Ecosystem Restoration Code: engagement paper
Engagement paper for the Scottish Government-NatureScot partnership project to develop an Ecosystem Restoration Code (ERC) for Scotland. The paper summarises key evidence on the operation and scope of potential nature / biodiversity markets in Scotland.
Footnotes
1 Landholdings in scope of the SG June Agricultural Census only.
2 The Scottish Approach to Service Design (SAtSD) - gov.scot
3 Scottish Forum on Natural Capital (SFNC)
4 Scotland's National Strategy for Economic Transformation - gov.scot
5 Natural Capital Market Framework - gov.scot
6 Scottish Biodiversity Strategy to 2045 - gov.scot
7 Biodiversity: delivery plan 2024 to 2030 - gov.scot
9 Home - UK Woodland Carbon Code
10 Peatland Code | IUCN UK Peatland Programme
11 CivTech is the SG’s public sector focussed innovation accelerator: CivTech Scotland
13 Convention on Biological Diversity - Background to the ecosystem approach
14 Home | Convention on Biological Diversity
15 CBD Ecosystem approach principles
16 Protected areas | NatureScot
17 Scottish Biodiversity Strategy to 2045 - gov.scot
19 Natural Asset Recovery Investment Analytics (NARIA): NARIA - CreditNature
21 BSI Flex 702 v1.0:2024-10 | 31 Oct 2024 | BSI Knowledge
23 Definition adapted from that used in the IAPB Framework
24 Nature Investment Programme | BSI
25 BSI Flex 701 v2.0 Nature Markets – Overarching Principles | BSI
26 BSI Flex 702 Supply of Biodiversity Benefits Specification | BSI
27 Principles for Responsible Investment in Natural Capital - gov.scot
28 Natural Capital Market Framework - gov.scot
29 1.6 Additionality - UK Woodland Carbon Code
30 Peatland Code V2.1 Web Final Jan 25.pdf
31 BSI Flex 702 Supply of Biodiversity Benefits Specification | BSI
33 Investing in nature: Developing ecosystem service markets for peatland restoration - ScienceDirect
34 Restoration and repair of Earth's damaged ecosystems
35 Biodiversity credits: Learning lessons from other approaches to incentivise conservation
36 Stacking and Bundling in Biodiversity Credit Markets — Environmental Policy Innovation Center
37 Stacking and bundling with nature credits – working paper (internal advice to SG and NatureScot)
38 Ten years of the compensatory mitigation rule: Reflections on progress and opportunities
39 A technological biodiversity monitoring toolkit for biocredits (wiley.com)
40 Natural Capital Market Framework - gov.scot
41 This is landholdings in scope of the SG June Agricultural Census only: Results from the Scottish Agricultural Census: June 2024 - gov.scot
42 Natural Asset Recovery Investment Analytics (NARIA): NARIA - CreditNature
43 CreditNature achieves accreditation from Accounting for Nature
44 Defined as powerful indirect interactions that can control entire ecosystems: Trophic Cascades Across Diverse Plant Ecosystems | Learn Science at Scitable and What is a Trophic Cascade? - ScienceDirect
45 Results from the Scottish Agricultural Census: June 2024 - gov.scot
47 Natural Capital Market Framework - gov.scot
48 Unharvested Conservation Headlands for Wildlife
50 Natural capital - market framework: engagement paper - gov.scot
53 Kunming-Montreal Global Biodiversity Framework
54 The Taskforce on Nature-related Financial Disclosures
55 The Science Based Targets Network (SBTN) - Science Based Targets Initiative
57 Biodiversity Credit Alliance (BCA) - Demand-side sources and motivation for biodiversity credits
58 World Economic Forum (WEF) - Biodiversity credits: Demand analysis and market outlook
59 CSRD could be relevant to EU headquartered corporates / FIs with a footprint (operations, value chains) in Scotland: Corporate sustainability reporting - European Commission
60 Although to note that the European Commission has recently proposed delayed corporate climate reporting rules by two years and reducing the scope of its application (increasing the eligibility threshold from 250 to 1000 employees): UPDATE – EU Commission proposes delaying corporate climate reporting rules by two years « Carbon Pulse
62 For example there are already over 100 distinct methodologies for calculating biodiversity credits, resulting in significant variation in how biodiversity outcomes are measured and reported: Woodland and Peatland Biodiversity Code Guidance Document_20240117.pdf
64 Biodiversity net gain - GOV.UK
65 Nuveen natural capital (Q1 2024 paper): Investing in biodiversity
66 Environment Bank | The biodiversity experts | BNG Habitat Bank specialists
67 Implementing statutory biodiversity net gain - NAO report
68 Biodiversity net gain - POST
70 The ‘Payment for Ecosystem Services’ approach - relevance to climate change
71 Nuveen natural capital (Q1 2024 paper): Investing in biodiversity
73 World Economic Forum (WEF) - Biodiversity credits: Demand analysis and market outlook
74 Bloomberg NEF Biodiversity Finance Factbook - Biodiversity COP 16 edition
75 World Economic Forum (WEF) - Biodiversity credits: Demand analysis and market outlook
76 Ibid
77 Nuveen natural capital (Q1 2024 paper): Investing in biodiversity
78 Biodiversity Credit Alliance (BCA) - Demand-side sources and motivation for biodiversity credits
79 Securing a green recovery on a path to net zero: climate change plan 2018–2032 - update - gov.scot
80 Knepp Wildland Carbon Project - Arup
81 Natural Capital Market Framework - gov.scot
82 Agricultural Reform Route Map
83 Sustainable and regenerative farming - next steps: statement - gov.scot
84 Scotland's National Strategy for Economic Transformation - gov.scot
85 Understanding the local economic impacts of natural capital investment - gov.scot
86 Natural capital: economic benefits assessment - gov.scot
87 Principles for Responsible Investment in Natural Capital - gov.scot
88 Natural Capital Market Framework - gov.scot
89 Delivering Community Benefits from Land
90 BSI Flex 701 v2.0 Nature Markets – Overarching Principles | BSI
91 Environment Bank presentation at Loch Lomond and the Trossachs National Park Authority (LLTNPA) Green Finance event, Park HQ Balloch, 23 January 2025.
92 An influential biodiversity market may not direct investment towards habitats of national importance
93 This would not mean that public expenditure on land use and NbS would be reduced – rather that available budgets could go further via blending with private finance.
94 Peatland Code Consultations | IUCN UK Peatland Programme
95 Fight the crises and invest in nature today
96 Scottish Government consultations - Citizen Space
97 A technological biodiversity monitoring toolkit for biocredits
98 SBS outcome wording has been abridged to save space. Please refer to the SBS for full wording of the outcomes: Scottish Biodiversity Strategy to 2045 - gov.scot
99 Peatland restoration and potential emissions savings on agricultural land: an evidence assessment
Contact
Email: PINC@gov.scot