Nature-based solutions
Our aim 18 is championing nature-based solutions and enabling certified natural climate solutions
We aim to use nature-based solutions (NbS) to deliver value and contribute to our people and planet aims in our operations and through our business activities. We will also support the development of scalable markets for certified natural climate solutions (NCS) that help the world reduce deforestation, get to net zero and deliver environmental and social benefits.
We have set two objectives for this aim: to use NbS to deliver value and contribute to our people and planet aims; and to enable emissions reductions through investments in certified Natural Climate Solutions (NCS).
What are nature-based solutions and natural climate solutions?
Nature-based solutions (NbS) are actions to protect, sustainably manage and restore natural or modified ecosystems that address societal challenges effectively and adaptively, simultaneously providing human wellbeing and biodiversity benefits.
Natural climate solutions (NCS) are a subset of nature-based solutions that focus on actions to reduce or remove greenhouse gas emissions through nature conservation, restoration and improved land management.
Natural climate solutions
We aim to support efforts to scale up high-integrity NCS, which can deliver both environmental and social benefits and contribute to reducing global emissions. We only originate and trade carbon credits certified to third-party standards. We recognize that focused collaboration is required by market participants to enable NCS to achieve their potential to contribute to the Paris goals.
Our centre of excellence in our low carbon trading team conducts project due diligence above and beyond that provided by third-party standards on our originated projects and programmes. We are learning more over time and working to create new high-integrity opportunities in the voluntary carbon market. We want to support projects that protect standing forests and other natural ecosystems, as well as sustainable development opportunities in local communities. We expect our approach to evolve in line with market developments.
Working in collaboration
We have enhanced our external engagement to support the growth of high-integrity carbon credits in carbon market. We have participated and contributed to:
- The Integrity Council for Voluntary Carbon Markets – including consultations for its Core Carbon Principles and Assessment Framework
- NCS Alliance Guiding Principles for Investing in Natural Climate Solution
- The EU Commission’s consultation on a regulatory framework for the certification of carbon removals
- The World Economic Forum Ocean 100 discussion on blue carbon opportunities.
We also participate in a number of NCS related trade associations:
- Oil and Gas Climate Initiative NCS working group
- World Business Council for Sustainable Development NCS working group
- NCS Alliance
- International Emissions Trading Association (IETA) Working Group for NCS and the IETA Markets for NCS Initiative City of London UK Voluntary Carbon Markets Forum.
