132. Calculated given “total world emissions = 36.8 Gt”, “car and van emissions = 3.53 Gt” and “road transport emissions = 5.87 Gt”. Note: this includes direct emissions of fossil fuel combustion from transport – upstream emissions incurred during fossil fuel extraction and electricity generation are not included: International Energy Agency (IEA). (2023). CO2 Emissions in 2022. https://www.iea.org/reports/co2-emissions-in-2022; International Energy Agency (IEA). (n.d.). Cars and Vans. https://www.iea.org/energy-system/transport/cars-and-vans; International Energy Agency (IEA). (n.d.) Transport. https://www.iea.org/energy-system/transport. 133. Siemens. (2022). Decarbonizing practices in the global automotive industry. https://assets.new.siemens.com/siemens/ assets/api/uuid:126d82a4-ff96-4d74-bf52-28281e719488/whitepaper-decarbonizing-practices-in-the-global- automotive-indu.pdf. 134. Mondaq. (2021). It’s Time for Vehicle Manufacturers to Shift Gear on Scope 3 Emissions. https://www.mondaq.com/uk/ climate-change/1126868/its-time-for-vehicle-manufacturers-to-shift-gear-on-scope-3-emissions. 135. Including plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), fuel cell electric vehicles (FCEVs), flexible-fuel hybrid electric vehicles (FFV-HEVs), sustainable biofuels, low emissions hydrogen and derivatives (including synthetic fuels). 136. World Economic Forum. (2020). Forging Ahead: A materials roadmap for the zero-carbon car. https://www.weforum.org/publications/forging-ahead-a-materials-roadmap-for-the-zero-carbon-car/. 137. McKinsey & Company. (2023). The race to decarbonize electric-vehicle batteries. https://www.mckinsey.com/~/media/ mckinsey/industries/automotive%20and%20assembly/our%20insights/the%20race%20to%20decarbonize%20 electric%20vehicle%20batteries/the-race-to-decarbonize-electric-vehicle-batteries-vf.pdf . 138. Volkswagen Group. (2023). Group Sustainability Report 2023. https://www.volkswagen-group.com/en/publications/more/group-sustainability-report-2023-2674. 139. Mahindra. (2023). Planet Positive: Sustainability Report 2022-23. https://www.mahindra.com/sites/default/files/2023-10/Mahindra-Sustainability-Report-2022-23.pdf . 140. Volvo Cars. (2023). Annual and Sustainability Report 2023. https://vp272.alertir.com/afw/files/press/volvocar/202403050374-1.pdf. 141. Volvo Cars. (2024). Volvo Cars adjusts electrification ambitions, remains committed to fully electric future. https://www.media.volvocars.com/global/en-gb/media/pressreleases/333213/volvo-cars-adjusts-electrification- ambitions-remains-committed-to-fully-electric-future. 142. BloombergNEF (BNEF). (2023). Electric Vehicle Outlook 2023. https://assets.bbhub.io/professional/sites/24/2431510_ BNEFElectricVehicleOutlook2023_ExecSummary.pdf. 143. While “compensation” can be treated as synonymous with “offseting”, as aligned with IUCN’s approach, in this report “compensation” is a more general term of which biodiversity offsets are just one subset. Compensation may achieve NNL or BNG (in which case it is an offset), but in other cases, compensation can involve reparation that falls short of achieving NNL (and is therefore not an offset). 144. International Finance Corporation (IFC). (2012). Performance Standard 6: Biodiversity Conservation and Sustainable Management of Living Natural Resources. https://www.ifc.org/en/insights-reports/2012/ifc-performance-standard-6. 145. Cross-Sector Biodiversity Initiative (CSBI). (2015). Cross-sector Guide for Implementing the Mitigation Hierarchy. http://www.csbi.org.uk/our-work/mitigation-hierarchy-guide/. 146. The Nature Conservancy (TNC). (2015). Achieving Conservation and Development: 10 Principles for Applying the Mitigation Hierarchy. https://www.conservationgateway.org/Documents/TNCApplyingTheMitigationHierarchy.pdf. 147. United Nations Environment Programme (UNEP). (2012). Biodiversity offsets: voluntary and compliance regimes. https://files.ctctcdn.com/b3b328ed001/7b1aaa64-234c-4918-abb8-27a30c51ac03.pdf. 148. The steps of the mitigation hierarchy can be expressed differently in various policies, but the core steps remain the same. 149. International Union for Conservation of Nature (IUCN). (2023). Nature positive for business. https://portals.iucn.org/library/sites/library/files/documents/2023-023-En.pdf . 150. Mahindra. (2023). Planet Positive: Sustainability Report 2022-23. https://www.mahindra.com/sites/default/files/2023-10/Mahindra-Sustainability-Report-2022-23.pdf . 151. Mercedes-Benz. (2023). Sustainability Report 2023. https://group.mercedes-benz.com/documents/sustainability/reports/ mercedes-benz-sustainability-report-2023.pdf. 152. Almack, K. (2010). Restoring Ecosystem Services to Prevent Flood Damage in Napa River Basin. https://www.teebweb.org/wp-content/uploads/CaseStudies/Restoring%20Ecosystem%20Services%20to%20 Prevent%20Flood%20Damage%20in%20Napa%20River%20Basin.pdf. 153. Volvo Cars. (2023). Annual and Sustainability Report 2023. https://vp272.alertir.com/afw/filers/press/ volvocar/202403050374-1.pdf. 154. Pirelli. (2023). Annual Report 2023: Cohabiting the Dialogue Between Future Generations. https://corp-assets.pirelli.com/corporate/PIRELLI_ANNUAL_REPORT_2023_ENG.pdf. 155. Hero Moto Corp. (n.d.). Sustainability Goals. https://www.heromotocorp.com/en-in/company/sustainability/esg- sustainability.html. 156. Hyundai. (2023). 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Nature Positive Role of the Automotive Sector