Nature Positive Role of the Ports Sector

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While “compensation” can be treated as synonymous with “offsetting”, as aligned with International Union for Conservation of Nature (IUCN) approach, in this report “compensation” is a more general term of which biodiversity offsets are just one subset. Compensation may achieve no net loss or biodiversity net gains (in which case it is an offset), but in other cases, compensation can involve reparation that falls short of achieving no net loss (and is therefore not an offset). 86. 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. 87. Cross-Sector Biodiversity Initiative (CSBI). (2015). Cross-sector Guide for Implementing the Mitigation Hierarchy. http://www.csbi.org.uk/our-work/mitigation-hierarchy-guide/. 88. The Nature Conservancy (TNC). (2015). Achieving Conservation and Development: 10 Principles for Applying the Mitigation Hierarchy. https://www.conservationgateway.org/Documents/TNCApplyingTheMitigationHierarchy.pdf. 89. United Nations Environment Programme (UNEP). (2012). Biodiversity offsets: voluntary and compliance regimes. https://files.ctctcdn.com/b3b328ed001/7b1aaa64-234c-4918-abb8-27a30c51ac03.pdf. 90. The steps of the mitigation hierarchy can be expressed differently in various policies, but the core steps remain the same. 91. 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. 92. Port Technology International. (2022). Qingdao Port becomes the world’s first hydrogen-powered and 5G intelligent port. https://www.porttechnology.org/news/qingdao-port-becomes-the-worlds-first-hydrogen-powered-and-5g-intelligent-port/. 93. International Atomic Energy Agency. (n.d.). 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Understanding Living Shorelines. https://www.fisheries.noaa.gov/insight/understanding-living- shorelines#:~:text=Installation%3A%20Typical%20living%20shoreline%20treatments,before%20it%20reaches%20 the%20shore. 99. There is lively debate about whether voluntary within- and out-of-value chain conservation and restoration could be used to take responsibility for unmitigated biodiversity impacts, which is out of the scope of this report. For more information on the concerns and guardrails to be put in place for corporates considering investing in biodiversity credits specifically, see: World Economic Forum. (2023). Biodiversity Credits: A Guide to Support Early Use with High Integrity. https://www3. weforum.org/docs/WEF_Biodiversity_Credits_A_Guide_to_Support_Early_Use_with_High_Integrity_2023.pdf. 100. The Paulson Institute, The Nature Conservancy, Cornell Atkinson Center for Sustainability. (2020). Financing Nature: Closing the Global Biodiversity Financing Gap. https://www.paulsoninstitute.org/wp-content/uploads/2020/10/ FINANCING-NATURE_Full-Report_Final-with-endorsements_101420.pdf. 101. World Economic Forum. (2024). Nature Finance and Biodiversity Credits: A Private Sector Roadmap to Finance and Act on Nature. https://www.weforum.org/publications/nature-finance-and-biodiversity-credits-a-private-sector-roadmap-to- finance-and-act-on-nature/. Nature Positive: Role of the Port Sector 52