
The initiative was created by Earthly; the first project is within the South Downs National Park; and the first buyer is King - the entertainment company behind the world famous Candy Crush Franchise.
Businesses are becoming increasingly comfortable addressing the climate crisis through carbon accounting, reducing emissions and carbon credits. The new challenge is how they can support biodiversity. Simultaneously, the UK has become one of the most nature-depleted countries in the world.
Earthly's voluntary biodiversity credits - which represent 3x3m squares of land, secured for 30 years - are based on the UK Government's Biodiversity Net Gain (BNG) units, which gives the credits a trustworthy and transparent framework. Earthly has also created a biodiversity credit ledger to record all credits purchased and avoid double-counting.
The first project Earthly have partnered with is the Iford biodiversity project, within the South Downs National Park. The progressive mindset of the project lead, Ben Taylor, helped establish the partnership. Low-quality cropland will be restored to native woodland - reconnecting previous wildlife corridors.
Earthly has been collaboratively working with King for the last two years, guiding their climate action and nature contributions. As a business whose core values touch on "innovation, care and craft", this solution was the perfect fit to further support biodiversity and a fledgling market that needs private support. King purchased around 543 voluntary biodiversity units.
"There is now a real appetite across the corporate sector to demonstrate first-class environmental integrity, meet national targets and invest in the planet for future generations and that's exactly what voluntary biodiversity credits can deliver."
- Tim Slaney, Interim Chief Executive at the South Downs National Park Authority
"With the UK ranking among the most nature-depleted countries, it's great to see companies such as King taking a leading role in exploring how new mechanisms such as this can help support nature restoration. We hope that over the long term, other businesses will start to account for their impact on nature and support projects like this."
- Lorenzo Curci, Co-founder and CCO, Earthly
"As a company deeply committed to innovation, care, and making a positive impact, King is proud to support Earthly's groundbreaking initiative. By purchasing voluntary biodiversity credits, we are taking a step towards biodiversity restoration and supporting the UK's national goal. Our collaboration with Earthly reflects our core values and our dedication to making a positive impact on the planet."
- Vikki Leach, Senior Director CSR and DE&I, King
Learn more:
https://earthly.org/nature-based-projects/voluntary-biodiversity-credits
https://earthly.org/how-all-business-can-help-biodiversity
Earthly empowers organisations to tackle climate breakdown and biodiversity collapse. We do this by identifying the world's most impactful nature-based projects. At the heart of our service sits our rigorous assessment that screens 100+ data points across carbon, biodiversity and social impact.
Photo - https://mma.prnewswire.com/media/2520491/Earthly.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/uk-nature-finds-sustainable-new-funding-solution-in-biodiversity-credits-302263929.html
