Biodiversity Offsetting
The promise to offset biodiversity destruction opens the door for corporations to obtain funding and access land which would otherwise be off limits for large-scale destruction. Promises to recreate or protect habitat of "equivalent" ecological value elsewhere is even opening up protected areas and World Heritage Sites to corporate destruction. Biodiversity offsets therefore create double destruction and exploitation, since corporations control both the territories affected by industrial activities as well as those targeted for offset projects.
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22 July 2023
An article from ProPublica exposes how the World Bank Group is backing up biodiversity offset projects via its arm that works with private companies, the International Finance Corporation, which has funded at least 19 with biodiversity offsets.
