The Nature and People Foundation has developed an Urban Biodiversity Standard (UBS) that includes the rules for the development of Urban Biodiversity Credits (UBC), a financial mechanism that helps businesses and investors dedicate resources to nature. The UBS defines a UBC as a digital or non-digital asset that represents an increase in vegetation coverage.
The standard includes two types of credits: Biodiversity Credits and Ecosystem Services Credits. Biodiversity Credits are digital or non-digital assets that represent an increase in vegetation coverage. One credit is generated per 100 m² of new vegetation cover for each year that the increase is maintained, up to a maximum of 20 years. Credits are issued annually over this 20-year period, reflecting the sustained contribution to biodiversity enhancement. Ecosystem Services Credits are digital or non-digital assets that represent an increase of 100 m² in vegetative cover that delivers ecosystem services to people. Similar to Biodiversity Credits, one credit is generated per 100 m² of new green coverage for each year that the increase is maintained, with a maximum duration of 20 years.
The Registry for Urban Biodiversity Credits will be hosted by Evertree SA, a company in Spain, which will also validate the credits. Independent verification will also be sought by a group of scientists such as the Biodiversity Futures INitiative or a body such as the Gold Standard.
While the standard is available for use now, the Nature and People Foundation is also piloting it across two pilot sites – one on the island of Formentera and one in Rio de Janeiro – and is also undertaking a consultation process to validate standard.
