The successful development and operation of nature markets depends on establishing high standards of integrity right from the start.
The BSI Flex 701 v1.0:2024-03 – Nature market – Overarching principles and framework, developed in partnership with Defra, sets out an overarching framework and 22 core principles to support high-integrity nature market initiatives, codes and projects.
Developed within the context of existing policies, it aligns with ongoing efforts to address market confidence in nature-based solutions.
IFB Partner, Axel Rossberg of Queen Mary's University London said -
"This draft integrates several important aspects of nature markets that previous work has missed. Importantly, it recognizes that nature markets will require multiple kinds of metrics to measure different aspects or benefits of nature, and carefully develops provisions around this insight. From what I have noticed at first reading, the draft’s only major shortcoming is that it excludes markets for species extinction risk by the wording of some passages."
The Rt Hon Lord Benyon, Minister of State at Defra, commented -
“We are pleased to be partnering with the BSI to shape UK standards…These standards will provide clarity and structure in nature markets and drive a step-change in the role of private finance in addressing nature’s decline, building on domestic and international practices, initiatives and innovation.”
The standard is available for download.