You can download a DRM-free copy of this standard here.
What is BSI Flex 702 v2.0 about?
Protecting our natural environment is key to supporting biodiversity and can be achieved by scaling up investment in nature. One approach is through nature markets, which facilitate generating, storing, and trading nature credits. Biodiversity markets, a subset of nature markets, specifically support the variety of living organisms.
BSI Flex 702 v2.0, part of a wider Nature Investment Standard (NIS) framework, specifies requirements for biodiversity outcomes suitable for voluntary and compliance markets. It builds on the overarching principles standard, BSI Flex 701 v2.0, with added criteria specific to biodiversity markets.
The standard has been updated based on industry feedback and is now ready for adoption.
What does the standard cover?
It covers processes, characteristics of biodiversity outcomes, and measures of change unique to the biodiversity market.
It’s intended to provide a credible means of identifying activities and processes that generate high-integrity biodiversity credits, and covers all ecosystems, habitats, and types of natural capital across land, freshwater, and sea.
This BSI Flex includes criteria to support the metrics, survey, and reporting methods that enable robust quantification in a manner that is consistent across different types of natural capital.
Who is this specification for?
This BSI Flex is intended for use by:
- biodiversity market participants;
- biodiversity market intermediaries, including the different codes/standards/schemes that are needed for this BSI Flex to be met;
- registries; and
- other stakeholders in nature markets or in the environmental outcomes of trading credits.
It might be of interest to:
- buyers of biodiversity credits;
- investors in biodiversity projects or schemes;
- service providers;
- non-governmental organizations (NGO);
- regulators;
- policy developers;
- academics;
- policy analysts; and
- researchers.
What’s changed compared with v1.0?
The standard has been revised, using the iterative BSI Flex process, based on industry feedback gained during the public consultation on v1.0.
Key changes include:
- Aligning scope, definitions and requirements across the suite of Nature Investment Standards.
- Improving governance requirements to make them clearer.
- Strengthening requirements to support the robust quantification of units that define credits.
- Including requirements for engagement with local communities.
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As part of the Nature Investment Standards Programme, we established an online hub for the development of a new consensus-based standards framework designed to overcome barriers and build trust in investing in nature. If you’d like to join the hub, please sign up here.