It is important to note that there are certain cases where compensation is not appropriate and should not be used. In addition, companies are also encouraged to contribute to systems-wide conservation and restoration within and beyond their own value chains,99 and target investments towards contributing to government targets under their National Biodiversity Strategies and Action Plans (NBSAPs). This includes investing in credible and effective nature-based solutions (through place- based conservation and restoration or landscape and jurisdictional approaches), and partnering with environmental NGOs, local governments, Indigenous Peoples and other local communities, such as through the World Economic Forum’s 1t.org initiative. As supporting guidance, companies can refer to the Global Standard for Nature-based Solutions published by IUCN, which proposes eight criteria and 28 indicators to deliver results that are “environmentally sound, socially just and economically feasible”.Invest in innovative biodiversity financing mechanisms A 2020 report estimated an average global biodiversity financing gap of $711 billion per year required for the protection, restoration and enhancement of nature,100 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 Global Biodiversity Framework proposes several innovative ways to mobilize public- and private-sector resources. For example, companies could consider investing in payment for ecosystem services, green or blue bonds, nature restoration funds and voluntary biodiversity certificates or credit markets.101 Through careful assessment of the advantages and disadvantages of available products, companies can contribute to meaningful long-term biodiversity conservation that is aligned with both their internal values and targets as well as national objectives. The Forum has published a Private Sector Roadmap to Finance and Act on Nature. Companies are encouraged to contribute to systems-wide conservation and restoration within and beyond their own value chains. Nature Positive: Role of the Port Sector 36

Nature Positive Role of the Ports Sector