While governmental leaders in Lima meet to trade away the climate, we would like to share some publications and multimedia work published in 2014 by CTW. Some key highlights include: Support for resistance in Brazil against pre-salt offshore oil drilling, research into natural gas and other energy conflicts in Europe, and uncovering further financialisation of nature plans such as biodiversity offsetting, and the new Natural Capital Finance Facility.
The Natural Capital Finance Facility: A window into the green economy
This new publication aims to break down the complexities of emerging “nature” financing by exploring a new pilot facility put forward by the European Commission and the European Investment Bank, called the Natural Capital Finance Facility. The authors discover the lack of transparency and power relations behind the NCFF and outline in clear language how natural capital financing functions, where the money comes from, how profits are made and how public funds are leveraged. In addition, the publication explores how funding mechanisms emerge before policy has been decided and links this to REDD+ and the carbon markets. This paper outlines the dangers to this approach and explores what is lost when financial mechanisms are given priority over grant-based projects.
A Tree for a Fish: The (il)logic behind selling biodiversity
Putting a price on ecological systems has been around for several decades, although it was especially heightened during the UN climate negotiations with the introduction of the carbon market, a system which places a monetary value on the carbon-cycle capacity of nature for trade in financial markets. The carbon market quickly became “the only game in town” that policy-makers and multilateral agencies would discuss and implement regarding climate change policy. Following this logic, the 2010 UN Convention on Biological Diversity (CBD) called for “innovative financial mechanisms’” to deal with biodiversity loss, making biodiversity offsets the standard buzzword within conservation debates. At the same time, people have been resisting projects that claim to compensate for biodiversity destruction and continue to demonstrate how this concept fails to address the drivers of environmental and social damage.