Biodiversity Credits at COP16 Spark Rejection by Indigenous Peoples and Environmentalists in Honduras

At the Biodiversity Summit (COP16) in Cali, Colombia, the proposal for biodiversity credits as one of the mechanisms for restoring ecosystems by 2030 has sparked intense debate. In Honduras, similar initiatives faced complaints of irregularities and rejection by indigenous peoples and environmentalists, who argue that this measure privileges corporations and markets. Indigenous advocates also urge that the summit discussions not only focus on protecting nature, but also on guaranteeing the rights of communities.  

Biodiversity credits, a mechanism created as an option to reverse and halt biodiversity loss by 2030 -one of the key points in the Kunming-Montreal Agreement signed at COP15- has been one of the most discussed points among organizations during the Biodiversity Convention. One side claims that the mechanism privileges corporations and companies seeking to compensate for damage to the environment and biodiversity over community rights and genuine environmental stewardship.

Biodiversity credits are similar to carbon credits, in that they seek that industries or corporations that in the development of their projects have contributed to the loss of biodiversity commit to restore it by financing projects.

Rony Castillo, sub-coordinator of the Honduran Black Fraternal Organization (Ofraneh), who has been present as an observer at COP16, says that the implementation of this mechanism is worrying for the communities, since the carbon market has not yet been consolidated at a global level, and its real benefits have not been shown to the communities.

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This story was produced as part of the 2024 CBD COP16 Fellowship organized by Internews' Earth Journalism Network. It was first published in Spanish in Contra Corriente on October 29, 2024. It has been lightly edited for length and clarity.

Banner image: A woman holds a sign during a protest against biodiversity credits held by Friends of the Earth in the Blue Zone, where COP16 is taking place. Cali, Colombia. October 28, 2024 / Credit: Maria Celeste Maradiaga.