South Africa: Sanparks Launches Biodiversity Offset Bank

The South African National Parks (SANParks) has launched the first ever SANParks Biodiversity Offset Bank.

Biodiversity offsets are a viable and innovative financing mechanism for the expansion and management of protected areas.

"SANParks collective efforts to finance and secure the future of our nation's extraordinary biodiversity is evident by this unique opportunity to expand our protected area network, while at the same time unlocking economic development," SANParks said.

The Offset Bank aims to set a national precedent, while establishing a replicable model that others can adapt and improve upon.

"The SANParks Biodiversity Offset Bank, the first of its kind, offers South Africa the opportunity to expand and improve the management of protected areas, and to assist developers in meeting their environmental, social, and governance goals, while also supporting the state in promoting inclusive and sustainable economic growth," SANParks said.

SANParks Vision 2040 is about building protected areas that are sustainable, inclusive, and designed to be intentionally beneficial to both people and the environment.

Its core pillar is the development of mega-living landscapes-- expansive areas where conservation catalyzes social and economic development.

The Biodiversity Offset Bank is one of the important instruments that will support this direction of sustainable financing, protected area expansion, and inclusive growth.

"The offset bank will only be purchasing land that makes sense for park expansion, either forming an important conservation corridor, strategic water source area or critical biodiversity area that is not protected currently.

"SANParks together with government, business, civil society, and communities will ensure that the Biodiversity Offset Bank operates within the legal and regulatory framework of our Environmental Impact Assessment regime.

"The SANParks Biodiversity Offset Bank will build a resilient natural heritage, enabling responsible development, and securing the well-being of current and future generations," SANParks said.

Read the original article on SAnews.gov.za.