Publication - Consultation paper

Natural capital - market framework: engagement paper

Published: 16 April 2024
Directorate: Environment and Forestry Directorate, +1 more … Agriculture and Rural Economy Directorate
Topic: Business, industry and innovation, Economy, Environment and climate change, +4 more … Farming and rural, Marine and fisheries, Money and tax, Public sector
ISBN: 9781836011576

This engagement paper summarises the key natural capital market framework co -development issues and questions that will be explored. The content will be used to help inform, guide and support all participants during the engagement and co-development process.

Supporting documents

Footnotes

1. https://www.gov.uk/government/publications/final-report-the-economics-of-biodiversity-the-dasgupta-review

2. UN Principles for Responsible Investment

3. Scottish Natural Capital Accounts 2023

4. Assessing the cumulative and cross-sector economic benefits of investment in natural capital in Scotland (www.gov.scot)

5. There are a number of ongoing parallel international initiatives helping to define Scotland’s vision for High Integrity Markets (see Section 4)

6. A PIU is effectively a 'promise to deliver' a Unit of Sequestered Carbon in the future

7. Supply Area = a spatially delineated area where actions are taken to create the units supplied to nature markets

8. For example, Scottish Land Rights and Responsibilities Statement 2022; Scottish Land Commission’s Protocol: Responsible Natural Capital and Carbon Management - Good Practice; Scottish Land Commission’s Guidance: Community Benefit - Good Practice - Our work - Scottish Land Commission; and Scottish government: Guidance on Engaging Communities in Decisions Relating to Land (www.gov.scot).

9. See page 16.

10. FIRNS - The Facility for Investment Ready Nature in Scotland - Successful Round 1 Projects

11. Spatially targeted nature-based solutions can mitigate climate change and nature loss but require a systems approach - ScienceDirect

12. For example, for woodland, the UK Forestry Standards (UKFS) sets out the requirements for sustainable forestry practices and aims to increase the positive impacts of forests and woodlands on air, water, soils, biodiversity and landscapes.

13. The Task Force on Climate Related Financial Disclosures (TCFD)

14. The Taskforce on Nature-related Financial Disclosures (TNFD)

15. Investor Panel: Mobilising international capital to finance the transition to Net Zero - gov.scot (www.gov.scot)

16. Investor Panel - Scottish Government Response to Investor Panel Recommendations (www.gov.scot)