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; to enable emissions reductions through investments in certified Natural Climate Solutions (NCS). We are working towards delivery of a NbS action plan by the end of 2022.
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-quality NCS which can deliver both environmental and social benefits. We recognize that focused collaboration is required by market participants to enable NCS to achieve their potential to contribute to the Paris goals.
Working in collaboration
External engagement can support the scaling up of high-quality NCS in carbon markets. We have participated and contributed to:
- The Taskforce for Scaling Voluntary Carbon Markets
- The Integrity Council for Voluntary Carbon Markets
- NCS Alliance Guiding Principles for Investing in Natural Climate Solution.
We also participate in a number of NCS related trade associations:
- Oil and Gas Climate Initiative (OGCI) NCS group
- WBCSD NCS working group
- International Emissions Trading Association (IETA) Working Group for NCS
- IETA Markets for NCS initiative.
