Cross Sector Biodiversity Initiative
ICMM, IPIECA (the global oil and gas industry association for environmental and social issues) and the Equator Principles Association launched a Cross-Sector Biodiversity Initiative (CSBI) in Washington, D.C. on 6 February 2013.
The initiative was created to develop and share good practices and practical tools to apply the new International Finance Corporation's (IFC) Performance Standard 6 on Biodiversity Conservation. IFC's Performance Standards have become globally recognized as a benchmark for environmental and social risk management in the private sector.
CSBI aims to share experiences and to create a culture of learning and continuous improvement. Although the CSBI is an industry forum, the group will engage with non-industry groups who have interest and experience in offsets and the biodiversity mitigation hierarchy included in IFC performance standard 6.
CSBI is looking to seek input on overall strategic directions for the initiative and welcomes interested parties to get in contact with JLIB_HTML_CLOAKING (Email: JLIB_HTML_CLOAKING ) or IPIECA for further information.
On 27 January 2014, the CSBI launched a Timeline Tool designed to assist project planning in the extractives industries to better align project development, biodiversity impact management, and financial timelines and milestones.
- Provides a road-map that helps to identify critical milestones and inter-dependencies between project development and financing timelines
- Identifies actions required to apply the mitigation hierarchy to effectively address potential impacts as early as possible in the project life-cycle
- Raises awareness and highlights sensitivities and operational challenges associated with biodiversity impact mitigation
- Can be used as an internal capacity building resource or communications tool as it supports the work of a variety of functions in project planning and execution.
CROSS SECTOR BIODIVERSITY INITIATIVE CHARTER
The parties to this Charter (IPIECA, ICMM and the EP Association) agree to provide leadership in developing and sharing good practice related to biodiversity and ecosystem services in the extractive industry. This initiative supports our broader goals of applying innovation and transparency through the mitigation hierarchy with respect to biodiversity and ecosystem services throughout our members’ project activities.
Companies from the extractive and finance sectors recognise that there are both business risks and opportunities related to biodiversity conservation. The parties have united to promote the use of scientifically valid, innovative and practical applications of the mitigation hierarchy to manage potential project related impacts on biodiversity and ecosystem services as outlined in the International Finance Corporation Performance Standard 6 (IFC PS6, 2012). The order of preference for mitigating biodiversity impacts is avoidance, minimisation, restoration and offset.
The parties agree to share experiences from their operations and to identify and develop practical tools and good practices as part of a culture of learning and continuous improvement.
The parties encourage the timely application of the first three stages of the mitigation hierarchy (avoidance, minimisation and restoration) in order to drive improved project design and technical innovation. In cases where residual impacts remain, the last stage of the mitigation hierarchy (offset) may then be implemented to achieve the project’s conservation objectives.
In the application of the mitigation hierarchy, and in the implementation of offsets in particular, the parties recognise the importance of:
- balancing environmental, social and economic priorities;
- using scientific and traditional knowledge;
- maintaining the benefits from and access to ecosystem services;
- local stakeholder engagement, understanding and/or support; and
- promoting effective engagement and partnerships with stakeholders and the biodiversity conservation community.