Why is it in the news?
- BCA advocates for the utilization of biodiversity credits (biocredits) to finance targets outlined in the Kunming-Montreal Global Biodiversity Framework (KMGBF).
- Biocredits serve as a potential mechanism to fund conservation, restoration, and interventions addressing key drivers of biodiversity loss, such as habitat degradation.
- BCA is a voluntary international alliance formed to support the Kunming-Montreal Global Biodiversity Framework (KMGBF).
- Launched at the 15th Conference of Parties (COP15) to the UN Convention on Biological Diversity (CBD) in 2022.
- The primary goal is to facilitate the development and implementation of biodiversity credits as a financial instrument for biodiversity conservation and restoration.
- Focuses on building a framework of high-level, science-based principles to guide the establishment and functioning of a voluntary biocredit market.