Nature Positive Role of the Offshore Wind Sector

3.4 Actively support nature restoration and invest in nature-based solutions alongside local stakeholders In pursuing conservation and restoration, companies should start by following the mitigation hierarchy at a site level and addressing the impacts of their own activities. Yet, cross-industry contribution to systems-wide conservation and restoration beyond the site level with wider stakeholders is also vital to the sector’s nature- positive efforts. The nature-inclusive design of wind farms can benefit certain species and habitats at the site level; however, off-site restoration may provide greater benefits to migratory species than on-site action. There are many forms of marine restoration, which often need to complement each other to give optimal results. For example, Birdlife International outlines examples of marine restoration measures in the European seas with added socioeconomic gains, from the restoration of coastal, sand dune and seagrass meadows to the restoration of fish migration paths and seabird nesting sites.152 By supporting these efforts, offshore wind developers can contribute to the overall health of these marine ecosystems and create opportunities for local communities. This necessitates cross-industry collaboration as well as industry-science partnerships. The multi-use of offshore wind farms, in collaboration with local marine users and through marine spatial planning, should be explored. Seaweed, mussel and oyster farming, passive crab fisheries and other types of fish farming are potentially economically viable activities. They can also generate blue biomass with fewer user conflicts while mitigating eutrophication and climate change. Ørsted is also currently piloting the integration of sustainable aquaculture activities in their Anholt offshore wind farm.153 Meanwhile, the first seaweed harvest has just begun at Vattenfall’s offshore wind farm, Kriegers Flak (the largest in Scandinavia to date), in collaboration with mussel and seaweed producers and Danish universities.154 In addition, companies are encouraged to invest in credible and effective nature-based solutions, either through place-based conservation and restoration or through landscape and jurisdictional approaches. This involves partnering with environmental non-governmental organizations (NGOs), local governments and Indigenous Peoples. A 2020 report estimated an average global biodiversity financing gap of $711 billion per year required for the protection, restoration and enhancement of nature,155 where the private sector has a key role to play in helping bridge this gap by investing in a nature-positive transition. Target 19 of the Kunming-Montreal Global Biodiversity Framework proposes a number of innovative ways to mobilize resources from both the public and private sectors. For example, companies could consider investing in blue and green bonds, nature restoration funds, restoration of blue carbon ecosystems (mangroves, salt marshes and seagrasses),156 and voluntary biodiversity certificates or credit markets.157 Through careful assessment of the advantages and disadvantages of available products, companies can contribute to meaningful biodiversity conservation that is aligned with their internal values and targets.158 Contribution to systems-wide conservation and restoration beyond site level is vital in the sector’s contribution to nature positive. Priority action 4 Nature Positive: Role of the Offshore Wind Sector 35