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ADVANCINGCLIMATEJUSTICE THE BUSINESS GUIDE TO CREDITSAUTHORSKsenia Benifand,Christina Daniels-Freeman,NatashaMehta,Kylie Nealis,Charlotte SewellDESIGNERShani TuckerEDITORSamantha VeideDATE OF PUBLICATION:April 22,2024Creative CommonsLicense WHO WE ARE:This guide was created through a partnership between Forum for the Future,B Lab Global,and B Lab U.S.&Canada.A core team of five people worked together since June 2023 to learn from community members,hold workshops and interviews,and compile this guidance.B LAB GLOBAL creates standards,policies,tools,and programs that shift capitalisms behavior,culture,and structuralunderpinnings.They mobilize the B Corp community towards collective action to address societys most critical challenges.Theirglobal community includes over 8,500 B Corps in over 95 countries and over 160 industries.More than 100,000 companies use ourB Impact Assessment and SDG Action Manager to manage their impact.B LAB U.S.&CANADA (B LAB USCA)is one of six partners of B Labs global network.They foster and mobilize a growingcommunity of people and businesses working towards a more fair and inclusive economy in the United States and Canada.At theheart of their theory of change are three impact pillars:climate justice,racial equity,and a stakeholder-driven economy.Over 2,500B Corps comprise the U.S.&Canadian community.FORUM FOR THE FUTURE(FORUM)is a leading international sustainability non-profit.For more than 25 years,theyve been workingin partnership with businesses,governments,and civil society to accelerate the shift towards a just and regenerative future in whichboth people and the planet thrive.Forum is focused on enabling systemic and urgent action in three potentially game-changingareas:transforming how people and organizations think about,produce,consume,and value both food and energy,and onreimagining the purpose of business in our society and economy.The American Climate Futures program was created under the Forum umbrella to ensure that climate justice is seen as afoundational priority in private sector responses to the climate crisis.Forum is working towards ensuring that the needs and voicesof those most impacted by climate change are prioritized and centered in climate solutions and that these solutions are developed inan inclusive and just way.In so doing,Forum seeks to deepen trust and spark collaboration between companies and frontlinecommunities in support of long-term,systemic change.Climate justice strengthens current and new climate action initiatives to bemore effective and efficient.As climate change intensifies,often the most severe harm fallsdisproportionately on frontline and underserved communities,who are leastable to prepare for and recover from climate disasters.Vulnerability to climatechange is exacerbated by extractive forms of capitalism and widespreadinequality that marginalizes specific communities.For example,a recentreport by the Environmental Protection Agency(EPA)found Black and AfricanAmerican people in the United States are 40%more likely to live in areaswhere extreme temperatures lead to more deaths.This likelihood increasesto 59%if global warming reaches 4C.FOREWORDOver the last five years,there has been an influx of investment inclimate solutions to address global greenhouse gas emissions.While billions of dollars are invested in climate solutions annually,only a small percentage is allocated to support the communitiesmost vulnerable to its impacts-frontline communities.Through a series of interviews and workshops withfrontline community leaders and experts,we haveheard about the hopelessness,fear,anxiety,lossof income,displacement,damage to property,anddeteriorating health that people are experiencing,along with a wide range of other injustices thatintersect with the climate crisis.We also heard thatprogress is slow and solutions are not directlybenefiting communities,with the people affectedfirst and worst feeling unheard and left out.Wevewoven many insights from these conversations intothis guide.We have also heard from businesses beginning toembrace and prioritize climate and environmentaljustice as part of their climate action goals andstrategies.We are seeking to build meaningfulpartnerships with communities.We heard there is a lack of knowledge on whereand how to take action for meaningful impact,anambiguous process for equity-centered communityengagement,a lack of clear metrics to measureand track progress,and a fear of failing or gettingit wrong,preventing concrete and urgent action.As many businesses begin to embrace their roleand responsibility in creating equity-centeredsolutions to the global climate crisis,this guide willamplify and support the stories,voices,andwisdom from frontline community efforts andprovide practical guidance for the private sector totake concrete climate justice action in partnershipwith communities.This guide builds on previousguidance including the Climate Justice Playbookfor Business.Lastly,this guide does not need to be read linearly.Read through the Table of Contents and decidewhere to start.If you only read one section,focuson the Guidance for Partnering With Communities.B Lab U.S.&CanadaKylie nEALISForum for the FutureKseniaBenifandIt is for those willing and ready to take on newleadership approaches requiring a profound shiftfrom the traditional mindset rooted in authoritativeso-called expert roles.This new leadershipapproach focuses on a regenerative mindset,embracing humility and learning andacknowledging the need for collaboration andpartnerships between businesses and frontlinecommunities to address the climate crisis.The guide is a compilation of perspectives frompeople living and working at the frontlines ofclimate change,people working to support andadvance social justice issues,and those whobelieve that there is a significant role for theprivate sector to take action.It also includes the voices of business,policy-makers,and civil societyexperts working in partnership with frontlinecommunities to advance these issues.While climate injustice is a global issue,this guideis grounded on information gathered fromcommunities and businesses across the U.S.and Canada.Though we believe there arelearnings in this guide that could apply in multiplecontexts,it is critical to acknowledge thatexperiences of climate injustice are context-specific.Some organizations have fought for decades forrights to a safe,healthy,and survivableenvironment and have elevated the need forclimate justice at a national scale,and some oftheir voices are shared here.They share their livedexperience and solutions they seek to the climatecrisis and related injustices that have long beenadvocated for but might still need to gain tractionin the mainstream.We offer this content to contribute to the broaderconversation and provide practical guidance tocompanies ready to take action.We aim to elevateand connect stories of whats possible andhighlight areas where urgent private-sector actionis imperative.This guide is for business leaders,change-makers,and entrepreneurs committed tocentering equity and justice as part of theirclimate action efforts.ABOUT THIS GUIDEWHO IS THIS GUIDE FOR?CONTENTS32170253538871072787980827517FOREWORDLetter from the editors.KEY POINTSFour critical points for the private sector toconsider.2.PERSPECTIVES FROM THE FRONTLINESCentering frontline community voices.HOW TO TAKE ACTION7.Internal Engagement(38)8.Internal Operations(45)9.Products&Services(53)10.Value Chains(58)11.Policy Advocacy(65)4.EQUITABLE PARTNERSHIPSGuidance for working alongsidecommunities.CONCLUSIONKey takeaways.1.THE CASE F OR CHANGEThe urgent need for climate justice.3.OVERVIEW:GUIDANCE FOR BUSINESSHow to get started.5.PARTNERING IN PRACTICEFind tangible guidance for how to applythe Principles for Partnership.6.ACTION&INFLUENCEBusiness spheres of action.GLOSSARYDefinitions for reference.APPENDIX 1Additional resources.APPENDIX 2Methodology.APPENDIX 3 Stakeholder Wheel tool.SOURCESSources for in-text citations.ACKNOWLEDGMENTSThank you to our contributors.1.PRIORITIZE TRUST-BUILDING WITH FRONTLINE COMMUNITIESFrontline communities often perceive businessesto be extractive and lacking in follow-through.Businesses can begin to transform relationships bylistening to frontline communities and beinghumble,present,and collaborative over anextended period.It is important to acknowledgepast harms and take concrete actions aligned withcommunity needs to heal historical distrust.2.ADOPT A NEW MINDSETAdvancing climate justice calls for a differentapproach to business leadership,shifting awayfrom short-term gains toward long-term solutionsdeveloped in partnership with communities toaddress the root causes of todays biggestchallenges.These include the climate 4.CONSIDER YOUR SPHERES OF CONTROL&INFLUENCEEvery business has spheres of control,like internaloperations,and influence,like its value chain andthe policies it advocates for.It is important to lookacross both spheres when it comes to climatejustice.Climate solutions are most likely toadvance climate justice when relevant prioritiesare integrated into business strategy and decision-making.To begin,businesses should prioritizeareas of action and develop a process by which toassess the environmental impact of existing andfuture projects.emergency,nature in crisis,and mountinginequality.Through this transition,businesses cancontribute to ecosystem restoration and renewalwhile championing dignity,fulfillment,and equityfor all.3.OFFER IMMEDIATE&SUSTAINED SUPPORT TO MEET FRONTLINE COMMUNITY NEEDSLook for ways to reduce barriers for communityorganizations to access funding,including byshifting to an adaptive and relational model thatprioritizes multi-year,unrestricted grants.Consideroffering technical skills training,educational andmentorship opportunities,digital tools,and othercapacity building.It is important to acknowledgedisparities and engage in a deeper discussionabout what a more equitable distribution of powerand resources might look like.KEY HIGHLIGHTSThe following insights have been identified as most critical for theprivate sector to consider as it works to advance climate justice.URGENTNEED FORJUSTICE 1.THE CASE FOR CHANGE PAGE XXXClimate justice seeks to address the disproportionate impacts of climatechange on underserved communities,including low-income groups,people ofcolor,Black and Indigenous Peoples,and those with fewer resources toprepare for and recover from climate disasters.It acknowledges historicalinjustices and systemic inequities that exacerbate vulnerability to climate-related events.Climate justice prioritizes the needs of frontline communities,aiming to rectify environmental and social disparities by centering equity inclimate action and policymaking while holding accountable those who bearthe most significant responsibility for greenhouse gas emissions andenvironmental degradation.Frontline communities with the fewest resources to adapt to climate changeare often the least responsible for greenhouse gas emissions,yet many timesare the most impacted.These communities have a critical perspective andexpertise around their needs to be more resilient to climate change.Theprivate sector has more opportunities to support community-led climatesolutions today than ever.Well explore these opportunities in the followingsections.WHAT IS CLIMATE JUSTICE?FRONTLINEPERSPECTIVES 2.FROM THE FRONTLINES WHAT DO WE MEAN BY CENTERING FRONTLINE COMMUNITY VOICES?Centering communities and community voices is foundational to climatejustice.Uplifting,trusting,and valuing the lived experiences of the peoplemost impacted by climate change constitutes centering community voices.Centering communities means ensuring those most impacted are deeplyinvolved and have decision-making power when identifying solutions,settingpriorities,setting policy agendas,and setting the overall narrative.DEFINITIONS OF CLIMATE JUSTICEForum and B Lab USCA spoke with diverse changemakers working towardsclimate justice,including frontline community representatives,activists,businesses,nonprofits,council members,and policymakers.We asked howthey define and approach climate justice and what they see as key principles.PERSPECTIVES FROM FRONTLINE COMMUNITIESREAD WHAT WE HEARD ON THE FOLLOWING PAGES Cee Stanley AT CHAMPIONSRETREAT 2022PHOTO:KielinskiPhotographersTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 12PART 2:FRONTLINE PERSPECTIVES|IntersectionalEnvironmentalistDiandraMarizetEsparzaCEO,Navajo PowerBrettIssacVice President,DNVBrandyBrown“My definition of climate justice isunderstanding,not only the inequitiesfacing the frontline communities,butwho is experiencing what first and who ismost vulnerable to climate change.Then,I look at inequities system-wide and howthat impacts what we are doing as a partof climate action.”“From an intersectional environmentalistperspective,the aim should be to makeengagement accessible and culturally relevantto promote equal access to meaningfulparticipation.Environmental justice is markedby the inclusion of communities in decision-making around their own environments.Intersectional environmentalism is a lens thathelps us identify and uncover opportunities forbuilding agency around missing participationto achieve a future where we all have equalaccess to contributing to climate justice.”“Climate justice is not just about transition,its about taking care of the communitiesthat are being abandoned with the shiftaway from fossil fuels.”THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 13PART 2:FRONTLINE PERSPECTIVES|“I think about climate justice in terms ofuplifting and supporting community-drivenclimate solutions.There needs to be asignificant paradigm shift,moving fromclimate progress and action to justice,byempowering frontline communities.”Green HeffaFarmsCeeStanleyCalifornia GreenNew Deal CoalitionZach LouDeputyCommissioner for Equity&Justice,New York StateDepartment ofEnvironmentalConservationAdrianaEspinoza“You cannot talk about climate justicewithout also talking about environmentalracism.”“There must be an emphasis on making surewe have leadership from communities thatare most impacted by climate change,orextraction,or economic disinvestment.Wedont want to reproduce the same inequitieswith a new energy system,.We must fix thesystem while also addressing climate.”Many people we spoke withacknowledged that the definition ofclimate and environmental justicevaries based on the context andhistory of different communities.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 14PART 2:FRONTLINE PERSPECTIVES|“The central idea of capitalism of singularownership is devolved people are sharing,people understand,and live by the idea thattheres enough.You dont take any more than youneed and people take responsibility for what theydo.”“Communities are prepared for climateemergencies.Homes are safe and energyefficient.Communities are healthy.”“Active and accessible participation by everyonewhen it comes to determining how we live safely inour communities.”“We have space to engage in community joy andimagination.”“I see climate-safe homes,water catchment,andno more lawns or ornamental plants.We aregrowing food,bringing back wetlands and naturalsystems that were there before colonization.”“More democratic structures for people to haveownership and control over the things they needto live.”Our research concluded that we cannot have ahealthy planet without healthy communities.What might the future look like if we prioritizedadvancing climate justice?Everyone we talkedto imagined diverse and inspiring possibilitiesand collective visions for a just future,visions ofa healthy planet,and thriving communities thatlive in harmony.We all have a role in shapingthe arc of the future toward justice.VISIONS FOR A JUST FUTURECOOPERATIVE&CONNECTEDSAFE&HEALTHYACCESSIBLEJOYFULTHRIVINGDEMOCRATIZED&DECENTRALIZEDA JUST FUTURE IS.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 15PART 2:FRONTLINE PERSPECTIVES|We asked community leaders across the UnitedStates about their experience of climate impacts represented by the pins on the map on the nextpage.Their quotes highlight some of theexperiences of those living on the frontlines ofclimate change.These perspectives emphasizethat environmental,economic,and social injusticeare deeply intersectional none can be addressedwithout the others.The Climate Vulnerability Index(see map on thenext page)was developed to assess climatevulnerability through a holistic lens.It illustrateshow the combination of environmental factors andsocial stressors,such as health,infrastructure,racism,or socioeconomics,can exacerbate acommunitys capacity to cope with and recoverfrom climate impacts.See Appendix 1:AdditionalResources to access this and other resources.INSIGHTS ON CURRENTCLIMATE IMPACTSQuotes from interviews andworkshops conducted by Forumand B Lab USCA in 2022 and 2023are anonymous.“I dont see any signs that places werebuilt/donated the company didnt want credit;itwasnt a political move.We dont have torecognize things that were donated,we just knowbecause we see whos in the community.”“.democratized,decentralized access toenergy-building resilience while alsomaximizing co-benefits like new jobs orincreased ownership opportunities.Profitsflow back into the community.”“.outsourcing to grassroots and frontlineefforts rather than expanding their owninfrastructure.”NOT SEEKING CREDITSHARING PROFIT&ENSURING CO-BENEFITSSUPPORTING&STEPPING ASIDE“.paying their fair share of taxes,proactivelyseeking ways to become more environmentallymindful,even without regulations in place.”“.truly triple bottom line and responsive to theneeds of the community.”“They recognize theirroles and responsibilities to communities and theglobal climate crisis.”TAKING RESPONSIBILITYACCOUNTABLE TO COMMUNITY NEEDSIN A JUST FUTURE,BUSINESSES ARE.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 16PART 2:FRONTLINE PERSPECTIVES|“We hear false promises and false solutions like greentechnology or solar panels subsidies for homeowners.Funding priorities are outside of what were asking for weknow what solutions there are but are told there arealways different funding priorities.”“We see PTSD when it rains.Clean up from flooding canbe unaffordable forfamilies.We arediscouraged from openingwindows but with floodingyou need to dry out yourhome.There is no system tomake folks aware of issueslike flooding or to educatethem as to how to handleflooding.”“I see a lack ofcanopy cover itis important tosee trees.There isa lack of greeninfrastructure,sostorm wateroverflows.Thereis a lot ofdevelopment butno investment ingardens or greenspace.”“I feel grief.When webrought up climate changeto the company,we weretold Oh no,thats notgoing to be an issue.frontline communities havebeen dealing with thisresponse for years.evenwith science&facts,Theydiscounted that.Whenthere was an explosion,itpoisoned the community.”Map FROM The climate vulnerability indexGUIDANCEFORBUSINESS 3.OVERVIEW As seen from the climate vulnerability map,there is a need for urgent actionon climate justice across the United States and beyond.“We need business,but we need businessto operate in a very different wayprofoundly aligned with the principles ofclimate justice.This means reimaginingmarkets to not simply limit harm;theymust foster healthy communities andecosystems.”UC Center For Climate JusticeTracey OsborneHOW TO GET STARTEDThe private sector is a significant driver of a justand regenerative economy in which people and theplanet take priority.With resources and influenceto leverage,businesses have the potential tocatalyze meaningful change to advance climatejustice.This section explores how businesses cantake action across multiple scopes and areas ofimpact,including internal operations,supplychains,products and services,and policyadvocacy at scale and with speed.We heard from many businesses that theyrecognize that centering justice and equity in theirclimate action efforts is critical,but significantroadblocks exist.These include:A lack of knowledge about where to takeaction aligned with business objectives for themost meaningful impactUncertainty about the process by which towork with communities and the repercussionsof accidentally missteppingUncertainty around how to overcome lack oftrust due to past and ongoing harms betweenbusiness and communities.Complex,interconnected challenges like climatechange,environmental impacts,and social justicemust be tackled systemically.These are oftendivorced from corporate strategy but can andshould be integrated and embedded across theorganization.When speaking with frontline community leaders,we asked about their experiences with businessesto understand where there has been harm through action or inaction and to identify opportunities forfuture action.Some of the most significant barriersheard across frontline communities that canhamper or halt progress and even result in aregression require massive shifts in howbusinesses tend to approach partnerships andrespond to community needs.These include:THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 19PART 3:GUIDANCE FOR BUSINESS|1.Reluctance and resistance toacknowledging and addressing past harmsthat have led to trauma,mistrust ofbusiness in communities,and fear of failing.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 20PART 3:GUID ANCE FOR BUSINESS|This reluctance has hampered meaningfulprogress towards climate justice by businesses.Some of these past harms include,but are notlimited to,actions such as pollution,gentrification,displacement,and inequitable access to resources,as well as ignoring and even discreditingcommunities when they try to speak.Whenbusinesses evade accountability and protect theirinterests over those of frontline communities,itleaves people feeling deeply mistrustful about theintentions and priorities of business.Manybusinesses are hesitant to take action towardclimate justice because theyre afraid of failing orgetting it wrong.This work requires a level ofdiscomfort,humility,and willingness to innovate.2.Transactional approaches to partnershipand shallow,low-impact gestures driven by public relations and business growthinstead of genuine interest in munities lose trust and confidence in thepotential of the partnership.They can label theefforts as performative.Additionally,short-termannual growth goals,urgency,and profitmaximization often drive business decisions thatresult in catastrophic damage to our ecosystemsand communities and climate solutions that arenot aligned with the needs of frontlinecommunities and dont address the root of the.problem.Businesses need to shift the criteria forevaluating successful climate action efforts toinclude community adaptation,resilience,healthand safety-related outcomes.This often leaves communities feeling like they arean afterthought and not a true partner incollaboration.When businesses approach acommunity with an imposed solution,expecting amarketing opportunity or brand loyalty in return,Detroiters Working for EnvironmentalJusticeLaprishaBerryDaniels“There has been so much harm done by businesses in the past,so there is a big issue oftrust.When local companies want to pitch in,people are concerned that their image willshow up and it will look like we are supporting their practices.Therefore,we only engagewith folks who we trust and have worked with in the past.We must build those relationshipsbefore a crisis,so the trust is already there when we need help.”PARTNERINGWITHCOMMUNITIES 4.EQUITABLE PARTNERSHIPS PRINCIPLES FOR PARTNERSHIP WITH FRONTLINE COMMUNITIESIn the winter of 2023,frontline community leaders and employees of CertifiedB Corps,guided by expert facilitators,came together to advise B Lab USCAon its climate justice strategy.Over ten months,the group met virtually sixtimes and built a working relationship centered on the willingness to havehonest,and sometimes uncomfortable,conversations needed to build trust.These workshops were supplemented with interviews with frontlinecommunity leaders based on trust,respect,curiosity,honesty,and awillingness to have uncomfortable conversations.As an outcome of this co-creation process,B Lab USCA has developed the Principles for Partnershipwith Frontline Communities.These offer guidance on how businesses canbuild and nurture equitable partnerships with frontline communities.PARTNERING WITH COMMUNITIESThe following sections highlight key opportunities and stepsfor developing community partnerships and examples of howcompanies can take actions that benefit frontlinecommunities and the planets health.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXXPART 4:PARTNERING WITH COMMUNITIES|7 PRINCIPLESCenter Trust&TransparentCommunications1Center LocalWisdom&Perspective2Commit to Equitable ResourceAllocation3Prioritize Racial&Cultural Literacy 4Clear&Equitable Decision Making 6Center ConflictAcknowledgement&Trust Regeneration5Center Long-Term&SustainableCommitment7FOR PARTNERSHIP WITHFRONTLINE COMMUNITIESAs you read the following section,we call on you to considerhow your company can embrace the following Seven Principlesfor Partnership with Frontline Communities*across the areas ofimpact covered below to help create a just and thriving future.Principle 1Centering trust and transparent communication will move the private sectoraway from the extractive and exploitative norms of business and towardsequitable relationships.Businesses can foster trust by actively listening tocommunity partners with curiosity and good faith,being transparent aboutexpectations,intentions,and values,and getting specific about the time andresources they have to put into shared projects.The following are excerpts from the principles.Please visit the link above to read them in full.CENTER TRUST&TRANSPARENT COMMUNICATIONSCo-develop clear and equitable decision-makingprocesses that meet the needs of all partners.Inpartnerships,move towards diverse,intersectional,culturally aware,trust-based decision-making.Allparties should understand how a project comes tolife,moves forward,the shared goals,and who isresponsible for which pieces.Additionally,localwisdom,how historically marginalized andimpacted voices are centered,how the work iscommunicated,how the final project outcomes areshared,and who is acknowledged need to be clear.Principle 7Pursue long-term and sustainable commitments forthe collective survival and liberation of people andthe planet.Understand that short-terminvestments cause harm and are often focused onimage and virtue signaling.By creating long-termpartnerships that extend beyond typical corporateprogram timelines,businesses can consider thesustainability and impact of the collaboration.CENTER LONG-TERM&SUSTAINABLECOMMITMENT TO ENSURE OUR COLLECTIVESURVIVALTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 24PART 4:PARTNERING WITH COMMUNITIES|Principle 2Moving at the speed of trust,we actively listenbefore exploring how local wisdom intersects withsystemic solutions inspired by Western scienceand institutions.We expand our perception of whatsolutions are valued and focus on co-creating pathways that address bothimmediate needs and longer-term systems change.Principle 3Acknowledge power and resources andredistribute them to serve the local communitybest.Resources may encompass money,time,in-kind donations,and political influence,amongstother forms of power.There are stark resourcedisparities between large companies andgrassroots,frontline communities.With thiscommitment,businesses move away from a top-down power dynamic towards partnerships thatredistribute power and resources in tangible andequitable ways.Principle 4 Businesses are accountable for their ownmotivation,learning,and continuous commitmentto being grounded in racial and cultural literacy.This accountability is imperative to movecollectively toward the larger vision of a just andequitable society.Principle 5Center conflict acknowledgment and trustregeneration through active listening and by takingaccountability for missteps.When missteps occur,move into the action of conscious repair usingrestorative justice frameworks.Principle 6CENTER LOCAL WISDOM PERSPECTIVERACIAL CULTURAL LITERACY WILL BE PRIORITIZED BY PARTICIPANTSCENTER CONFLICT ACKNOWLEDGEMENT TRUST REGENERATIONCOMMITMENT TO EQUITABLE RESOURCE ALLOCATIONCO-DEVELOP CLEAR&EQUITABLE DECISION-MAKING PROC ESSESCOMMU NITYPARTNERSHIPGUIDANCE 5.PARTNERING IN PRACTICE PARTNERING IN PRACTICEIn the following section,youll find tangible guidance andsuggested actions for how to apply the Principles forPartnership with Frontline Communities to your businessclimate justice work.“Your bottom line starts with yourneighbors,you must be mindful of the fullimpact on people and communities.”Just and National Climate PlatformMICHELE ROBERTSTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 27PART 5:PARTNERING in practice|TAKE STOCK INTERNALLY BEFOREEXPLORING COMMUNITY PARTNERSHIPBusinesses often wonder where to startwhen it comes to communityengagement and partnership aroundclimate justice issues.Before activelyengaging with communities,companiesmust undertake crucial internalgroundwork.This internal work at thisearly stage is critical in influencing theoutcomes of community engagementand partnerships.CONSIDER YOUR BUSINESS FOOTPRINTIdentify locations across your operations and value chain.Assess how climate and environmental justicemanifest in these communities.Look at where your employees reside,where your business operates,where your products are manufactured,where materials are sourced,used,and disposed of,and whereyour customers live.Identify prevalent issues.These include rapid response to weather-related incidents,flooding,fires,droughts,pollution,and limited access to green spaces.Utilize tools like the ClimateVulnerability Index or EPAs Environmental Justice Screening and Mapping Tool to understand how socialand environmental factors affect vulnerability.TAKE TIME TO MAP CRITICAL STAKEHOLDERSThe most effective climate justice action happens through collaboration.Every business has a range ofstakeholders and partners to work with on climate justice.Use the stakeholder collaboration wheel fromThe Climate Justice Playbook for Business to prompt thinking about who you can work with and how(See Appendix 3).Consider who might not be typically involved,such as people of different socio-economic status,people of color,immigrant and refugee communities,school boards,youth,cultural andsocial organizations,elderly community members,and clergy.BUILD ON EXISTING EFFORTSHistorically excluded communities have long advocated for safe and healthy environments,amplifyingthe importance of climate justice nationwide.Identify areas where you can bolster existing impactfulwork.Reflect on relevant issues and organizations already engaged in them,utilizing stakeholdermapping to guide your approach.Build on existing relationships within your organization,including those Here are some topics to help kick-start an internal discussion.1.PREPARE WELLTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 28PART 5:PARTNERING in practice|current decarbonization pathways on people andcommunities.EVALUATE YOUR LEADERSHIP TEAMSENGAGEMENTReview partnership guidelines and assessleadership openness to new approaches.Assessavailable financial resources and commitment tolong-term relationships.Learn more in the InternalEngagement:Leadership and EmployeeEngagement and Governance section.ENSURE ACCOUNTABILITYCollaboratively set metrics and consistentlymonitor progress internally and within engagedcommunities.Remain flexible and ready to adjustapproaches if they prove ineffective.cultivated through employee volunteering orphilanthropic efforts,to align with organizationstackling these issues.LISTEN TO&LEARN FROM COMMUNITY VOICESReview articles,blogs,videos,and social media tounderstand community challenges.Conductlistening tours in diverse neighborhoods,providingnecessary support such as compensation,travel,accommodation,and childcare for communitymembers contributing their time and expertise.Surface assumptions by identifying potential gapsin your understanding of issues before engagingwith communities.ACKNOWLEDGE HISTORICAL INJUSTICES&ASSESS COMPLICITYConsider ongoing harm and negative impacts yourbusiness or industry may have contributed to or isstill contributing to.You can use Causal LoopMapping,a visual systems mapping tool,to identifypotential unintended consequences of yourTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 29PART 5:PARTNERING in practice|LEARN,BUILD TRUST,&RELATIONSHIP DEVELOPMENTNow that you have done the internalgroundwork consider essential elementsfor cultivating community relationships.Prioritize trust over perceived deadlinesand urgency.Notice tendencies to movefast or show up in a way that might feellike the business is suddenlyparachuting in or dominating.Have abudget in place to support this part ofthe process,which may require asignificant time investment.BUILD TRUST THROUGH INTENTIONAL ENGAGEMENTPrioritize the pace of trust-building when initiating new relationships.Allocate time for deep listeningacross diverse perspectives through multiple meetings,listening sessions,focus groups,and individualconversations.Include communities traditionally underrepresented and respect all feedback.Attendexisting community-based meetings to understand prevailing concerns and perspectives firsthand.Prioritize transparency about your intentions at these gatherings,which is key to building trust.ADDRESS ACCESSIBILITY NEEDSConsider community needs when planning interactions to avoid further burdening them.Offer flexibilityin meeting locations and consider times that would be convenient,considering job and family priorities.Identify the communitys spoken languages and customs for effective communication and offertranslations.“Let the community set the tone and set thepace of the relationship.”Climate Justice Organizing Hub CanadaJacqueline LEE-Tam2.BUILD HEALTHY&JUST RELATIONSHIPSTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 30PART 5:PARTNERING in practice|VALUE LIVED EXPERIENCE BY ACTIVE LISTENINGAvoid rushing into solutions or making immediatecommitments.Frontline communities have oftenfelt disregarded by businesses parachuting in withsolutions without genuinely listening.Recognizethat businesses may not have all the answers.Honor grassroots expertise and acknowledge theinsights of those directly affected.Be willing tohave difficult and uncomfortable conversations attimes in order to gain perspective and align oncommon goals and shared values.TAKE OWNERSHIP OF YOUR LEARNINGTake responsibility and commit to deepening yourunderstanding of the issues at play.This workmight be your job,but this is someones day-to-dayexperience.Continue to develop awareness ofsystemic racism and cultural literacy.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 31PART 5:PARTNERING in practice|ACTIVATE YOUR RELATIONSHIPSAs you identify everyday needs andchallenges with key communities andcommunity-based organizations,beintentional about how you formalize therelationship to work together to tacklechallenges.ESTABLISH A COMMON GROUND AND SHARED VISIONIdentify shared goals and contributions.Co-create program priorities by genuinely partnering withcommunities,prioritizing needs,and avoiding assumptions.Encourage open idea-sharing from all partiesand jointly establish clear leadership roles for local community members.Consider facilitating visioningsessions using tools like Appreciative Inquiry and Three Horizons to guide the process.Establishing ashared vision at the outset enables each partner to comprehend their joint objectives and contributionstoward the collective vision as the partnership progresses.JOINTLY CONSIDER DECISION-MAKING AND THE LEVEL OF COMMUNITY PARTICIPATIONEmpowering affected communities to engage in creating and implementing solutions and policies isessential.This empowerment can help address equity gaps,reduce climate vulnerability,and enhancecommunity capacity to organize for change.Use the Spectrum of Community Engagement,developed byMovement Strategy Center,to support community participation in solutions development and decision-making.“We need leaders that are experiencing the harm to be theones coming up with the solutions.”in her Ted Talk,Climate Action Needs New Frontline LeadershipOzawa Bineshi Albert3.PROGRAM CO-DESIGNTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 32PART 5:PARTNERING in practice|START SMALL WITH MINI PARTNERSHIPS ORPROJECTSTo test working dynamics and gather earlyfeedback,begin by exploring small-scalecollaborations or events,such as supporting localinitiatives.Consider resources and skills beyondmonetary contributions that can help advance thepartnership,including public relations,strategicplanning,budgeting,or project management.Remember,the skills sharing will be reciprocal.SET UP A FLEXIBLE&ADAPTIVE PROJECTMANAGEMENT STRUCTUREThis structure needs to be strong enough to holdeverything together yet have the flexibility to adaptto process,purpose,and people shifts.Considerdiverse communication styles and preferredcollaboration methods via email,phone,or in-person meetings.DOCUMENTATION FOSTERS TRANSPARENCYShare progress through videos,podcasts,visuals,or transcripts to meet varied learning needs.Identify partner needs and document progress inaccessible formats.ENSURE THERE ARE FINANCIAL RESOURCES TOSUPPORT THE WORKThis includes corporate,philanthropic,andgovernment funding for various project phases.Ensure funding for partnerships with intermediaryorganizations,such as local climate justice groups,and compensate community residents to facilitatecommunity engagement and bridge-buildingefforts for example by covering childcare ortransportation costs.DISCUSS POTENTIAL CHALLENGES&SUCCESSESEngage in conversations about risks andopportunities.Define what success means for allparties and identify potential pitfalls and hurdles.Address power dynamics,cultural differences,andindividual perspectives openly.Understandcommunity perspectives on past unmetexpectations to mitigate future disappointments.Plan for the aftermath:Ensure communities areequipped for success post-partnership.Discussexit strategies,including timeframes and supportneeds for contingency plans or finding newpartners.CONTINUE TO MITIGATE BARRIERS TO ACCESS PROACTIVELYProviding outreach materials in multiple languagesis critical.In addition,ensure you are conductingcommunity engagement in places where residentsspend their time,such as parks,schools,churches,or health hubs.Providing transit passes,childcare,and food at events also reduces barriers.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 33PART 5:PARTNERING in practice|As you implement the program,staynimble and agile to ensure youprogress towards desired outcomes.Create spaces for honest feedback andcheck-ins,and allow time to pivot ifneeded.SET UP REGULAR CHECK-INS TO ENSUREPROGRESS IS STILL MOVING TOWARDS DESIREDOUTCOMES Develop simple feedback structures that work forall parties.Continue to prioritize critical needs ofthe community that intersect and exacerbateclimate risks.Establish accessible and culturallysensitive grievance mechanisms for communitiesto report perceived infringements on their rightsand climate-related impacts.Treat all feedback asvaluable.ESTABLISH COMMUNITY ADVISORY BODIES Hold yourself accountable to your shared actionplan.For example,this could be done throughexisting environmental justice community groupsor local residents directly impacted by theprogram.ESTABLISH A PLATFORM FOR STORYTELLINGMake the work visible to the community and abroader audience.Working with partners in sharing on social media platforms could inspire additionalpartnerships between businesses and localcommunities in other locations.SECURE SUSTAINED PROGRAM FUNDINGGrassroots organizations require financial supportto amplify their voices and implement solutions.Address resource disparities openly inpartnerships,recognizing the expertise of localorganizations and community members.As themore resourced party,businesses should engagein two-way conversations about equitable powerredistribution and integrate this into budgetplanning.IN-KIND SUPPORTConsider the full range of your assets that can besupportive,including the product or service youoffer and your facilities,for example,warehousespace,event space,office facilities,and vehicles.Digital assets like social media can also be helpfulto community organizations.4.PROGRAMIMPLEMENTATIONTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 34PART 5:PARTNERING in practice|As you near the end of your original workplan,there are several options for movingforward.Ideally,the program end wouldhave been discussed as part of formalizingthe partnership.Still,unforeseen developments can occur duringprogram implementation,where you may need toeither continue,jointly adjourn,or close theprogram.Your choice will depend on whether theprograms original objectives have been met andwhether there is a continuation of work.At thisstage,consider the following:ARE YOU FULLY TRANSFERRING THE PROGRAMTO THE COMMUNITY?Ensure the community has resources to carry thework forward and support to prepare for loss offunding or benefits.Consider long-term fundingand sustainability via a government policy that nowprovides core funding or working with the partnerorganization to design a business model ornonprofit structure for the innovation.Offercommunications with the business team to ensurethere is support to address questions and concernsor if any issues arise after the work ends.ARE YOU JOINTLY ENDING THE PROGRAMBECAUSE THE ORIGINAL NEED HAS BEEN MET?Consider a joint evaluation,a dialogue on lessonslearned,and ways to share your learnings andwork with others.ARE YOU JOINTLY CONTINUING THE PROGRAMAS NEW NEEDS HAVE COME UP?Make sure to reassess your joint goals,ways ofworking,and joint outcomes,and identify areaswhere you may need to pivot.5.PROGRAM CONTINUITY,TRANSFERS,OR SUNSETTING BUSINESS SPHERES OF ACTION 6.ACTION&INFLUENCE BUSINESS SPHERES OF ACTION&INFLUENCEEvery business has a range of spheres of action and influence.The following guidance outlines actionable steps within areas ofdirect control,such as operations,employee policies,and finances.We also delve into products,value chains,and the broader enablingenvironment,where companies can exert influence and fosterresilience and innovation.Finally,we explore opportunities toadvocate for policy changes alongside the climate justicemovement and accelerate and scale best practices throughcollaboration with industry leaders.B Lab USCA TeamTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 37PART 6:ACTION&INFLUENCE|Internalengagement&OperationsWIDER ENABLING ENVIRONMENT:POLICY advocacyvalue chainsproducts&servicesThere needs to be a deep shared understanding of whatthe root causes of the problems are,and a recognitionthat you are showing up with a commitment to transformthose systems that have resulted in interlockingoppressions for so many people.Even if you come from adifferent place in the ecosystem of social change,youwant to leverage the resources that you have in theprivate sector to be able to do that transformationalwork.That is a really important place to start.Climate JusticeOrganizing Hub CanadaJacquelineLee-Tam 7.HOW TO TAKE ACTION INTERNALENGAGEMENTBefore engaging with frontline communities,conducting internal groundworkto foster effective and authentic partnerships is essential.This work involveseducating your organization about climate and environmental justice andunderstanding how these concepts manifest within the communities you arehoping to engage.Doing this work requires humility,patience,embracing along-term approach,intentionality,and commitment.It necessitates building internal alliances and securing organizational buy-infor required cultural shifts.Strategic employee engagement is crucial formeaningful climate justice initiatives,particularly by involving seniorleadership and decision-makers.Embracing climate justice demands a new leadership approach,promptingreflection on the organizations contributions to community harms and itsresponsibility to address them.Championing climate justice also involvesaligning the organizations culture with mindsets that support climate justiceprinciples.INTERNAL ENGAGEMENT:LEADERSHIP,EMPLOYEES&GOVERNANCETHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 40 PART 7.TAKE ACTION:INTERNAL ENGAGEMENT|MAKING THE MINDSET SHIFTThe diagram shown here,from The Climate JusticePlaybook for Business,invites us to reflect ondifferent corporate mindsets.The left wheelpresents components of an extractive businessmindset that have been identified as most likely toexacerbate climate injustice.The right wheel offersingredients of a more regenerative mindset thatbusinesses can develop to enable and advanceclimate justice.Which extractive and exploitativemindset elements on the left-handside feel most familiar to you?Notice the changes iin an equitable andregenerative mindset.How might youractions look different if you adoptedsome of the behaviors and mindsetsshown on the right-hand side?Where are you most aware ofthese behaviors in your business?“In order to make this work and to make itreal,we need to be willing to give up powerand give credibility to the voices who aremost impacted.”Vice President,DNVBrandy BrownCONDUCT LISTENING SESSIONSListen to various employee groups across yourgeographies and functions to get a range of theirperspectives and ensure they are represented.Ensure you include various in-house affinity groupssuch as Human Resources teams,Equity,Diversity,and Inclusion coalitions,sustainabilityteams,and in-house youth councils.FOSTER A FOUNDATIONAL UNDERSTANDING OFCLIMATE JUSTICE AMONG EMPLOYEESEducate all staff on climate and environmentaljustice principles,including historical context andcontemporary manifestations of injustice.Utilizelearning and training initiatives that complementeffective community engagement and offeradditional organizational benefits such asfacilitating non-violent communication and anti-racism training.EVALUATE HIRING PRACTICESAssess your organizations hiring process,including for senior leadership roles,to leveragethe expertise and insights of community members.Formally involve employees with local knowledgein shaping engagement and sustainabilityprograms.Ensure equity in employment byguaranteeing job security and fair compensation,especially amidst rising living costs in variousregions.PROMOTE ONGOING EMPLOYEE ENGAGEMENTShare resources,actively listen to employeeconcerns and ideas,and foster a safe andsupportive environment for idea generation.Ensure employees are compensated for theircontributions.Consider establishing EmployeeRepresentation Groups to address specific issuescollaboratively.GUIDANCE FOR EMPLOYEE ENGAGEMENT THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 41 PART 7.TAKE ACTION:INTERNAL ENGAGEMENT|EMBRACE A LONG-TERM VIEW ON VALUE CREATIONPartnering with communities requires sustainedcommitment over many years and entailsprioritizing long-term sustainability.Recognize thatthis unfolds gradually and may not yield immediatereturns.Focus on building trust and supportingfrontline communities and organizations to achievetheir goals during the early stages of partnershipdevelopment.PRIORITIZE DEEP LISTENING TO DIVERSE PERSPECTIVESDo this within the business and with stakeholders,especially those with firsthand experience ofclimate impacts.Look for ways to participate inexisting community-based meetings to understandlocal concerns.CREATE A CLEAR VISION THAT BUILDS CLIMATE JUSTICE INTO YOUR COMPANYSBROADER MISSIONLink positive social and environmental impacts tothe core purpose and values of the business.INTEGRATE CLIMATE JUSTICE INTO YOURBUSINESS DECISIONSEnsure this happens alongside budget,scope,andother environmental and social impacts.Provideprecise steps for evaluating climate andenvironmental justice impacts,both positive andnegative,as part of project and programassessments.FOSTER A CULTURE THAT VALUES&FACILITATES COLLABORATIONEnable this culture with stakeholders acrossfrontline communities to address environmentaljustice issues effectively.FOLLOW THROUGH WITH GENUINE COMMITMENTMake sure you are addressing communityconcerns.Identify the right individuals within yourorganization to lead relationship-building withfrontline communities.Ensure they possess strongpartnership-building skills and are adequatelyresourced with staff and financial support to actupon community feedback effectively.GUIDANCE FOR SENIOR LEADERSHIP THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 42 PART 7.TAKE ACTION:INTERNAL ENGAGEMENT|PROVIDE ENVIRONMENTAL JUSTICE TRAININGEnsure this is provided to board members andleaders at various levels across the business.DEFINE EXECUTIVE RESPONSIBILITYDesignate one member of your business ExecutiveLeadership Team as the ultimate accountableparty for climate justice actions company-wide andfor fostering genuine progress.If one exists,ensure this individual also participates in thecompanys internal sustainability advisory group.GIVE CLIMATE JUSTICE REPRESENTATION ON THE BOARDAppoint a member explicitly responsible forensuring environmental justice is prioritized andadvocated internally and externally.ESTABLISH AN EXTERNAL CLIMATE JUSTICEADVISORY GROUP FOR COMPANY-WIDESTRATEGY AND PROJECTSThe Chair of this group should also serve on thecompanys External Sustainability Advisory Groupto facilitate integrated collaboration andapproaches.PROVIDE ENVIRONMENTAL JUSTICE TRAININGEnsure this is provided to board members andleaders at various levels across the business.ADVOCATE FOR LEGISLATION IN ALL OPERATING TERRITORIESHelp legislation ensure businesses have a legalobligation to deliver social and environmentalbenefits and profits.This means leadingcompanies will not be disadvantaged by leading onclimate justice agendas,as all companies would beheld to the same obligations.Refer to B LabUSCAs legal requirements for a good example ofthis framework.GUIDANCE ON GOVERNANCE THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 43 PART 7.TAKE ACTION:INTERNAL ENGAGEMENT|for all Dr.Bronners employees on diverting wastefrom landfill,drafted a Green Reuse andPurchasing Policy,written company-widenewsletter entries about living green at home andin our community,and more.The team embodiesthe principles of climate and environmental justiceby designing the team with diversity and company-wide representation as goals and creating inclusivespaces of learning and empowerment.Green Teamis a place where employees from the frontline tomanagement are equals,and members developprofessional skills essential to the environmentalmovement,like public speaking,computer literacy(e.g.using Microsoft Outlook,Word,and Teams),planning,running&facilitating meetings,andnetworking with colleagues and beyond the localSan Diego environmental community.Everyone onGreen Team has allocated hours to participateeach month,and the teams leadership,meetingstructure,location,times and formats are chosento prioritize equity and relationship-building andcenter front-line worker needs.Over the years the Dr.Bronners Green Team hasorganized and led Earth Week programming foremployees company-wide,invited guest speakerson topics ranging from composting to green votingto public transit access and equity,helpedimplement low-flow faucets and movement sensorlights at the manufacturing facility,organized aBuy Nothing Pop Up Shop,designed the company-wide waste sorting bin system,provided education CASE STUDY THE GUIDE TO ADVA NCING CLIMATE JUSTICETHE GUIDE TO ADVA NCING CLIMATE JUSTICEFounded in 2017,Dr.Bronners GreenTeam is a diverse,cross-departmental,project-based group of employeesdevoted to making positiveenvironmental changes at the companyand beyond.QUESTIONS TO CONSIDERWhat resonates with you?Which internal initiatives do youalready have in place,and whats stillneeded?How does your organization considerand discuss climate andenvironmental justice?Is this something your leadershipteam is aware of or a place whereeducation is required?INTERNALOPERATIONS 8.HOW TO TAKE ACTION To address climate-related impacts,consider your internal operations,encompassing elements owned and controlled by your company,such asbuildings,vehicles,equipment,and production processes.These includeresources like energy,water,and plastics.As you evaluate your decarbonization pathways,recognize their varyingimpacts on existing disparities.For instance,reducing CO2 emissions alonemay not significantly alter existing air pollution disparities,and someelectricity sector decarbonization pathways worsen existing disparities.Achieving equity necessitates targeted interventions like sectoral policies andcommunity-focused measures,highlighting the imperative for structuralchanges.Moreover,communities feel overlooked when sharing their climate-relatedhealth impacts with industry,emphasizing the need for acknowledgment andaction to address the harms individuals face.INTERNAL OPERATIONS“Where communities see health impacts is differentfrom our regulatory folks.We see the problem here.Theydont see the problem.The way that we measure impactis antiquated.Theres an odor problem in Detroit.Theregulator is saying that its not doing anything to you.Were saying we dont want headaches or nausea.Weknow odors cause anxiety.Anxiety is not something thatregulators are going to measure as a health impact.Iwent to all the meetings where it was being explained.They never tied in what our concerns were.”THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 47 PART 8.TAKE ACTION:INTERNAL OPS|As you develop a strategy to decarbonize your internal operations,evaluatehow your climate action plan aligns with principles of equity and justice.Mapout how your initiatives address frontline communities environmental andclimate impact disparities.Its essential to prevent and mitigate negativeimpacts on these communities and ensure that they receive equitable benefitsfrom your efforts.Detroiters Working forEnvironmental JusticeLaprishaBerry DanielsIDENTIFY IMPACTED OR POTENTIALLY IMPACTEDINDIVIDUALS,COMMUNITIES,&STAKEHOLDERSFocus on understanding concerns rising fromcommunities and identify areas where these fallwithin your direct sphere of control vs your sphereof influence.Consider partnerships with others toaddress areas outside of your direct control.CONDUCT SYSTEMIC AND ONGOINGEVALUATIONS AS PART OF YOURDECARBONIZATION PLANLook at how reshaping your systems andoperations to reduce greenhouse gas(GHG)emissions can eliminate existing negative impactsand drive health benefits such as clean air quality.ALIGN CORPORATE DECISIONS REGARDINGTECHNOLOGY INVESTMENT AND OTHER EFFORT-MITIGATION DRIVERS TO ENSURE COMMUNITYBENEFITSInvolve community members in deciding howinvestment decisions will directly impact andbenefit their communities.ENABLE UNRESTRICTED,LOW BARRIER-TO-ACCESS FUNDING FOR COMMUNITYORGANIZATIONSEnsure that your corporate philanthropy effortsenable this and that your company follows theprinciples of trust-based philanthropy.START LOCAL WITH YOUR BUSINESS FUNDINGEFFORTS TO SUPPORT A POSITIVE FINANCIALIMPACTFor example,where your headquarters or themajority of your workforce is located or withfrontline and underserved communities acrossyour supply chain.GUIDANCE FOR ACTIONINTERNAL OPERATIONS THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 48 PART 8.TAKE ACTION:INTERNAL OPS|RECOGNIZE THE PRINCIPLES UNDERPINNINGINDIGENOUS PEOPLES RIGHTS This includes the right to Self-Determination andFree Prior and Informed Consent(FPIC),whichrequire that businesses fully and meaningfullyengage Indigenous peoples to obtain their consentfor business activities that will affect them or theirrights.INVEST IN EDUCATION AND CAPABILITY-BUILDING PROGRAMSHelp communities prepare for and thrive in a justtransition.Look for ways to partner with localclimate justice groups already providing trainingand upskilling programs.Offer job placements.DEVELOP AN ENVIRONMENTAL JUSTICEASSESSMENT PROCESS FOR EVALUATINGSUSTAINABILITY PROJECTSEnsure community knowledge and input isgathered through direct community engagement,such as listening sessions.Incorporate culturalheritage impacts into environmental,social,andhuman rights impact assessments.ASSESS YOUR ACTUAL AND POTENTIAL IMPACTSON THE RIGHTS OF INDIGENOUS PEOPLESFocus on your business activities and relationshipswith third parties,including business partners.TheUN Global Compact Business Reference Guide onUNDRIP helps businesses understand,respect,and support Indigenous peoples rights byillustrating their relevance to business activities.ESTABLISH A LEGITIMATE,EFFECTIVE,&CULTURALLY SENSITIVE OPERATIONAL-LEVELGRIEVANCE MECHANISM The grievance mechanism allows people to reportperceived infringements on their rights and climateand health-related impacts committed by thebusiness or third parties working on the businesssbehalf.Treat all feedback as valid.ALIGN YOUR GOVERNANCE WITH YOUR CLIMATETRANSITION PLAN BY ADOPTING STAKEHOLDERGOVERNANCEConsider becoming a benefit corporation if thelegal status is available in your state or province.Ifnot,work with an attorney to adopt a legalamendment that embeds your commitment tostakeholders into your legal DNA.Stakeholdergovernance requires companies to consider theimpact of their decisions on stakeholders likeworkers,customers,local communities,widersociety,and the environment and give them theflexibility to profit and purpose.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 49 PART 8.TAKE ACTION:INTERNAL OPS|Why is business climate finance so critical?According to the BusinessClimate Finance Initiative,a group that brings together businesses andinvestors to increase private sector investment in the transition to a low-carbon climate-resilient future,the way businesses approach their finance hasa tremendous impact on climate.Over$8.4 trillion in assets are held in 110 million 401(k)employeeretirement plans across the United States.The average carbon intensity by U.S.banks is roughly 126ktCO2e/$billion.In other words,for each$1 billion spent,these banksgenerate emissions comparable to about 30,000 internal combustionengine cars running for a year.In February 2022,13 of the worlds largest non-financial companiescumulatively held cash and investments that exceeded$1 trillion-thesecorporations cash and investments generate emissions at a huge scale.The cash holdings of U.S.companies are their most significant source ofemissions.BUSINESS CLIMATE FINANCE Every company,regardless of size or industry,can advance climatejustice through their financial practices and align their money withclimate solutions versus further funding the fossil fuel industry.Climate finance refers to local,national,or transnational financing,drawnfrom public,private,and alternative sources of financing,that seeks tosupport mitigation and adaptation actions that will address climate change.Business climate finance refers to how companies financial decisions andpractices align with climate-friendly options and can be levers for climatesolutions.These levers include but are not limited to company investments,including 401(k)employee retirement plans,corporate philanthropy efforts,insurance,and banking.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 50 PART 8.TAKE ACTION:INTERNAL OPS|INVESTIGATE YOUR FINANCIALRELATIONSHIPSAre your current bank or investments fundingthe fossil fuel industry or exacerbatingclimate change?CONSIDER SWITCHING BANKSMove your money to a sustainable,climate-friendly bank or credit union.GUIDANCE FOR ACTIONBUSINESS CLIMATE FINANCE HAVE AN HONEST DISCUSSION WITH YOURCURRENT BANK AND INVESTMENT PARTNERSIf you are not in a position to switch banks,pushyour financial partners to cut ties with the fossilfuel industry and fund more community-basedclimate solutions.BE TRANSPARENT WITH YOUR CLIENTS ANDCUSTOMERS ABOUT YOUR CLIMATE FINANCEWORK AND JOURNEYIf you have an annual impact report,considerincluding a financial section.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 51 PART 8.TAKE ACTION:INTERNAL OPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 7.HOW TO TAKE ACTION|EXAMPLESWhere do you see anopportunity to start?What resonates withyou?Whom do you need toengage and work withto start taking action?QUESTIONS TO CONSIDER1Which internal initiativesdo you already have,andwhats still needed?234Tradewater,a 50-employee company with headquarters in the United Statesand Costa Rica works with communities directly living with the effects ofhazardous emissions left behind by companies.Communities dealing withthese issues might experience health problems,contaminated soil and water,and decreased land values.Tradewater works with communities to managematerials and seeks to hire local people in the process.WORKING WITH LOCAL COMMUNITIES TO REMOVEENVIRONMENTAL HAZARDS As part of its decarbonization of their portfolio,the Ohio-based electricitycompany AEP partnered with the Just Transition Fund to convene acommunity transition task force when it announced plans to retire its Texasfossil fuel power plant by 2023.AEP and the Just Transition Fund workedtogether to draft a high-level action plan for local economic diversion withinsix months of closure.The transition task force helped relocate the plantsworkforce members into new jobs outside of the coal industry.By the end of2021,75%of the workforce had secured new employment.A JUST TRANSITION TO DECARBONIZATIONPRODUCTS&SERVICES 9.HOW TO TAKE ACTION The current climate crisis and material use are intimately linked.Ithas been calculated that the vast majority of Greenhouse GasEmissions(GHGs)are generated by the extraction and handling ofmaterial resources.In addition,thousands of potentially harmful chemicals are in daily products,ranging from electronics to medical equipment,toys,personal care products,and food products,with many linked to long-term health issues such ascancer and congenital disabilities.Furthermore,the existing system of wealthdistribution is not equitable towards communities that are already harmed,with about one in every four Americans struggling to meet basic needs,while overconsumption from wealthier populations is driving waste,pollution,and ecological collapse.PRODUCTS&SERVICESThe mainstream system of production and consumption has allowedbusinesses to thrive while exploiting the planets finite resources and peopleshealth and livelihoods.Businesses addressing climate justice need to see thatthey are not separate from these issues but are inextricably linked to them.This can show up across the value chain from how a business undergoesresearch and development for new products,the frequently prevalentprocurement,contracting,and financial models across a value chain,how itdelivers its products and services,and actions taken at a products end of life.As organizations work on centering equity and justice as part of theircorporate strategy and climate action transition plan,consider what it meansto take a justice-led perspective for your existing and future products andservices.Reflect on your organizations distinctive assets,position,andexpertise and impacted communities needs and well-being.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 55 PART 9.TAKE ACTION:PRODUCTS&SERVICES|INVEST IN RESEARCH AND DEVELOPMENTFOR LONGER-TERM PRODUCT DESIGNConsider both the environmental and long-term health impacts at each stage of the valuechain to help you shift your product portfoliotowards solutions that avoid and reduceharmful toxins and chemicals and link to betterhealth outcomes for people and the planet.GUIDANCE FOR ACTIONIDENTIFY OPPORTUNITIES TO WORK DIRECTLY WITH COMMUNITIES AFFECTED BY CLIMATE CHANGECo-design local adaptation interventions and climate responses,considering inclusivity,inequalities,andregional demands.For instance,consider how your circularity strategy and approach as part of yourproducts end-of-life can be rooted in the communitys needs and assets.For example,reuse and repairare two labor-intensive activities with the potential to provide a variety of occupations across localmarkets,especially for persons who are currently excluded from the labor market.For every 1,000tonnes of materials gathered for reuse,social enterprises engaged in reuse activities today generate,onaverage,70 jobs.IDENTIFY OPPORTUNITIES TO ENGAGE YOUR CUSTOMERS AROUND CLIMATE JUSTICE ISSUESLeverage your communications and marketing platforms to help amplify stories of frontline communities.This might include engaging your customers to vote for climate policy change,supporting and financing aclimate justice organization,or volunteering.“Businesses have a unique potential to reach a baseof consumers that are interested in the brand andexpand that to taking policy action with them.”Zero HourZanagee ArtisPRODUCTS&SERVICESCONSIDER NEW BUSINESS MODELS TO ADDRESS THE WEALTH INEQUALITY AND DECISION-MAKING GAPFor example,cooperatives and employee-ownedbusinesses might aim to redistribute power andshare responsibility and resources.ENGAGE WITH INDUSTRY PEERSTogether,advocate for broader change and workcollectively to address shared societal issues.Thiswork could include partnering with industrycounterparts,policymakers,and frontlineadvocates to roll out climate and environmentaljustice standards across the sector,includingphasing out toxins,waste reduction,etc.INVITE COMMUNITY MEMBERS TO LEAD AND TELL YOU WHAT THEY NEEDConsider the ramifications across your value chain.For example,if you provide solar panels for acommunity,consider the required skills and costsfor requisite maintenance and,eventually,end-of-life.CONSIDER PRODUCT AND SERVICEACCESSIBILITY DURING EXTREME WEATHER EVENTSIdentify opportunities to enable resilience andreach vulnerable communities during extremeevents through the products and services youprovide.Plan with communities for future potentialevents to ensure resilience and accessibility at thecommunity level,including supporting existingclimate resilience hubs,such as the ClimateCREW.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 56 PART 9.TAKE ACTION:PRODUCTS&SERVICES|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 7.HOW TO TAKE ACTION|EXAMPLESEquitable Internet Initiative develops neighborhood-governed communitywireless networks and internet infrastructure for residents from historicallyexcluded communities.This initiative is a collaboration between DetroitCommunity Technology Project(DCTP),Community Tech New York,and threeorganizations in Detroit Grace in Action in Southwest,Church of the Messiahin Islandview,and the North End Woodward Community Coalition(NEWCC).NEIGHBORHOOD-GOVERNED INTERNET INFRASTRUCTURESThe Solutions Project is partnering with Ecosia,a search engine platform,tohighlight the impact of individual actions and how everyday tasks contributeto a growing movement for social change.For a month,each Ecosia searchwill directly support The Solutions Project.Grapevine Outdoors,a Certified B Corp in Portland,partnered with localnonprofit Taking Ownership PDX(TOPDX),an organization working to renovateand revive homes and businesses for Black families in Portland.GrapevineOutdoors has a network of billboards around the city which they used to highlightTOPDXs work by offering billboard space at discounted rates.INDIVIDUAL IMPACTHOME RENOVATIONSWhere do you see anopportunity to start?What resonates withyou?Whom do you need toengage and work withto start taking action?Which internal initiativesdo you already have,andwhats still needed?QUESTIONS TOCONSIDER1234VALUECHAINS 10.HOW TO TAKE ACTION Across various supply chains,theres a recurring issue of power dynamicsfavoring a select few stakeholders,leading to disproportionate control overdecisions and unfair treatment of less powerful actors.This imbalancemanifests in unjust pricing,exploitative procurement practices,and dictatedterms of contracting,all of which disadvantage suppliers,compromise productquality and environmental standards,and leave suppliers bearing unequal riskfrom climate-related disasters and economic volatilities.Workers face financial instability and lack agency,while procurement teamsare often incentivized to prioritize cost reduction without considering fairwages and the resources required to look after landscapes,perpetuatingsocial issues like hunger and housing insecurity,and how stakeholders furtherup the value chain can steward the land or promote more sustainable wastepractices.Sustainability efforts often address problems caused by thesepractices,creating a cycle of remediation.Ultimately,a small fraction ofactors capture most of the value in the supply chain,leaving others strugglingto cover their costs of production.VALUE CHAINSBusinesses of all sizes are exposed to myriad climate-relatedand human rights challenges within their value chains.Theyare increasingly under pressure to report on their supplychains environmental and social impacts.More and more,theymust report on raw materials sourcing,manufacturingprocesses,transportation,distribution of goods and services,end of life and disposal,and the circumstances in whichpeople work across the various tiers.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 59 PART 10.TAKE ACTION:VALUE CHAINS|Incorporating representation of stakeholders across all tiers of the value chainnot only ensures equitable decision-making but also provides a morecomprehensive understanding of how the industry impacts necessaryproduction landscapes.This approach allows for diverse perspectives,andknowledge of the specific landscapes and contexts in which your businessbenefits from.This can assist in providing accurate assessments of thepotential harms caused by a companys value chain and offer insights intoeffective strategies for addressing these issues.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 60 PART 10.TAKE ACTION:VALUE CHAINS|Incorporating representation of stakeholdersacross all tiers of the value chain not only ensuresequitable decision-making but also provides amore comprehensive understanding of how theindustry impacts necessary production landscapes.This approach allows for diverse perspectives,andknowledge of the specific landscapes and contextsin which your business benefits from.This canassist in providing accurate assessments of thepotential harms caused by a companys valuechain and offer insights into effective strategies foraddressing these issues.CHANGING PROCUREMENT AND PRICINGPRACTICESMuch of the sustainability work that happens invalue chains is with post-profit investment.Givinglicense to procurement teams to pay the true priceof production costs and recognize the social andenvironmental costs can significantly reduce thesocial and environmental challenges felt by valuechain stakeholders.PROMOTING PRICING TRANSPARENCY TO ASSISTIN DRIVING EQUITABLE MARKETSWhen shareholders can count on certain paymentsbased on certain qualities from the market,thiscan improve the quality of production and therebyreduce negative environmental practices employedto grow/manufacture/transport them.ESTABLISHING GREATER TRACEABILITY ANDTRANSPARENCY ACROSS THE VALUE CHAINThis can include high-tech forensic traceabilitytesting or fewer technological approaches,such asconversation-based mapping,which can helpcapture a snapshot of your supplier base.Manybusinesses are now incorporating traceabilityrequirements in their business processes,findingthat its instrumental in ascertaining who isoperating within their value chain,in whatcontexts,and in meeting environmental and socialtargets.It will also assist in ensuring safetystandards,meeting regulations,and drivingefficiencies within their businesses.PARTNER WITH SUPPLIERS FROM DIVERSEBACKGROUNDSThis could include,but is not limited to,vulnerable,minority,and women-owned businesses topromote economic growth in marginalizedcommunities.REMEMBER THAT PURSUING ENVIRONMENTALJUSTICE IN YOUR VALUE CHAINS INCLUDESPROTECTING WORKER RIGHTS AND HEALTHThis involves ensuring safe working conditions,fairwages,and protection from exposure to hazardousmaterials or pollutants.Workers in agriculture andcritical minerals are particularly vulnerable toenvironmental risks.ENGAGE SUPPLIERS IN A TWO-WAY DIALOGUEThis will help to deepen relationships across thetiers of the value chain.Practice deep listening tounderstand current and future potential challengesand areas for innovation.GIVE VALUE CHAIN PARTNERS OPPORTUNITIESTO BE REPRESENTEDOffer meaningful opportunities for those working inyour companys operating contexts to share theirinsights,their expertise and perspectives.Considertheir feedback thoughtfully and ensure thatdecisions which may impact their area of workreflect the representatives views.GUIDANCE FOR ACTION THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 61 PART 10.TAKE ACTION:VALUE CHAINS|VALUE CHAINSTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 62 PART 10.TAKE ACTION:VALUE CHAINS|ENSURE DECARBONIZATION STRATEGIES ANDENVIRONMENTAL PROTECTION MEASURES DONOT COME AT THE COST OF A COMMUNITYSRIGHTS,LIVELIHOODS,OR ACCESS TORESOURCESFor example,some rigorous forest protectionmeasures within carbon offset projects have beencriticized for excluding local communities thathave respectfully collected food and medicines inthe forest for hundreds or thousands of years andhave been evicted due to forest protections.PARTNER WITH SUPPLIERSEnsure all suppliers meet environmental targets inways that are co-created with and ensure directbenefit to local communities.Recognize thedisproportionate tasks and financial demands thatsome stakeholders are laden with to achieve thosetargets.WORK WITH KEY STAKEHOLDERS TO DESIGNSTRATEGIES FOR CARBON REDUCTION,BIODIVERSITY IMPROVEMENTS,POSITIVEHEALTH OUTCOMES,&CLIMATE ADAPTATIONSThis might include partnering with suppliers toidentify and scale climate resiliency andadaptation,lending financial support duringclimate crises and supporting suppliers with theirown decarbonization efforts.It could also includeinvesting in supply chain workers health and well-being,and enabling climate-resilient infrastructuresuch as typhoon shelters or contour dams forterraced fields.ENABLE ACCESS TO FINANCE FOR SUPPLIERS TOTRANSITION TO CLIMATE-POSITIVE PRACTICESThis could include targeted no-or low-interestloans to help build long-term community resilienceor foster long-term contracts and relationships toincrease suppliers and manufacturers resilienceand ability to shift to more sustainable practices.EXAMPLESBen&Jerrys adopted a first-of-its-kind worker-driven social responsibility commitment:Milk withDignity,originally developed by farm workers,including migrant workers.As a result,Ben&Jerrys pays a premium to provide economic reliefto struggling farm owners while ensuring theirdignity and respect.Farm workers will seeconcrete improvements in wages,scheduling,housing,and health and safety protections.Theywill be educated on their rights and how to enforcethem,effectively serving as frontline defenders oftheir human rights.PROTECTING HUMAN RIGHTS IN THEDAIRY SUPPLY CHAINForum for the Future convenes several multi-stakeholder collaborations,including Growing ourFuture,the Climate and Health Coalition,andCotton 2040.Cotton 2040 trialed an ecosystemservices market approach to growing regenerativecotton with formerly conventional-style growers.Acritical part of this transition was channeling thecorrect information and de-risk funding totransition to climate-positive practices.It isdesigned to increase incentives and financing forfarmers to adopt regenerative production practiceswith the potential for positive climate and healthimpacts.Cooperative Coffees,a Certified B Corp,launchedan emergency relief fund to support their farmerpartners in career recovery from disastrousflooding.As natural disasters and other cropfailures became more frequent due to climatechange,the fund changed from the Roya Fund tothe Climate Impact Fund.The fund now focuses onsupporting farmers in building resilience whilepromoting regenerative practices and naturaldisaster recovery.One of Cooperative Coffeeslong-time partners,COMSA,trains farmersworldwide in sustainable agricultural practices.MULTI-STAKEHOLDER COLLABORATIONSAND ECOSYSTEM SERVICESCLIMATE CRISIS RAPID RESPONSEFOR COFFEE FARMING COMMUNITIESTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 63 PART 10.TAKE ACTION:VALUE CHAINS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 7.HOW TO TAKE ACTION|What resonateswith you?Which internal initiativesdo you already have,andwhats still needed?QUESTIONSTO CONSIDER12“The most important part is makingspace and recognizing when you have aposition of power figuring out howmuch you can actually take a step backand bring these communities directly intothe decision-making process torepresent themselves because they knowwhat theyre doing.”Cooperative CoffeesMelissaWilsonBecerrilWhere do you see anopportunity to start?Whom do you need toengage and work withto start taking action?34POLICYADVOCACY 11.HOW TO TAKE ACTION Companies of all sizes and industries can use their power and influence topush for legislation that addresses the climate crisis in a way that alsosupports more just outcomes for communities at the local,state and federallevel.Examples include investment in green infrastructure,ensuring a justtransition for displaced workers,regulations requiring emission tracking,eliminating exploited labor from supply chains,and legislation protectingnatural resources and community health.While becoming a policy expert isnt necessary,companies can collaboratewith organizations like B Lab USCA and Ceres,which specialize in engagingbusinesses in policy advocacy and stakeholder-driven economies.Despitehaving considerable political power,businesses can be hesitant to addressissues like fossil fuel use and intensive agriculture,which exacerbate climatejustice concerns.Companies must leverage their political influence to supportcommunity calls to action in addressing these issues.WIDER ENABLING ENVIRONMENT:POLICY ADVOCACYTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 67 PART 11.TAKE ACTION:POLICY ADVOCACY|Businesses also have an opportunity to contribute to environmental justiceefforts by supporting existing initiatives like Justice40 and leveraging theirinfluence to advocate for equitable distribution of climate and clean energyinvestments.Understanding the dynamics of existing policy initiatives enablesbusinesses to proactively address environmental injustices and advanceequitable solutions to climate change.U.S.Climate Action NetworkKeya Chatterjee“We need aligned businesses to not wait,to challenge and disrupt the powerstructures now in ways that frontlinecommunity groups cannot.ENSURE THAT YOUR ADVOCACY AGENDA ALIGNSWITH YOUR COMPANYS CLIMATE TRANSITIONPLAN,MISSION,AND VALUESThis will ensure all stakeholders and rights holdersare onboard.Consider engaging employees in thedevelopment of the advocacy agenda to ensurebuy-in.PARTNER WITH INDUSTRY COUNTERPARTS TOSET AND REVIEW ENVIRONMENTAL AND CLIMATEJUSTICE STANDARDS ACROSS THE SECTOR ANDTO COORDINATE EFFORTSHowever,also be aware that not all industry groupswill be aligned with climate policy values and goals.For example,some trade organizations,businessassociations and chambers of commerce mightadvocate for issues that oppose climate policygoals.We recommend reviewing yourorganizations membership and policy goals beforejoining.Once engaged in a collaborative effort,youcan also do good work by advocating within thatorganization to align values and goals to climatejustice outcomes.APPROACH POLICY ADVOCACY FROM A LENS OFJUSTICE AND EQUITYChampion new ways of thinking about the role thatbusiness can and should play.Align your lobbyingefforts with priorities set by communities to createthe leverage needed to enact change.JOIN LOCAL AND NATIONAL COALITIONSThese coalitions can accelerate your business-focused advocacy and lobbying efforts and shareyour values.LEVERAGE EXISTING PROGRAMS,RESOURCES,AND OPPORTUNITIES FROM NATIONALGOVERNMENTSParticipate in government consultations,workinggroups,or collaboration opportunities to helpadvance change.ENGAGE YOUR ELECTED OFFICIALS TOESTABLISH POSITIVE RELATIONSHIPS FOR THELONG TERMPolicymakers are always ready to meet withconstituent employers and to hear about acompanys positive impact.You dont need aspecific policy request to start buildingrelationships.GUIDANCE FOR ACTIONPOLICY ADVOCACYTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 68 PART 11.TAKE ACTION:POLICY ADVOCACY|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 69 PART 11.TAKE ACTION:POLICY ADVOCACY|EXAMPLESWhere do you see anopportunity to start?What resonates withyou?Who do you need toengage and work withto start taking action?Which internal initiativesdo you already have,andwhats still needed?QUESTIONS TOCONSIDER1234Intersectional Environmentalist facilitated a community stakeholderengagement initiative to bridge the Can Manufacturers Institute(CMI)withenvironmental justice thought leaders and generate a policy and programaction report.Aimed at ensuring new recycling legislation implements keyenvironmental justice considerations,the report equitably serves those mostimpacted by recycling giveback programs.It can set a powerful precedent forfuture legislation.The success of this project was marked by the inclusion ofstakeholders in the community and those with significant expertise in recyclingprograms.COMMUNITY STAKEHOLDER INITIATIVESSeventh Generation,along with a small coalition of other businesses andbusiness associations in New York State,pioneered a partnership with NYRenews.NY Renews is a leading coalition of over 300 environmental justice,climate justice,labor,faith,and community organizations that work to furtheran ambitious climate justice policy agenda in the state legislature.COALITION BUILDINGCONCLUSIONRegardless of size or sector,every business is responsible foruplifting and bolstering community-driven solutions to the climateemergency.To navigate this path effectively,companies shouldunderstand and acknowledge their motive for engaging in this workand allow it to serve as their compass.Embracing a process withfull awareness and accountability for negative impacts necessitatesa willingness to navigate discomfort while moving forward at thepace of trust.WHERE DO WE GO FROM HERE?Businesses need to recognize that short-termthinking and corresponding investmentsprioritizing image-building can be seen as virtuesignaling and ultimately contribute to long-termharm.Creating long-term partnerships thatchallenge the often-tight timelines dominatingcorporate culture enables more sustainable andmore impactful collaborations.Taking a first step isessential.Businesses must be brave and holdthemselves accountable for past shortcomings insupporting their communities.They then can moveforward to genuinely and effectively contribute tothe important work of climate justice.To have an impact and shift how businesses haveshown up to support communities on the frontlinesof climate change,businesses must commit tocontinuous learning and listening.Similarly,weknow that trust-building among communities andbusinesses is iterative,non-linear,and requires adeep dedication to relationships over time.In 2014,the first Peoples Climate March was heldin New York City.More than 400,000 peoplemarched in the streets of Manhattan to demandclimate action centered in justice.The marchsslogan was“To Change Everything,It TakesEveryone.”That could not be truer today,andbusinesses have a paramount role.So,find yourstarting point or continue making an impact whereyou have been already,and know that to changeeverything,it takes everyone especiallybusinesses.We Want to Hear From You!Please shareyour thoughts and feedback on this guideby reaching out to:Ksenia Benifand,Forum for the Future,(k.benifandforumforthefuture.org)and Kylie Nealis,B Lab USCA()PEOPLES CLIMATE MARCH.PHOTO:South Bend VoiceTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 72GLOSSARY|Climate justice seeks to address the disproportionate impacts of climatechange on underserved communities,including low-income groups,People ofColor,Indigenous peoples,and those with fewer resources to prepare for andrecover from climate disasters.It acknowledges historical injustices andsystemic inequities that exacerbate vulnerability to climate-related events.Climate justice prioritizes the needs of frontline communities,aiming to rectifyenvironmental and social disparities by centering equity in climate action andpolicymaking while holding accountable those who bear the most significantresponsibility for greenhouse gas emissions and environmental degradation.Unlike the notion of equality,is not about sameness of treatment.Equity denotes fairness and justice in process and in results.Equitable outcomes often require differential treatment andresource redistribution so as to achieve a level playing fieldamong all individuals and communities.This requires recognizingand addressing barriers to provide opportunity for all individualsand communities to thrive.(Source:McGill University)The just treatment and meaningful involvement of all people,regardless of income,race,color,national origin,Tribal affiliation,or disability,in agency decision-making and other federalactivities that affect human health and the environment so thatpeople:Are fully protected from disproportionate and adverse humanhealth and environmental effects,risks,and hazards,includingthose related to climate change,the cumulative impacts ofenvironmental and other burdens,and the legacy of racism orother structural or systemic barriers;andHave equitable access to a healthy,sustainable,and resilientenvironment to live,play,work,learn,grow,worship,andengage in cultural and subsistence practices.(Source:EPA)GLOSSARY DEFINITIONSCLIMATE JUSTICECLIMATE VULNERABILITYEQUITYENVIRONMENTAL JUSTICE“The degree to which natural,built,and human systems are at riskof exposure to climate change impacts.”Integrated Climate Adaptation and Resiliency Program)source:THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 73GLOSSARY|Coined by Kimberl Crenshaw,intersectionalityacknowledges the complex and cumulative waythat multiple social and personal identities andissues can combine,overlap,and intersect tocreate layers of power and privilege,as well asadverse layers of oppression.A more expansive and inclusive take onenvironmentalism calling for justice for all peopleand the planet.It looks at how environmentalinjustice and racism affect frontline communities,especially people with overlapping or multiplemarginalized identities,working to bring them tothe forefront of environmental activism.(Source:Intersectional Environmentalist)People who experience unequal access toresources and power,who are often Black,Indigenous,and People of Color(BIPOC),and livein lower-income communities and neighborhoodsthat lack basic infrastructure.(Source:PachamamaAlliance)The concept of racism is widely thought of assimply personal prejudice,but in fact,it is acomplex system of racial hierarchies andinequities.At the micro or individual level,there isinternalized and interpersonal racism.At the macrolevel of racism,we look beyond the individuals tothe broader dynamics,including institutional andstructural racism.Embracing the power of nature to renew andregenerate,understanding that humans are afundamental part of nature,and respectingeveryones universal rights and potential to thrive.(Source:A Compass for Just and RegenerativeBusiness)INTERSECTIONALITYINTERSECTIONAL ENVIRONMENTALISMMARGINALIZED PEOPLERACISMREGENERATIVE MINDSETA group of people who are already or will likelyexperience the consequences of climate changefirst and worst in ways that will cause significantdamage,upheaval,and life loss.They experiencedisproportionate impacts of the climate crisis dueto compounding inequities.They are often alsoexperiencing and struggling with harmful corporateand industry activity,jeopardizing their health,well-being,and local environment.(Source:Climate Reality Project)FRONTLINE COMMUNITYASSOCIATION OF AMERICAN INDIAN FARMERSCALIFORNIA GREEN NEW DEAL COALITIONTHE CHISHOLM LEGACY PROJECTCLIMATE JUSTICE ORGANIZING HUB CANADACOALITION OF COMMUNITIES OF COLORCOMMUNITIES RESPONDING TO EXTREMEWEATHERDETROITERS WORKING FOR ENVIRONMENTALJUSTICEIf youre interested in supporting theorganizations who contributed to this report,please reference the list below:GLOSSARY OFORGANIZATIONS EQUITABLE AND JUST NATIONAL CLIMATE PLATFORMGREEN HEFFA FARMSTHE HIVE FUND FOR CLIMATE&GENDER JUSTICEINDIGENOUS CLIMATE ACTION INTERSECTIONAL ENVIRONMENTALISTMOVEMENT RIGHTSNAVAJO POWERNEW YORK STATE RESEARCH AND DEVELOPMENTAUTHORITY(NYSERDA)THE SOLUTIONS PROJECTSUNRISE MOVEMENTTAKING OWNERSHIP PDXUC CENTER FOR CLIMATE JUSTICEUS CLIMATE ACTION NETWORKWALKER-MILLER ENERGY SERVICESZERO HOURTHE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 74GLOSSARY|ACKNOWLEDGMENTSThis report would not have been possible without the community ofchangemakers advocating for climate justice in the U.S.,Canada,and worldwide.A special thank you to all the organizations and individuals whoparticipated in our interviews and workshops.We would like tothank the following organizations and individuals:THANK YOU.MAIN AUTHORS AT FORUM FOR THE FUTURE Ksenia Benifand,Christina Daniels-Freeman,Natasha MehtaMAIN AUTHORS AT B LAB USCA&B LAB GLOBALKylie Nealis,Charlotte SewellSECONDARY AUTHORS AT FORUM FOR THEFUTUREGemma Bridgman,Hannah CunneenSECONDARY AUTHOR AT B LAB USCAGrace MausserKara Boyd,Association of American IndianFarmersSarah Shanley-Hope,Solutions ProjectJacqui Patterson,Chisholm Legacy ProjectEriel Deranger,Indigenous Climate ActionCee Stanley,Green Heffa Farms Eriqah Vincent,PowerShift NetworkPennie Opal Plant and Shannon Biggs,MovementRights2022 FORUM FOR THE FUTURE INTERVIEWEESAdriana Espinoza,New York State EnergyResearch and Development Authority(NYSERDA)Brandy Brown,Vice President,DNVMarlie Wilson,Chicago Food Policy Action CouncilDiandra Marizet,Intersectional EnvironmentalistEve Barnett,US Department of InteriorJane Cohen,Governors Office of Climate Actionand the Green Economy,New JerseyKate Ogden,Seventh GenerationKim Pate,NDN CollectiveLaprisha Berry Daniels,Detroiters Working forEnvironmental JusticeMichael Kobori,StarbucksNikita Daryanani,Coalition of Communities ofColorFORUM FOR THE FUTURE EDITING SUPPORTJames Payne,Priya Kvam,Samantha VeideB LAB USCA MARKETING TEAMBriana Humes,Courtney Pankrat,Shani TuckerREPORT ADVISORSRaj Aggarwal,ProvocElizabeth Joseph,New Rochelle Public LibraryKate Ogden,Seventh GenerationPennie Opal Plant,Movement RightsAmanda Yates,3M2022-23 B LAB USCA INTERVIEWEESMelanie Allen,The Hive Fund for Climate andGender JusticeKeya Chatterjee,U.S.Climate Action NetworkZanagee Artis,Zero HourJacqueline Lee-Tam,Climate Justice OrganizingHub CanadaAditi Anand,Sunrise Movement Silicon ValleyRandall Wyatt,Taking Ownership PDXMichele Roberts,Just and National ClimatePlatformBrett Isaac,Navajo PowerTracey Osborne,UC Center for Climate JusticeNoah Oppenheim,Businesses for Conservationand Climate ActionSam Appel,BlueGreen AllianceSameer Ranade,New York State Energy Researchand Development Authority(NYSERDA)Zach Lou,Green New Deal California Coalition2022 FORUM FOR THE FUTURE VIRTUALWORKSHOP PARTICIPANTSAmanda Yates,3M Arielle King,Intersectional Environmentalist Avrielle Miller,NYRENEWS Beaumont Morton,WE ACT for EnvironmentalJustice Caitlin Harris,Target Channing Nesbitt,Salesforce Ventures Charlotte Sewell,B Lab Global Cole St Arnold,NDN Collective Diandra Marizet,Intersectional Environmentalist Eli Moore,Othering and Belonging Institute at UCBerkeley Emily Mediate,Healthcare without Harm Eve Barnett,U.S.Department of Interior Jaclyn Mothupi,Wondry Innovation Center atVanderbilt University James Lovold,Non-GMO Project Jane Cohen,Governors Office of New Jersey Justin Carter,Salesforce Kate Ogden,Seventh Generation KT Michaelson,Starbucks Kylie Nealis,B Lab U.S.&CanadaLaprisha Daniels,Detroiters Working forEnvironmental JusticeLexi Fischer,The David Rockefeller Fund Linda Cognato,Non-GMO Project Makeeba Browne,ClimateWorks Foundation Martin Wolf,Seventh Generation Melissa Zaksek,Erb Institute at University ofMichigan Michael Le,Dell Michelle Diggs,3M Minna Toloui,Climate Equity Consultant Monica Sanders,Amazon Noah Oppenheim,Businesses for Conservationand Climate Action Sam Appel,BlueGreen Alliance Sameer Ranade,New York State Energy Researchand Development Authority(NYSERDA)Sonia Joshi,Institute for Sustainable Communities Susan Kruse,Community Climate Collaborative Tamar Saunders,Eden Housing Terry Nelidov,Erb Institute at University ofMichigan Vernon K.Walker,Communities Responding toExtreme Weather(CREW)Zach Lou,California Green New Deal Coalition2023 COMMUNITY WORKSHOP PARTICIPANTSElizabeth Joseph,New Rochelle Public LibraryKaren Blondel,Public Housing Civic AssociationLaprisha Berry Daniels,Detroiters Working forEnvironmental JusticeLynn Neuman,Artichoke Dance CompanyMegan Deichler,Catskill Hudson Area HealthEducation CenterPennie Opal Plant,Movement RightsRami Dinnawi,El Puente2023 CLIMATE WEEK NYC WORKSHOPPARTICIPATING ORGANIZATIONS3MAccentureAgendiAllbirdsAmalgamated BankCERESClimate CREWCLIMATE NEUTRALDiageoDNV Energy SystemsEarths Tomorrow FoundationEnvironmental Defense FundEstee LauderHSBCIntersectional EnvironmentalistProvocPurposeRewiredSeachange CollectiveSeventh GenerationSimple MillsThe Solutions ProjectVoicing VoicesWMWe Mean Business CoalitionForum for the Future would like to thank3M and Kimberly-Clark foundation fortheir financial support to make this reportpossible.Thank you.THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 78APPENDIX 1:ADDITIONAL RESOURCES|Climate Solutions at Work,presented byDrawdown Labs(a how-to guide for employeeslooking to make every job a climate job)INTERNAL OPERATIONSUN Global Compact Business Reference Guideon UNDRIPB Lab USCA Business Climate FinanceCommunity of Practice Business Climate Finance Initiative 14 B Corp Banks Using Your Finances To DoGoodPRODUCTS&SERVICESTransforming ConsumptionRedefining the good life:Why and howconsumption needs to changeGUIDANCE FOR PARTNERING WITH COMMUNITIESClimate Vulnerability Index Climate and Economic Justice Screening Tool(Council on Environmental Quality)Environmental Justice Screening and MappingTool(Environmental Protection Agency)The Spectrum of Community Engagement toOwnership(Movement Generation)Fighting Redlining&Climate Change withTransformative Climate Communities(Greenlining Institute)Drawdown Neighborhood Series(ProjectDrawdown)LEADERSHIP,EMPLOYEE ENGAGEMENT&GOVERNANCE The Prosci ADKAR Model(a research-based,individual change model that is part of theProsci change management methodology)SUPPLY CHAINSJust Transition in Supply Chains:A BusinessBrief(UN Global Compact)Reconfiguring value chains:Seven essentialshifts for resilient,fair and thriving value chains(Forum for the Future)Climate and Supply Chain Report (Businessfor Social Responsibility)POLICY ADVOCACY&BUSINESS CLIMATE FINANCEPolicy&Stakeholder-Driven Economy Program(B Lab USCA)Environmental,social,and governance(ESG)Guide(B Lab USCA)Business for Innovative Climate and EnergyPolicy(BICEP)Network(Ceres)Policy Center(American Sustainable BusinessNetwork)Growing Our Future Policy Workstream(Forumfor the Future)2 Years of Justice40 Integrating EnvironmentalJustice into US Climate Policy(WRI)APPENDIX 1THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE XXX PART 4:Equitable PARTNERSHIPS|THE GUIDE TO ADVA NCING CLIMATE JUSTICEPAGE 79APPENDIX 2:METHODOLOGY|This guide was inspired by research,conversations,and partnerships with Black,Indigenous,and People of Color communities andfrontline organizations,highlighting how responsesto climate challenges exacerbated inequality andracism.Shifting power,decision-making,andinnovation are urgently needed to include andpartner with traditionally excluded and frontlinestakeholders to ensure the viability of any climateresilience planning and solution.The impetus behind this work is to ensure thatclimate solutions are collaborative and co-designed,from the diagnosis to methodology toprocesses,with national and local partners.Thisguide was created through thematic,qualitativeanalysis of pre-existing literature,documents,anddata,fused with semi-structured interviewsconducted over Zoom with representatives fromclimate and environmental justice organizations,community groups and coalitions,academics,policymakers,private sector representatives,foundations,and industry associations.In addition,Forum for the Future and B Lab USCA held fourmeetings with community members and privatesector representatives to understand and identifythe needs of communities and gaps in whichclimate solutions must be more inclusive and just.We will continue to engage frontline communitiesand the private sector through workshops andplace-based engagements.Our goal is to facilitateconversations that will deepen trust and sparkcollaboration between companies andcommunities in support of long-term,systemicchange.Our methodology around collaboration willconsider and include the following people,ideas,and mindsets:People who see the situation they are in asunacceptable,unstable,or unsust
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CESER PUBLIC REPORTS This document was prepared by the National Renewable Energy Laboratory(NREL)un.
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Roshni Lodhia Dmitry Rukhlenko/Adobe Stock Jitti/Adobe StockNatural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsAbout ERMAt ERM,sustainability is our business.We are the worlds largest advisory firm focused solely on sustainability,offering unparalleled expertise across business and finance.ERM partners with clients to operationalize sustainability at pace and scale,through our unique combination of strategic transformation and technical delivery capabilities.Our diverse global team of experts works with the worlds leading organizations to help them set clear sustainability targets,measure progress and operationalize strategy through deep implementation and business transformation.With more than 50 years of experience,our ability to integrate sustainability solutions and our depth and breadth of technical knowledge are why organizations choose to partner with us as their trusted advisor.Discover ERMs Carbon Markets complete solutions on https:/ the ERM Sustainability InstituteThe ERM Sustainability Institute is ERMs primary platform for thought leadership.The purpose of the Institute is to define,accelerate,and scale sustainability performance by developing actionable insight for business.We provide an independent and authoritative voice to decode complexities.The Institute identifies innovative solutions to global sustainability challenges built on ERMs experience,expertise,and commitment to transformational change.Follow the ERM Sustainability Institute on LinkedIn Website: About the Natural Climate Solutions Alliance The Natural Climate Solutions Alliance(NCSA)is a multistakeholder coalition that brings together public and private sector stakeholders to identify opportunities and barriers to investments in carbon credits in new and existing markets to scale up financing for climate solutions.The Alliance also serves as a forum for knowledge sharing and technical capacity building to ensure climate solutions reach their full potential in abating climate change.The Alliance is a collaboration between the World Business Council for Sustainable Development(WBCSD)and the World Economic Forum.Follow the NCSA on LinkedIn Website:www.naturalclimatesolutionsalliance.org About the Forest Investor ClubLaunched by the U.S.Department of State and led by WBCSD,the Forest Investor Club is a network of public and private sector financial institutions,companies and investors committed to accelerating the deployment of capital into the protection,restoration and sustainable management of forests and nature.It catalyzes investments that reduce emissions and enhance carbon sequestration by supporting members through additional access to investment pipelines,facilitating complementary partnerships to de-risk and increase access to capital and developing solutions to overcome investment barriers.Website:www.wbcsd.org/Focus-Areas/Forest-Investor-ClubAbout the World Business Council for Sustainable Development(WBCSD)The World Business Council for Sustainable Development(WBCSD)is a global community of over 225 of the worlds leading businesses driving systems transformation for a better world in which 9 billion people can live well,within planetary boundaries,by mid-century.Together,we transform the systems we work in to limit the impact of the climate crisis,restore nature and tackle inequality.We accelerate value chain transformation across key sectors and reshape the financial system to reward sustainable leadership and action through a lower cost of capital.Through the exchange of best practices,improving performance,accessing education,forming partnerships,and shaping the policy agenda,we drive progress in businesses and sharpen the accountability of their performance.Follow WBCSD on X and LinkedIn Website:www.wbcsd.orgDisclaimersThis report is for informational purposes only and does not constitute investment advice.The information provided herein is based on our analysis and is intended to offer general insights into investing in Natural Climate Solutions.However,it is not a substitute for professional financial advice tailored to your individual circumstances.Investing in Natural Climate Solutions for the voluntary carbon market involves risks.The value of such investments may fluctuate due to a variety of factors,including market conditions,regulatory changes,and project performance.Potential investors should conduct their own due diligence and consider seeking advice from qualified financial professionals before making any investment decisions.This report is released in the name of the Natural Climate Solutions Alliance(NCSA).Drafts were reviewed by NCSA members,ensuring that the document broadly represents the majority view of NCSA members.It does not mean,however,that every member organisation agrees with every word.Copyright:ERM,2024Copyright:WBCSD,2024 Table of ContentsA message from ERM .iiA message from WBCSD .iiiA message from ICVCM .ivKey Terms and Acronyms .vExecutive Summary .1Introduction.6Content of the Guide .7Natural Climate Solutions:An Emerging Asset Class .10Natural Climate Solutions and the Voluntary Carbon Market .10Investing in NCS Projects .14The Current State of the VCM for NCS .16Key Stages of the NCS Investment Process .181.The Business Case:Five Reasons to Invest in NCS .192.Planning for Investment:Structuring Investments and Mapping Stakeholders .24Deciding on the Right Entry Point in the Project Timeline .24Selecting the Right Investment Type and Finance Structure .27Stakeholder Mapping and Engagement .343.Due Diligence:Evaluating the Integrity of NCS Projects .39Preliminary Screening:Assessing General Alignment .39Due Diligence:Assessing Risks to Maximize Positive Impact .42Ensuring Positive Environmental and Social Impacts Beyond Carbon .474.Shared Success:Determining a Fair and Equitable Revenue Sharing Agreement .50Revenue Sharing and Its Importance to Investment Success .50What are the Benefits of Revenue Sharing Agreements to Investors?.51The Principles of Designing Fair and Effective Revenue Sharing Agreements .53Finance Structures in Revenue Sharing .565.Safeguarding Rights and Resources:Legal Considerations of NCS Investments .59Evaluating the Legal Landscape .59Structuring and Risk Mitigation .626.Running the Numbers:The Importance of Data Collection and Disclosure .66Managing What is Measured .66The Importance of Data and Disclosure to Investors .68Conclusion&Call to Action .71Appendices .73Acknowledgements .88ii Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsA message from ERMAs we witness the devastating impacts of climate change with growing frequency,the imperative for action has never been more urgent.To address this challenge,it has become increasingly clear that a key element of any response must be harnessing the power of nature.Investing in nature represents a key mechanism through which organizations can combine financial and sustainability imperatives.By directing capital towards projects that not only mitigate climate change but also enhance biodiversity,promote socio-economic well-being,and recognize the knowledge and integral role of local communities,organizations can help catalyze a shift towards a more sustainable,resilient,and equitable world.However,how organizations invest in the right projects and ensure integration with their wider climate strategies is not straightforward.Thats why I am delighted to present this important guide to natural climate solutions(NCS).The insights presented within these pages illustrate not only the potential of NCS but also the critical role that private sector investment plays in unlocking this potential.NCS projects are complex and require highly technical due diligence.But if they are well-designed and managed,NCS can be a very valuable addition to a natural capital investment strategy.By exploring the nuances of the voluntary carbon market and explaining the investment considerations,this guide offers a roadmap for investors to navigate this complex landscape.We extend our deepest gratitude to all those who have contributed to this effort,from the researchers and authors to the many stakeholders and investors committed to making a difference.It is through collaboration and innovation that we will realize the full potential of natural climate solutions and it is our sincere hope that this guide will serve as a catalyst for action,inspiring individuals and organizations alike to seize the opportunity to chart a course towards a more sustainable future for all.Tom Reichert,CEO,ERMiii Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsA message from WBCSDThe impacts of climate change,nature loss,and mounting inequality are indisputable.Every day brings new stories of unusual or extreme weather,causing destruction and displacement in all corners of the world.We continue to see temperature records broken.2023 was confirmed as the hottest year ever recorded and 2024 is on track to beat that record as I write this,India is suffering a record high heatwave as temperatures soar near 50 degrees Celsius.Scientists now say that global temperatures could rise to at least 2.5 degrees Celsius this century,with the potential for catastrophic consequences for humanity and the planet.Its never been more imperative for the world to come together to seek solutions and limit warming to 1.5 degrees our tipping point associated with irreversible damage.Against this backdrop,the world has turned to business to innovate and find the solutions we need to transform systems on a global scale.Among these,the land-based sector plays a central role.Currently,it is responsible for a third of global emissions and 70%of biodiversity loss,and in the coming years we will see even more pressure on nature as competition for land-based assets increases.The entire value chain must collaborate to achieve the transformation we need,including across capital markets.Natural Climate Solutions(NCS)as one emerging asset class will play a crucial role if we are to limit warming to 1.5 degrees Celsius.As a pragmatic solution,NCS use natures capacity for carbon storage while providing other important social and ecosystem benefits.There simply is no climate solution without nature.But not enough investors are engaging with NCS as an asset class,despite its expected growth over the coming decades.This is not surprising given the unique nature of NCS projects for the voluntary carbon markets(VCM)and the additional complexity for investors.Investors need to understand the unique business case for NCS investment and the importance of high-integrity projects,along the entire value chain from project developer to investor.Projects must deliver real emission reductions or carbon dioxide removals and offer verifiable ecological benefits and meaningful improvements in the social and economic conditions in communities where they take place.This report answers that call by bringing together,in one place,the practical guidance that investors need to engage with NCS.It provides clarity to help carbon funds,project developers,and investors to evaluate the integrity of NCS investments and navigate important considerations,including investment structure and proper due diligence.The guide also examines how to determine fair and equitable revenue sharing with stakeholders,which is necessary to ensure a just transition.The guidance contained in these pages is from the hard-earned experience and expertise of investors and other professionals working in NCS and the VCM,and I hope that you will use it well to advance your investment strategies and mobilize more capital for high-integrity projects to scale up this vital solution for the planet.Peter Bakker,President and CEO,WBCSDiv Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsA message from ICVCMThe window of time available to us to take decisive climate action is shrinking and the magnitude of the crisis calls for action to be accelerated now.As this guide explains,protecting and restoring nature must be a key part of climate action:the IPCC states that“climate,ecosystems and society are interconnected.We need to ensure effective and equitable conservation of approximately 30-50%of the Earths land,freshwater and ocean for a healthy planet.”Natural climate solutions offer a powerful means to address climate change by leveraging the inherent capacity of ecosystems to store carbon.Yet,despite their immense potential,they remain significantly underfunded.While public sector efforts are vital,it is clear that they alone are insufficient to deliver the trillions of dollars of investment required for the transition to net zero.A Stern and Songwe report found that$2.4 trillion needs to be mobilised by 2030 and the only way we can do this is through mobilising private sector capital-governments alone cannot leverage this finance.According to GFANZ,approximately 70%of the capital needed could come from the private sector,with nearly half financed directly by corporates.1 The private sector,particularly through a high-integrity voluntary carbon market,plays a crucial role in bridging this funding gap.Investing in natural climate solutions within the voluntary carbon market presents a compelling business case.Natural climate solutions projects as long as they are high integrity-can contribute to carbon sequestration and deliver verifiable ecological and socio-economic benefits,such as enhancing biodiversity and supporting Indigenous Peoples in their essential role as stewards of the worlds natural eco-systems.At the Integrity Council for the Voluntary Carbon Market,our work to establish a global threshold for the voluntary carbon market is well underway.Through a thorough assessment process,carbon crediting programs and the methodologies they use to design and implement natural climate solutions projects must meet rigorous standards relating to permanence,additionality,and socio-economic impacts,among other criteria.Our ten Core Carbon Principles(CCPs)and the rulebook we use for assessment ensure these standards are met.The volume of carbon credits with the CCP-label will increase through this year and beyond.We encourage investors to seek out carbon credits with the CCP-label,to take confidence that the projects that generated them will channel significant private finance to climate solutions in the Global South that would otherwise not be viable.Of course,investments in high-integrity carbon credits should be made as a powerful complement to rapidly reducing fossil fuel use.While our brightest minds work on ways to reduce those emissions we do not yet have a solution for,high-integrity carbon credits can deliver an“emergency brake”on global temperature rise in the near term.They are a powerful way for investors to go even further as part of the collective efforts to achieve our net-zero goals.Annette Nazareth,Chair of the Governing Board,Integrity Council for the Voluntary Carbon Marketv Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsKey Terms and AcronymsCarbon Credit:A tradable,intangible financial instrument issued by a carbon crediting program that represents a verified reduction,removal,or avoidance of carbon dioxide or its equivalent in other greenhouse gases(one credit=one metric ton of CO2 or equivalent).2 Emissions Reductions:A type of carbon credit based on the avoidance of emissions that would have otherwise been released without a carbon project in place(e.g.,protecting forests to avoid emissions released through deforestation).CO2 Removal:A type of carbon credit based on the additional sequestration achieved through new or enhanced carbon sinks(e.g.increasing natural carbon stocks through reforestation and revegetation).Compliance Market:A regulated carbon market in which entities are required by law to adhere to defined GHG emissions targets in response to an obligation established by a regulatory body.3 CO2e:Carbon dioxide(CO2)equivalent.A measurement for mass of GHGs that includes both carbon dioxide and other greenhouse gasses converted to a proportionally equivalent mass of carbon dioxide based on differing global warming potential.The standard unit of measurement for carbon credits.4FPIC:Free,Prior,and Informed Consent.The UN-backed right of Indigenous People to give or withhold consent to projects that may affect their lands,territories,and resources.The FPIC process must be conducted freely and completed prior to any authorization or commencement of activities with full disclosure of the nature and consequences of proposed actions.and withdraw from projects impacting their territories.5 GHG:Greenhouse Gases.Atmospheric gases such as CO2 that absorb infrared radiation in the atmosphere,leading to climate change.May include,but are not limited to,carbon dioxide,methane,nitrous oxide,etc.6Indigenous Peoples and Local Communities(IPs&LCs):These are typically,ethnic groups who are descended from and identify with the original inhabitants of a given region,in contrast to groups that have settled,occupied or colonized the area more recently.7Investors:Entities providing upfront capital to fund NCS projects.For the purposes of this guide,the term investors refers to both financial and corporate investors unless stated otherwise.Corporate Investor:Real economy companies investing in NCS projects to ensure a reliable supply of carbon credits,typically for their own use in meeting climate goals.Financial Investor:Financial institutions such as asset owners and asset managers that are allocating capital towards NCS projects and typically earn a financial return on investment through the sale of carbon credits generated by the project.NbS:Nature-based solutions.Defined by the UN as actions to protect,conserve,restore,sustainably use and manage natural or modified terrestrial,freshwater,coastal and marine ecosystems which address social,economic and environmental challenges effectively and adaptively,while simultaneously providing human well-being,ecosystem services,resilience,and biodiversity benefits.8NCS:Natural climate solutions.A subset of NbS that seek to mitigate climate change.9Net Zero:Achieved when anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period.10 REDD :Reducing Emissions from Deforestation and Forest Degradation,plus the sustainable management of forests,and the conservation and enhancement of forest carbon stocks.A UN-backed framework for NCS projects to reduce greenhouse gas emissions from deforestation and forest degradation in developing countries.11VCM:The decentralized market of private entities buying and selling carbon credits,representing removals or reductions of GHGs in the atmosphere,for the purposes of meeting voluntary(as opposed to regulatory)climate obligations.vi Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of Contents Curioso Photography/Adobe StockBack to table of contentsExecutive Summary Nature plays a central role in the fight against climate change,as improved stewardship of nature can reduce greenhouse gas emissions and increase carbon sequestration as well as maintain and build resilience of ecosystem functions.In this context,a healthy and dynamic market for natural climate solutions(NCS),a subset of nature-based solutions(NbS)that improve the management and protection of nature to mitigate climate change while also delivering biodiversity and social benefits,is essential.Despite this critical role,a significant nature financing gap exists,and increasing private investment flows into NCS will be vital to help realize their full potential to address global climate,biodiversity,and land degradation challenges.In turn,high-integrity NCS projects can offer investors the opportunity to earn financial returns derived from the sale of carbon credits,or secure reliable sources of carbon credits for themselves.NCS projects offer returns based on the carbon credits they generate and continued demand for these credits is essential for increasing the flow of private investment.A significant source of demand for carbon credits from NCS comes from the voluntary carbon market(VCM),driven by companies seeking the credits as part of their voluntary net zero and other climate commitments.NCS can offer many advantages over other climate mitigation solutions,as they are immediately available,scalable,affordable,and create additional environmental,social,and economic impacts.While the VCM has grown significantly over the past few years,2023 represented a market adjustment,as renewed scrutiny highlighted the challenges of carbon accounting and other ways carbon projects may fail to meet standards of high-integrity.Nevertheless,new market infrastructure,technologies,standards,and methodologies designed to enable higher integrity and greater transparency of both claims(from the demand side)and credits(from the supply side)stand to bolster confidence in NCS procurement.Unwavering and continuous focus by VCM players on high-integrity projects will continue to be needed to help reinforce confidence and demand for NCS-generated carbon credits that can in turn maintain and strengthen the business case for investment in NCS.Investors considering investing in carbon credit-generating NCS projects have an opportunity to accelerate this trend by setting and promoting rigorous guidelines for investment and strictly selecting high-integrity projects.That way,they not only avoid risks but also send market signals that elevate the quality standards and reputation of NCS projects,the credits they generate,and the markets where many of the credits will be traded.This guide,co-produced by ERM,its Sustainability Institute and WBCSDs Natural Climate Solutions Alliance(NCSA)and Forest Investor Club(FIC),provides insights to investors on how to identify high-integrity NCS projects,understand best practices for due diligence,and design and implement effective investment mechanisms all with the goal of demystifying and de-risking NCS investments.It includes insights gathered from a working group of NCS investors and other stakeholders,a market participant survey,interviews,and extensive secondary research.1 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to table of contentsKey Insights from the Report NCS projects can be complex;plan accordingly.High-integrity NCS projects not only deliver carbon credits but also offer additional ecological and socio-economic benefits.The highest-potential geographies for NCS are often in rural areas of the Global South,where land tenure rights may be ill-defined,and local stakeholders and working environments may be unfamiliar to investors.As a result,every project has a unique mix of stakeholders,ecosystems,local regulations and laws,and financial structures.For carbon credit generation,each will also need its own system of agreements and verification methods.Topic-specific sections of this guide provide recommendations on how to help navigate the complexities of NCS investments.Match your investment plan with your risk profile and preferences.Investors should start with a robust investment plan aligned with their goals,risk profile,and the nature of their strategy.Much depends on the trade-offs between risk,control,and financial upside investors are comfortable with.For example,getting in at an early project stage may raise potential returns and give investors more control over the financial structure and deliverables,which can be attractive if reputational risk is a primary concern,but would mean investors would take on more project execution and delivery risk.Conduct thorough and context-specific due diligence.Given each NCS projects unique profile,robust due diligence is a must to not only understand a projects basic financials and capabilities of the team,but also to evaluate positive and negative impacts on climate,nature,and people.Investors need to scrutinize the risks and merits of individual NCS projects along four pillars:commercial,reputational,regulatory,and operational.Doing so not only helps investors anticipate financial risks and maximize returns,but can also boost the integrity of NCS as part of their impact portfolios,and trust in the VCM and NCS as an asset class as a whole.Recognizing and supporting the rights of Indigenous Peoples and local communities(IPs&LCs)is a must.Many IPs&LCs have historically faced exploitative practices and poorly managed projects.Acknowledging IP&LC rights,both legal and customary,is crucial for breaking the cycle of exploitation.That is why NCS projects must ensure Free,Prior,and Informed Consent(FPIC)of IPs&LCs,institute proper grievance mechanisms,emphasize their right to give or withhold consent at any time,and seek to maintain not just their consent,but their partnership as key project stakeholders over the entirety of the projects duration.Neglecting this can lead to serious reputational risks,poor project performance,or even project failure given the key role that IPs&LCs can play.Sharing revenue with local communities is vital.Full and effective participation from IPs&LCs is instrumental to the success of NCS projects,from initial implementation through carbon credit generation and ongoing project maintenance.They are key stakeholders in the project and should be compensated accordingly for their contributions to the project and access to statutory and customary rights.Revenue sharing agreement should be designed to compensate IPs&LCs.In addition to recognizing IPs&LCs as core project partners,fair and equitable revenue sharing agreements help align stakeholder incentives while mitigating risks for the project,investors,and IPs&LCs themselves.2 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to table of contents High-integrity NCS projects require high-quality monitoring.What sets high-integrity NCS projects apart is that they generate verifiable climate,biodiversity,and social impacts results that can last decades.Well-designed systems of measurement,reporting,and verification(MRV)are crucial to deliver on that promise.Buy-and sell-side carbon credit integrity frameworks have robust MRV requirements,meaning certified NCS projects will typically already have defined MRV requirements depending on the methodology they align with.Investors can leverage the data collected through the MRV process to review and benchmark project performance and impact,and address and mitigate inefficiencies or challenges.The report examines each stage of the investment process in a dedicated chapter that includes the questions that investors should ask,common challenges,and examples of best practice.Below is a brief summary of recommendations for investors that are examined in much great detail in the report.Build a Business Case Identify a business case that resonates with your organizations portfolio and investment strategy.Consider potential financial,carbon,environmental,social,and reputational benefits.Integrate investment timeline considerations into your business case.Identify the investment type,finance structure,and map stakeholders Determine the type of NCS investment you are interested in and the right stage of maturity.Identify the investment type and finance structure that align best with your objectives,expectations,and the needs of the project.Map priority stakeholders and decide if,when,and how you will engage them.Conduct Due Diligence Complete preliminary desktop screening to determine whether an NCS investment opportunity is strategically aligned with your objectives.Conduct deep technical due diligence to assess commercial,reputational,regulatory,and operational risks.Fill data gaps through field visits and stakeholder interviews.Conduct a thorough review of environmental and social issues to ensure that IP&LCs s are on board,and the project has positive impacts beyond carbon.Determine a Fair Revenue Sharing Agreement Determine the status of a potential investments revenue sharing agreement;if already implemented,determine what parties have been involved in its development.Incorporate all revenue streams generated by the NCS project;review the agreement for specifications on how the revenue will be distributed.Ensure the project proponent is regularly engaging with relevant stakeholders and has established independent grievance mechanisms.Work with developers and communities to update revenue sharing agreements as needed.3 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to table of contentsIntegrate Legal Considerations Engage international and/or local advisors to ensure that legal and tax due diligence is conducted at an early stage.Discuss the risks identified during due diligence with your project counterparties as soon as possible.Ensure that risks are allocated appropriately in transaction documentation with the support of international and local advisors.Consider the use of additional legal risk management through the deal structure,insurance procurement,additional legal opinions,and so on.Implement a system for measuring,reporting,and verifying data(MRV)Establish internal guidelines and best practices for data collection and reporting;determine if an investments MRV practices align with internal guidelines.Disclose data in line with carbon credit standards and requirements from verification bodies.Ensure the collected data and selected metrics directly correlate to claims made on positive climate,biodiversity,and social impact.Leverage data and disclosure findings to review performance and integrate them into project agreements and activities.Build a Business CaseKey Stages of the NCS Investment ProcessDetermine a Fair Revenue Sharing AgreementPlan for InvestmentImplement MRV systemsConduct Due DiligenceIntegrate Legal Considerations4 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial Institutions5 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of Contents Dmitry Rukhlenko/Adobe Stock6 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsIntroductionNature conservation plays a central role in the fight against climate change,as it supports natures climate-regulation and climate change resilience functions.Natural climate solutions(NCS),a subset of nature-based solutions(NbS),protect and improve the management and restore nature,generating climate mitigation outcomes while also delivering biodiversity and social benefits.In this context,a healthy and dynamic market for voluntary carbon credits generated by NCS plays a central role in contributing to closing the nature finance gap.This guide provides essential insights for financial institutions and companies that are already investing in NCS or are exploring ways to do it.Despite the critical role that nature can play in addressing climate change,a significant financing gap exists.According to UNEP,annual investment levels into nature protection,management and restoration will need to nearly triple by 2030 if we are to realize their full potential in meeting international climate,biodiversity,and land degradation goals.Currently,the private sector accounts for only a fraction of financial flows to nature,with more than 80%of the funding for nature coming from public sources.12 Whereas growth opportunities for additional public investment may be limited,investment by corporates and financial institutions remain undertapped,and will have to accelerate rapidly if we are to meet these financing gaps for nature.In addition to delivering climate,biodiversity,and social benefits,high-integrity NCS projects can offer investors the opportunity to earn financial returns derived from the sale of carbon credits,or secure reliable sources of carbon credits for themselves.In order to make NCS attractive to investors,and in turn,increase the flow of financial capital,securing continuous demand for carbon credits will be essential.A significant source of funding for NCS comes from the voluntary carbon market(VCM).Companies are using voluntary carbon credits to complement their decarbonization effort and meet their sustainability and climate commitments.NCS voluntary credits can offer many advantages over other voluntary carbon credits,as they are immediately available,scalable,affordable,and create additional environmental,social,and economic impacts,especially in comparison to engineered solutions based on emerging technologies.NCS are affordable,scalable,and available today,and therefore present opportunities for companies to make contributions to addressing climate change.While the VCM has grown significantly over the past few years,it experienced significant fluctuations in 2023 and 2024.Between 2020 and 2021,the market value quadrupled to USD$2 billion,but in 2023,it contracted to USD$723 million,while trading volume fell by 57 percent.13 A major driver behind the slowdown has been renewed attention to quality,integrity,and social impact concerns.NCS projects offer investors and companies the opportunity to earn returns on investment and secure reliable sources of carbon credits.This guide provides essential insights for financial institutions and companies that are already investing in NCS or are exploring ways to do it.7 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsBut recent changes designed to support greater integrity in both the demand and supply side are already bolstering confidence in NCS procurement and therefore investment.While estimates of VCM long-term performance vary,growth in the VCM is expected to resume as carbon management continues to be more common in corporate strategy and regulating bodies enact more policies and regulations on carbon emissions.Continued and unwavering focus by VCM players,including investors,on high-integrity projects is needed to help reinforce confidence and demand for NCS-generated carbon credits that can in turn maintain and strengthen the business case to invest in NCS projects.Nature-based Solutions(NbS):Actions to protect,conserve,restore,and sustainably use and manage natural or modified terrestrial,freshwater,coastal,and marine ecosystems,which address social,economic,and environmental challenges effectively and adaptively while simultaneously providing human well-being,ecosystem service,and resilience and biodiversity benefits.14Natural Climate Solutions(NCS):A subset of nature-based solutions designed to specifically address climate change.Content of the GuideThe ERM Sustainability Institute,WBCSDs Natural Climate Solutions Alliance(NCSA),and the Forest Investor Club(FIC)produced this guide to help investors confidently and methodically identify promising NCS projects,carefully scrutinize them,and design and implement effective investment mechanisms all for the ultimate purpose of increasing the flow of financial capital into these promising high impact solutions.The guide is written for financial institutions,such as mainstream and impact investors and investment funds,as well as companies,who are increasingly looking for ways to directly invest in projects to secure a supply of high-quality carbon credits.It provides essential guidance on investing in NCS through project finance,NCS-focused funds,project developer equity/debt,and other types of investment.It does not cover carbon credit procurement through spot market purchases or the integration of credits into an organizations net zero initiatives.The guide explores the following steps to ensure investors solely invest in high-quality,high-integrity NCS projects:1.Building a Business Case:Building a strong business case that resonates with the organizations portfolio and investment strategy is paramount to the success of any investment.2.Designing an Investment Strategy and Engaging Stakeholders:To lay a solid foundation,investors need to build a comprehensive investment strategy,implement appropriate funding structures,and design a stakeholder engagement strategy.3.Conducting Due Diligence:Thorough due diligence is foundational to successful NCS investments and should cover four areas of risk:commercial,reputational,regulatory,and operational.8 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsNatural Climate Solutions and the Voluntary Carbon Market:A Guide for C-suite Executives 4.Developing Equitable Revenue Sharing Agreements:Revenue sharing agreements are an essential way to involve communities in a more meaningful and fair way while compensating them for their rights,resources,and contributions.5.Incorporating Legal Considerations:Drafting equitable and transparent legal agreements between parties such as investors,developers,communities,and governments is paramount to protecting all stakeholders,including local communities,and the investment.6.Data Measurement,Reporting,and Verification(MRV):MRV is an essential source of information for investors to assess the performance of a potential investment.The guide was developed between September 2023 and June 2024,using the following sources as input:Working Group:A working group of 8 NCS experts steered the development of this guide.This group played a pivotal role in determining priority content,drafting sections,and reviewing and revising preliminary drafts.Interviews:In-depth interviews with representatives from 25 organizations with experience in NCS investment for the VCM were held.Quotes and insights from the interviews are included throughout the report.Market Participant Survey:A 19-question survey to gather input from investors,companies,and other NCS experts was conducted.A total of 26 individuals responded,and the information they provided informed the content of this report.Secondary Research:The report incorporates insights from secondary sources published by companies,investors,NGOs,academics,and other groups.These sources are cited throughout the report with corresponding endnotes in the Appendix.Technical Review:The report was reviewed by members of the NCSA Technical Advisory Committee to inform report content,align key messages,and provide best practice recommendations for readers.This report provides essential guidance for financial investors and companies that are investing in NCS through project finance,NCS-focused funds,project developer equity/debt,and other investment methods.It does not cover carbon credit procurement through spot market purchases or the integration of credits into an organizations net zero initiatives.For more information about the use and procurement of natural climate solutions carbon credits,read Natural Climate Solutions and the Voluntary Carbon Market:A Guide for C-suite Executives,A Buyers Guide to Natural Climate Solutions Carbon Credits,and Natural Climate Solution Carbon Credits:The role of project developers and communities.A Buyers Guide to Natural Climate Solutions Carbon CreditsIn collaboration with:Filip Agoo for Wildlife Works Kasigau REDD Project Natural Climate Solution Carbon Credits:the role of project developers and communities Native,A Public Benefit Corporation IndigoAg Carbon Tanzania Roshni Lodhia9 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of Contents Roshni Lodhia10 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsNatural Climate Solutions:An Emerging Asset Class Natural climate solutions offer an effective mechanism for corporate and financial investors to source high-integrity carbon credits.NCS can earn returns on investment by generating carbon credits and other revenue sources while simultaneously supporting climate and nature goals.However,two elements are crucial to NCS expanding as an asset class:more trust in the rigor of carbon markets and more aggressive investment in high-integrity NCS projects by both companies and financial institutions.Natural Climate Solutions and the Voluntary Carbon MarketNCS build on natures capacity to remove and store atmospheric carbon through the protection,restoration,or sustainable management of nature.NCS projects must also go above and beyond the delivery of carbon credits by generating biodiversity and ecosystem gain,providing substantive social and economic benefits for Indigenous Peoples and Local Communities(IPs&LCs),and facilitating climate risk protection by improving the resiliency and adaptive capacity of landscapes.The amount of CO2e avoided,reduced,or removed through NCS activities is translated into carbon credits which are traded on one of three primary carbon markets:Voluntary Carbon Market(VCM):Independently functioning global market where entities and individuals voluntarily purchase carbon credits to manage their carbon footprint,contribute to climate change mitigation,support sustainable development,etc.The content in this guide is primarily directed towards NCS for the VCM.Compliance Carbon Markets:Regulated markets established by local or regional regulatory bodies usually in the form of carbon taxes or emissions trading systems.While some compliance markets allow the use of carbon credits,their use criteria are often more rigid or may require domestically sourced credits.This makes investment requirements for NCS projects for compliance carbon markets more specific and may limit opportunities for private investment.See Appendix 1 for more information on compliance markets.Paris Agreement Article 6:Though not a carbon market itself,Article 6 includes sections that promote an international market-based mechanism that allows countries to trade carbon credits with each other.These credits are used to meet the emissions reduction targets outlined by their Nationally Determined Contributions,or NDCs.Companies may purchase credits on the VCM to compensate for their emissions on the pathway to net zero.Guidance on how companies should use these credits varies according to different guidance organizations,as outlined in Table 1 below and in“The State of the Voluntary Carbon Market”at the end of this section.11 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsTable 1.Comparison of Guidance Literature on the Use Cases for Carbon Credits on the Pathway to Net Zero(IETA VCM Guidelines)Use CaseIETA GuidelinesSBTiVCMIEU Joint StatementISO 14068(carbon neutrality)2024 Oxford Net Zero Guiding PrinciplesCounterbalance some or all unabated Scope 1,2 and 3 emissions after meeting interim targets aligned to science-based reduction pathwaysYESYES(BVCM Guidance)YES(Min:10%Max:100%)YESYESYESNeutralize residual Scope 1,2 and 3 emissions throughremovals in companys netzero yearYESYES(Corporate Net-Zero Standard)YESNOT COVEREDYESYESCompensate for unabated Scope 1 and 2 emissions to help achieve interim targets and stay on track between interim target yearsYESNONONONOT COVEREDNOT COVEREDCompensate for unabated Scope 3 emissions,including hard-to-abate sectors,to help achieve interim targets and stay on track between interim target yearsYESNOYES,SCOPE 3(Scope 3 Flexibility Claim1)NONOT COVEREDNOT COVEREDSource:This figure is adapted from IETA VCM Guidelines(2024).“Table A:A COMPARISON OF GUIDANCE LITERATURE ON THE USE CASES FOR CARBON CREDITS TO COMPENSATEFOR COMPANIES EMISSIONS ON THE PATHWAY TO NET ZERO”.International Emissions Trading Organization.1 This permits a company to make limited use of high-quality carbon credits to close the gap between its estimated scope 3 GHG emission reduction target level,and its current scope 3 emissions in a given year,as long as it has already taken other steps to reduce current emissions.Companies may purchase carbon credits on the VCM issued by a variety of carbon crediting programs,each of which has its own set of standards and methodologies for greenhouse gas(GHG)emissions reduction and removal quantification.Carbon crediting programs are assessed by carbon credit integrity frameworks such as the Integrity Council for the Voluntary Carbon Market(ICVCM).15 See table A3 in the appendix for a comprehensive list of buy-and sell-side carbon credit integrity frameworks.NCS projects have attractive benefits over other climate solutions that generate credits for the VCM.Currently,nature is the most affordable,scalable,and available method for carbon sequestration while many technology-based carbon removal practices(e.g.,direct air capture(DAC)remain nascent technologies typically in the research and development phase.In addition to climate benefits,investments in nature help build ecological resilience and support nature stewardship,along with boosting community and social resilience as they protect and restore the ecosystem services on which human systems rely.In part due to these additional benefits,NCS projects are projected to continue playing a major role in the VCM as outlined in Figure 1 below.12 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsFigure 1.Projected Growth of Natural Climate Solutions as a Component of the Voluntary Carbon MarketSource:This figure is adapted from Making Carbon Markets Work for Faster Climate Action(2021).“GROWTH FORECAST OF VOLUNTARY CARBON MARKETS TO 2030”.The Nature Conservancy.Caption:According to some estimates from 2021 and 2022,the size of the VCM could reach 1 billion metric tons by 2030.While 2023 experienced a bit of a market contraction,the adoption of greater integrity measures may help the market rebound and long-term growth prospects to not be diminished.Investments in NCS can generate multiple sources of revenue and returns are not limited to only carbon credits.For example,reforestation projects may produce sustainable timber,or agroforestry projects may produce crops to generate revenue.However,investors must avoid additionality concerns by ensuring that the project would not have been able to be funded based on revenues from timber or agriculture products alone,and ensuring that these commodities are sold separately from carbon credits,as the environmental attribute(emissions avoidance/reduction/removal)must be detached from the products to avoid double counting.Further,NCS investments can include more than one intervention method.For example,a reforestation project can incorporate both sustainable management of commercial areas and restoration of degraded areas.The concept of combining revenue streams and diversifying strategies in NCS investments is a growing approach to help manage risk and maximize returns from projects.13 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsFigure 2.Types of NCS Credits and ProjectsIntervention MethodsCarbon OutcomesExamples of Non-carbon Revenue StreamsProtection:Protecting ecosystems from impending or future degradation,reducing further CO2 emission and additional loss of biodiversity.Sustainable Management:Regenerative agriculture and sustainable management practices to improve natural and modified ecosystems while contributing to the recovery of biodiversity.Restoration:Restoring ecosystems that have been degraded or previously converted to remove carbon from the atmosphere and introduce additional biodiversity benefits.Reduction/Avoidance:Activities that reduce emissions by preventing their release into the atmosphere,such as protecting standing forests or stopping the conversion of grasslands to croplands.Example:Reducing Emissions from Deforestation and Forest Degradation,plus conservation and sustainable forest management,and enhancement of forest stocks(REDD ),where forests are protected by incentivizing conservation and enhancement of forest ecosystems.Removal:Activities that pull carbon out of the atmosphere and store it over long timeframes.Example:Afforestation,Restoration,and Revegetation(ARR),where forest ecosystems are restored to maximize the ecosystems capacity for carbon sequestration.Agricultural Commodities:Agroforestry systems,which integrate trees with crop and livestock production,can enhance farm output and resilience,leading to a diverse range of agricultural outputs.These products can often be marketed at a premium given the sustainable production practices.Ecotourism:NCS projects,particularly those involving the protection and restoration of scenic landscapes,can generate income through ecotourism via entry fees,guided tours,and recreational activities.Payment for Ecosystem Services(PES):Some projects may receive payments for certain non-carbon ecosystem services such as water filtration and retention.Some regions may have mechanisms to compensate project proponents for maintaining or restoring land in ways that enhance ecosystem health.Sustainable Harvesting:Revenues from the sale of timber,non-timber forest products,and sustainable fisheries may be sold depending on project parameters such as rights and ownership.These products can often be marketed at a premium given the sustainable production practices.Source:ERM/WBCSD14 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsInvesting in NCS ProjectsInvestors allocating capital towards NCS projects generally fall into the two broad categories outlined below.For the purposes of this guide,the term investors refers to both categories unless stated otherwise.Financial Investors:Financial institutions that invest upfront capital in NCS projects with expectations of financial returns through the sale of carbon credits.Returns may also come in part from other revenue streams,such as the sales of sustainable timber or regenerative agricultural products.Corporate Investors:Real economy companies requiring high volumes of carbon credits may also invest upfront capital in NCS projects,but rather than earning financial returns,receive their“returns”in the form of offtake of carbon credits for their own uses.Companies may also benefit from selling any credits that they dont retire themselves on the VCM.Similarly,corporate investors can benefit from potential non-carbon revenues supplementing carbon credit generation.While investors can finance NCS projects in several ways,this guide is primarily focused on providing direction for investors engaging in the following ways:Project Finance:Investors may invest directly in a specific NCS project.This strategy provides investors with considerable control over the project but may come with more and/or different types of risk due to direct involvement.Investment Funds:Funds or asset pools that allocate capital towards several NCS projects.This method is a more indirect pathway to NCS investment,as the fund manager has significant control over the decision-making process.Real Assets:Investors directly acquire and/or lease land to develop,manage,or lease to NCS projects.Investors may then bring in project partners to assist in the development and implementation of the project,but will assume a higher level of risk as the direct landowner.Project Developer Investment:Direct investment made in the organizations developing NCS projects offers financial investors a different type of return profile and asset class from NCS,but but may be less appropriate for corporate investors since the source of carbon credits is less directly connected to their investment.“There is a danger in thinking that the carbon value is the only thing that will help communities;its also important that the value is in the communities maintaining healthy lands and culture and being able to stay on their land for a long time to come.”Margarita Mora,Senior Managing Director,Partnerships,Nia Tero15 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsWhat are the Core Considerations for Determining High-Integrity Carbon Projects?Investors should only consider high-integrity NCS projects designed to ensure that certain core carbon considerations are addressed rigorously and transparently over the life of the project,including through nesting into jurisdictional frameworks.High-integrity NCS projects must also provide benefits beyond the delivery of carbon credits by maintaining or improving biodiversity and ecosystem integrity,generating substantive social-economic benefits for local stakeholders,and improving the resiliency and adaptive capacity of landscapes and people.Core carbon considerations relating to climate mitigation activities include:Permanence:The degree of confidence that a project will keep carbon out of the atmosphere for a given period of time.Additionality:Carbon projects and credits are considered additional if the reduction/removal of carbon would not have occurred without the incentives provided by the carbon market.Leakage:Increases in GHG emissions that occur outside of the projects boundaries as a result of project-related activities.Baseline:A reference point that serves as a benchmark for emissions avoidance or reduction.The baseline is measured by determining the expected changes in carbon that would have happened in the absence of the projects intervention.Measurement,Reporting,and Verification(MRV):The process by which the climate,biodiversity,and social impacts are calculated,the methods to disclose these figures,and the third-party verification of reported information to ensure accuracy and consistency.Safeguards:Policies,measures,and standards implemented to ensure that project activities promote positive social and environmental outcomes while minimizing adverse impacts.Fokasu Art/Adobe Stock16 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsThe Current State of the VCM for NCSAuthor:Stephen Donofrio,Founding Principal,GreenPoint InnovationsThe VCM has grown significantly over the past few years,as evidenced across all key market valuation metrics:volume traded,credit prices,new project registrations,as well as both credit issuances and retirements.This recent growth has been influenced by the recognition of its role as an important tool for near-term residual and unavoidable emissions reductions,in addition to philanthropic investments beyond the value chain.But as it has gained relevance and visibility the VCM has been increasingly at the center of several climate action debates over the past few years and began contracting in 2023.The VCM hit a high of more than USD$2 billion in value in 2021,up four times the market size in 2020,driven by an increase in traded volumes and higher than average prices of NCS projects.While this was the largest valuation ever recorded,the VCM has since contracted to USD$723 million at the end of 2023.This was principally due to a 56%drop off in trading volume for the year(254 MtCO2e in 2022 to 110.8 MtCO2e in 2023)paired with an 11crease in average credit prices(USD$7.37 to USD$6.53).16 Renewable Energy and Forestry&Land Use,the two largest categories of credits,each contributed to a 70 percent drop in volume in 2022.However,as the previous years gains were driven by increasing volumes and higher prices of NCS credits,2023s market value losses are mainly due to a near 50%drop in sales volumes(57.4 to 28.2 MtCO2e)and 23cline in prices($10.19 to$7.87)from REDD .17 Albeit at lower volumes compared to REDD ,other NCS types saw gains in 2023 including higher prices for ARR(Afforestation,Reforestation,and Revegetation)and IFM(Improved Forest Management),while Agriculture saw higher prices but lower volumes.Annual data on new project registrations and credit issuances/retirements are complementary indicators of market conditions to pricing and transaction volume discussed above.According to three leading market intelligence sources,retirements in the VCM grew by 6%or remained stable in comparison with 2022 due to a surge at year-end in December.18,19,20 On the other hand,issuances dropped to the lowest levels in three years,from 408 MtCO2e in 2021 to 277 MtCO2e in 2023.21 At the same time,however,issuances were led by NCS at 122 MtCO2e while other types like renewable energy carbon credits declined.22 In parallel,the VCM has been challenged on a range of integrity and transparency issues that are largely distinguished between supply and demand side challenges.Several stakeholders are working to address these challenges and drive continuous improvement in the VCM in a way that will increase its attractiveness to mainstream finance and private sectors.There are four general categories for these efforts:1.Updates to existing guidance and infrastructure are addressing issues like methodologies allowing for over-issuances and previously inadequate consulting and inclusion of IPLCs.Updates include improvements to voluntary target setting and disclosure standards such as Verras updated REDD methodology(VM0048).23 Additionally,demand may be impacted by changing infrastructure guiding the use of carbon credits.For example,the Science-based Targets Initiative(SBTi)has signaled that it may update its Net Zero Standard to establish a clear role of Environmental Attribute Certificates for achieving a net zero goal.24 2.New quality guidance frameworks,criteria,and principles are likely to impact both supply and demand of carbon credits.The ICVCM has completed its assessment of carbon crediting programs and is now assessing project categories at the methodology level,helping ensure 17 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of Contentsthat carbon credits represent genuine emissions reductions and improving the quality and integrity of carbon credit supply.25 Related to both supply-and demand-side improvements,the U.S.Department of the Treasury released a Joint Policy Statement and Principles on Voluntary Carbon Markets,affirming that high-integrity VCMs can and should play a meaningful role in reaching net-zero emissions by 2050.26 New demand-side guidance for the use of carbon credits for corporate climate action is changing how companies approach carbon credits,such as the Voluntary Carbon Market Integrity Initiatives(VCMI)Scope 3 Flexibility Claim beta for use of high-quality carbon credits and the International Emissions Trading Associations(IETA)Guidelines for the High Integrity Use of Carbon Credits.27,28 3.International carbon credit markets,pending national and subnational regulations and new laws on corporate disclosure are likely to influence both supply and demand of carbon credits.Regulations like Californias AB-1305 will require comprehensive disclosure on carbon credits sold or used from both supply-and demand-side actors,while the proposed SB-1036 would address greenwashing in the VCM by making carbon credits subject to false advertising laws.29,30 The European Union has reached a provisional agreement to establish an EU-level certification framework for carbon removals intended to accelerate deployment of high-quality carbon removal and emission reduction in the region.31 And on a wider scale,broad sustainability-and ESG-related disclosure regulations are proliferating,many of which include carbon credit disclosure requirements.The EUs Corporate Sustainability Reporting Directive(CSRD)requires companies to disclose direct emissions separately from carbon credits purchased for offsetting with the aim of preventing misrepresentation of actual emissions and progress on emissions reduction.32 Wide sustainability-related regulations like the CSRD were developed to improve quality and comparability of corporate disclosures across all ESG pillars,and are likely to impact how companies disclose their use of carbon credits.4.Innovative solutions from service providers are offering a wide range of products and services to address remaining concerns.Innovations such as improvements to digital monitoring,reporting,and verification(dMRV)will help improve data disclosures,ultimately affecting the quality of outputs from data and intelligence providers and carbon credit ratings agencies.Similarly,innovative financial vehicles such as insurance on carbon credits or carbon-linked bonds are providing investors with more comprehensive protection from risk and encouraging expanded and more diverse funding into NCS projects.The course is set for 2024 to be more of a“make”than“break”year for the VCM.Despite the decline in 2023,growth in the VCM is expected to resume as carbon management continues to be more common in corporate strategy and regulating bodies enact more policies and regulations on carbon emissions.This expected growth is helping to raise the profile of NCS as an asset class and emphasize the role that NCS will play in carbon reduction on a global scale.18 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of Contents Rabbi/Adobe StockKey Stages of the NCS Investment Process19 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of Contents1.The Business Case:Five Reasons to Invest in NCSNCS as an asset class remains relatively untapped.This is especially the case for most large-scale,traditional investors.In addition to their mitigation potential and financial returns,NCS projects yield many other environmental,social,and reputational benefits.In addition to financial returns,NCS projects yield many other carbon,environmental,social,and reputational benefits.However,every NCS project has a unique risk and benefit profile that investors must account for before making the final decision.Recommendations for Investors:Identify a business case that resonates with your organizations portfolio and investment strategy.Consider potential financial,carbon,environmental,social,and reputational benefits.Integrate investment timeline considerations into your business case.The business case for NCS investment often varies between different types of investors.Corporate investors are more likely to invest in NCS through project finance to gain access to carbon credits and meet their climate goals,earning much or all their returns from claiming the credits generated for themselves.Meanwhile,financial investors primarily invest to earn financial returns generated by the project through the sale of credits to offtakers.The business case for financial investors may vary depending on their investment strategy,risk,and return expectations,specific mandate,and asset class(e.g.,real assets,project debt or equity,developer/enterprise debt or equity,commodities trading,etc.).Both corporate and financial investors may benefit from any additional revenue streams that can be generated through a projects activities such as sustainable timber or crop production.But regardless of investor type or focus,motivation for investment in NCS is often built on the expectation that carbon markets will continue to grow in both value and impact.There are many reasons for companies and financial institutions to consider investing in NCS,but the following five drivers offer the strongest business case:1.Sourcing carbon credits at scale for an investors own useDirectly sourcing high-integrity carbon credits is one of the primary motivators for investors to engage in NCS.Corporate investors are most likely to source credits to meet their climate and net zero goals,while financial investors may align their investment portfolios with a low carbon future through investment in activities and holdings that reduce or remove emissions.By entering agreements with project developers(often through offtake agreements,project finance,or developer investment),investors can secure a direct source of high-integrity carbon credits.Since many of these offtake agreements are structured prior to the issuance of credits,investors will have more 20 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of Contentscontrol over the projects structure and activities.By directly sourcing carbon credits,investors can also reduce procurement costs and avoid engaging in the VCM,eliminating additional transaction costs associated with purchasing from a third party.In the event an investor does not retire all the credits they have secured,they can sell those remaining on the VCM,earning an additional return on investment.“Our business case for investing in NCS projects is threefold:it gives us a hedge for future increases in carbon prices;the creation of high-quality credits will help meet the increasing future demand caused;and the returns earned by selling the credits have the potential to be quite attractive.”Nature Based Solutions Lead,European Energy Company2.Capitalizing on carbon market growthIn the five-year span between 2017 and 2022,the voluntary carbon market grew more than tenfold,quadrupling in value between 2020 and 2022 alone.33 Though market growth slowed in 2023,consulted experts expect growth to rebound over the long run.Much of this growth will be driven by increasing corporate climate ambitions and pressure to meet net zero targets.Expanding compliance markets may also drive growth with the expectation that more jurisdictions will implement compliance regimes.Carbon data provider Sylvera expects convergence between compliance and voluntary markets,which could help drive the investment and innovation needed for increased competition,better quality standards,and greater innovation in carbon markets.34 Both financial and corporate investors will look to capitalize on future market growth,increasing demand for credits,and carbon increasingly trading as a commodity.3.Hedging against future increases in carbon pricesHedging against an expected rise in carbon prices is another strong reason to invest in NCS.As seen in Table 2 below,the average price per ton of CO2 in 2023 was USD$6.53,down 11 percent from 2022 but 60 percent higher than 2021 prices.35 Furthermore,the cost of carbon is expected to continue to rise through mid-century.Adjusted for inflation,one forecast estimates the average market price per metric ton of CO2e to reach USD$27 by 2030 and USD$175 by 2050.36 Hedging is a particularly strong business driver for corporate investors given their use of carbon credits in climate strategies,as investing early enables companies to gain access to credits at a lower price than future forecasts.Investing directly in high-integrity NCS projects and ensuring they are high-integrity will provide further advantages as these projects sell at a premium in the VCM.For instance,at the end of 2023,credits sourced from nature-based projects sold at a 40 percent premium over the total average credit price,and a 91 percent premium over credits from technology-based project types.37 Similarly,credits rated as high-integrity(A or B)on MSCIs Carbon Markets sold for nearly twice as much as medium and low integrity credits(C and D/E,respectively).38 With buyers increasingly looking for high-integrity projects,these price differentials based on quality are likely to remain or strengthen over time.21 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsTable 2.Annual Total Transaction Volume,Value,and Price of Carbon Credits by GroupingType202120222023Volume(MtCO2e)Value(USD)Price(USD)Total Volume(MtCO2e)Value(USD)Price(USD)Price Change(2021-22)Total Volume(MtCO2e)Value(USD)Price(USD)Price Change(2022-23)Price Change(2021-23)All Projects517$2.1Bn$4.04 254$1.9Bn$7.37 821$724M$6.53-11b%Nature-based243$1.4Bn$5.80 167$1.2Bn$10.17 75A$382M$9.33-8a%Engineered270$640M$2.37 137$675M$4.92 101p$342M$4.89 3%-1%Source:This table is adapted from Ecosystem Marketplace(2023).“Table 1.Annual Total Voluntary Carbon Markets Transaction Volume,Value,and Price per tCO2e for All Projects.2021-2023(YTD)”and Ecosystem Marketplace(2024)“VCM Transaction Volumes,Values,and Prices,Nature-based vs.Engineered,2022-2023”.Ecosystem Marketplace Insights Report:State of the Voluntary Carbon Markets 2023/2024.Caption:Carbon credits sourced from nature-based projects such as NCS trade at a premium compared to both average credit price and technology-based solutions.This premium,partially due to the social and environmental benefits associated with nature-based projects,is expected to remain as the average price of carbon rises.4.Leveraging carbon,social,and environmental benefits to improve reputationDemand for carbon credits is often motivated by buyers perceived brand and reputational benefits.Companies can use carbon credits to meet robust climate policies in addition to satisfying a sense of responsibility and role companies can play in broader social and environmental impact,particularly amid increasing stakeholder pressure.NCS can help satisfy all of these considerations for corporate investors given their climate,social,and biodiversity benefits.Similarly,impact investors may prioritize investments that generate a measurable positive impact on communities and the environment while generating financial returns,making high-integrity NCS projects attractive investments.NCS projects and programs often align with several of the UNs 17 Sustainable Development Goals,providing investors with a widely recognized and respected framework to define the impact of their investments.“We are looking to layer various impact streams on every acre we manage,where appropriate,and will always consider value added services such as mitigation banking and renewables leasing.Every forest is different depending on whether it is a plantation,a restoration project,or a conserved ecosystem,and were always looking to layer the activities in each of them to widen impact and revenue streams.”Eric Cooperstrom,Managing Director,Impact Investing and Natural Climate Solutions,Manulife Investment Management22 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of Contents5.Drawing benefits from real assets and additional revenue streamsIn addition to selling carbon credits,NCS investors may earn additional non-carbon revenues from other commercial opportunities from project activities.In a real assets strategy,timber,crops,and land may all deliver additional revenue streams beyond the sale of carbon credits.Real assets are also used as an inflation hedge and in some cases seen as a safer investment given their greater level of control and security compared to contractual agreements with communities,landowners,developers,and other stakeholders.Investor access to non-carbon revenue streams will be dependent on the project type,agreement with stakeholders,land rights,etc.Additionality should also be considered if revenue is generated from sources other than carbon credits,as additional revenue streams can only be realized if the products and services are separate from the environmental attribute driving carbon credit generation(i.e.,emissions avoidance/reduction/removal).Miguel/Adobe Stock23 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of Contents Filip Agoo/Everland24 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of Contents2.Planning for Investment:Structuring Investments and Mapping StakeholdersEffective investment planning is a critical factor in achieving successful investment outcomes.Picking fitting target opportunities,identifying and engaging stakeholders,and identifying the right investment mechanism are important actions at this stage.The trade-off between risk,control,and financial upside is another aspect for investors to consider when planning for investments in NCS.Ultimately,a comprehensive investment plan can drive investment value while maximizing the positive impact of the project.Recommendations for Investors:Determine the type of NCS investment you are interested in and the right stage of maturity.Identify the investment type and finance structure that align best with your objectives,expectations,and the needs of the project.Map priority stakeholders and decide if,when,and how you will engage them.Deciding on the Right Entry Point in the Project TimelineThe timeline of NCS project duration can last decades,sometimes spanning up to 100 years to ensure the permanence of activities past the carbon crediting stage.An effective investment plan should thus consider the“who”,“when”,and“how”across the entire timeline.An investors involvement is likely to be concentrated in the first few years but may continue throughout the projects implementation depending on their role.Figure 3 below provides an overview of the project development cycle and sets the stage for where investors may enter an investment.Investors may enter NCS projects at different stages of the development cycle,but they should weigh related risks and opportunities.There are often severe funding gaps for opportunities at pre-development stages given the numerous risks they face.Without working capital,NCS opportunities may need to rely on philanthropic or government funding or technical assistance to move through initial feasibility and certification stages.Novel approaches utilizing blended finance and catalytic capital,for example,may help to close early financing gaps.39 Investment risk will decline as the investment stages progress.Entering opportunities at a later stage will result in less risk assumed by the investor but lower potential returns and less ability to shape the target opportunity.A comprehensive due diligence process,as described in the next chapter,can help investors better understand investment risk and find the ideal point to enter an investment.25 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsFigure 3.Project Development StagesProject TimelineDescriptionKey DocumentationScopingFeasibilityProject Design&DevelopmentProject ImplementationImplementation throughout the project lifetime1 to 3 yearsMinimum of 6 to 12 monthsDevelop initial project guidelines and define desired outcomes.Scoping study to define potential project(often referred to as Concept Note or Project Information Note);Feasibility report to confirm viability of potential project.Project Design Document(PDD),including revenue sharing agreements and operational contracts.Listing/Validation/Registration report.Regular monitoring and verification reports prior to issuances;Updated agreements as project and stakeholder needs shift.Validate assumptions and establish the viability of the project.Ongoing implementation of the project;Monitor activities to disclose and verify carbon outcomes;Oversee issuance of credits and delivery to offtakers or sale on wholesale or retail market.Complete project validation,registration,etc.Source:ERM/WBCSD Vladan Raznatovic/Unsplash26 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsTable 3.Relationship Between Risk and Return at Different Stages of the NCS Project TimelineScopingFeasibilityProject Design&DevelopmentProject ImplementationRisk/Value Profile Project Value RiskHighLowInflection point as project is designed and developed,uncertainties are resolved.Investors have less control.Initial risk high due to uncertainties and low project value.Early-stage investors have more control over project direction.Project value increases as commercial finance becomes involved,project is securely issuing credits and risk is low.Risk/Value ProfilePre-Implementation:Risks are centered around the lack of data and available information and the risk of a project failing to deliver on additionality or emissions projections.Investors will also incur risks along the timeline past the pre-implementation stage as the project matures.Implementation:Risks of entering the project in the implementation stage are mainly related to project failure or its negative impacts,along with market and/or regulatory drivers that influence demand and price.OpportunitiesPre-Implementation:Earlier investment allows investors to have more influence over the projects development,secure access to more credits,and oversight of stakeholder engagement.Earlier investors enjoy a higher level of control.Implementation:Lower risk is the primary opportunity presented by later stage investment.The project is more mature,may already have buyers identified,and has a much lower risk of project failure.Source:This table is adapted from The Coalition for Private Investment in Conservation(2023).“Figure 2:The capital continuum for nature-based solutions”.CPIC:Building a Capital Continuum for Nature-positive Investments.Caption:A projects value increases over time as risk declines and the project securely issues credits.Early investors are likely to have a higher level of control over the project but assume increased risk.Later investment can lower risk,but at a concession of an investors level of control.27 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsSelecting the Right Investment Type and Finance StructureAppropriate investment types are likely to vary depending on the opportunity,the investors needs and strategy,and the time at which the investment is made.Table 4 provides an overview of the most common investment types,including investment funds,developer investment,project finance,and real asset acquisition.Table 4.Overview of Investment Types in NCSTypeDescriptionBenefitsRisksInvestment FundsFinancial or corporate investors act as limited partners(LP)to provide capital to a fund manager acting as a general partner(GP).The GP will then finance several NCS projects through methods including those outlined in this table.LP investment yields are often delivered in dividends or carbon credits.See the Respira case study on page 42 for an example of an investment fund.Diversification of risk across projects Specialist fund manager conducts due diligence and oversight on projects Position as LP reduces direct risk exposure Limited oversight of individual projects Fund manager fees Market variability and carbon price fluctuation Policy and regulationDeveloper InvestmentAn investor provides capital directly to a project developer who typically manages a portfolio of NCS projects.Investors will often receive a percentage of equity in the project developer or more tangible“returns”in the form of dividends or carbon credits.Increased control of project operations Increased benefit from upside potential Direct equity ownership in entity(not applicable if providing debt)Increased risk exposure with direct investment Developer overhead costs Developer competency Variable revenues Market variability and carbon price fluctuation Policy and regulation Liquidity(assuming a private equity investment/developer is not a publicly traded company)28 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsProject FinanceAn investor will fund a specific NCS project in return for dividends or a share of carbon credits generated.Investors will often partner with project developers and may have a significant level of influence over the projects operations.See the Integrity Global Partners case study on page 33 for an example of project finance.Ability to structure agreement to suit needs(i.e.,fixed vs.variable price)Transfer of carbon credits as asset Ringfencing exposes investor to project rather than full activities taken on by developer Non-recourse or limited recourse to general assets Developer competency Limited investment diversification heightens delivery risk in case of project failure Market variability and carbon price fluctuation Policy and regulationReal Asset AcquisitionAn investor will directly acquire and/or lease land to develop,manage,or lease land to NCS projects.Investment value is often derived from the intrinsic value of the asset such as land or forests that may provide several non-carbon revenue streams in addition to carbon credit generation.Income generation from various sources Hedge against inflation Portfolio diversification Capital preservation Downside protection on carbon market as tangible real assets will have value regardless of carbon price Increased risk exposure with direct investment Capital intensity requiring significant upfront investment Market variability and carbon price fluctuation Policy and regulationSource:ERM/WBCSDEach type of investment is likely to use different financial structures.Table 5 provides an overview of the various financing structures often used for investment in developers,project finance,or real assets acquisition.In the case of investment in NCS-related funds,the investor provides capital to a fund manager who will finance several NCS projects using one or more of the finance structures listed in Table 5.Investment value is often delivered in the form of equity or financial dividends but may also be in the form of carbon credits depending on the fund structure.Investing in an NCS-related fund helps lower an investors risk at the expense of their level of control over the projects included in the portfolio.Rather than focusing due diligence on individual projects,fund investors focus on the selection of the manager and ensuring they are aligned with the investors needs,have the necessary expertise,and can execute on the proposed NCS strategy.Fund managers and individual investors are likely to utilize one of the finance structures listed in Table 5.More traditional commercial debt and equity structures may be attractive for investors seeking direct financial returns instead of credit procurement.Commercial finance allows for a more direct translation of investment to return given the investments delivery of company ownership,debt,or direct dividends.Commercial finance may be commonly used by large institutional investors such as pension funds,banks,or sovereign wealth funds.On the other hand,carbon finance agreements appeal to entities interested in procuring large volumes of credits.Because the investment will yield carbon credits,there is less of a direct financial return.However,29 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of Contentssome investors may realize their return through the sale of carbon credits on the VCM.Carbon finance structures are more common with financial investors seeking to acquire carbon credits to sell on the VCM or corporate investors acquiring credits for their own use.Though carbon finance structures are more prevalent in todays market,commercial finance is becoming increasingly common as risk-adjusted returns become more attractive.40 Commercial Finance:Investments seeking“return”in the form of equity or cash(i.e.,debt,equity,royalties).Carbon Finance:Investments seeking“return”in the form of carbon credits(i.e.,offtake agreements,streaming,etc.),which can then be used by the investors themselves or sold on the VCM.Carbon Tanzania30 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsTable 5.Finance Structure Types.Adapted from CrossBoundary,USAID,Abatable,and AFFFinance StructureInvestment Return/YieldTypesMethodInvestor RisksInvestor BenefitsCOMMERCIAL FINANCEDebtPrincipal and interest payments from project cash flows Market rate Carbon Collateralize Concessional/subordinatedInvestors provide capital with an agreed payment plan.Loans or bonds may be structured at market rate or can use carbon credits as collateral,have extended/softer terms(concessional),or unsecured(subordinated).Forego potential upside benefit of carbon price increase Unsecured loans will be junior to other priorities upon project failure Consistent and structured flow of principal and interest payments Secured rate of return with interest rateEquity Dividends/Equity Value Partial ownership Full ownership An investor makes an equity investment in the project developer or fund.Dividends can be paid from credit sales or paid in credits themselves.Investor assumes a similar level of risk as the developer Developer revenues may be variable Upside potential from carbon price increases or carbon credit volume outperformance Direct ownership in entity as an equity holder for increased control and transparencyRoyaltiesShare of Revenues Royalty paymentsFunding is provided in exchange for a share of the revenues generated by the project(primarily via the sale of carbon credits).Revenues are subject to variability due to market fluctuation Upside potential to benefit from market growth and successCARBON FINANCEOfftake AgreementCarbon credits Fixed or variable volume Fixed or variable price Emissions Reduction Purchase Agreement(ERPA)Prepayment ERPAAn investor commits to purchasing carbon credits generated by the project(ERPA).Prepayment ERPA:Capital is provided prior to verification and delivery of credits.Risk of fewer credits if project does not deliver Market prices may fluctuate,fixed agreement price could mean variable realized returns Flexibility in structuring agreement Direct procurement of credits Fixed agreement has upside potential to benefit from rising cost of carbon Credits usually offered at discount for prepayment Project Finance through Special Purpose Vehicle(SPV)Equity/Dividends/Carbon Credits Non/limited recourse agreement Offtake agreementConsolidation of a projects assets and liabilities into a purpose-built vehicle.Similar to an ERPA,but with an equity structure where the investor owns a percent of the projects SPV.Risk of fewer credits if project does not deliver Market prices may fluctuate,fixed agreement price could mean variable realized returns Flexibility in structuring agreement Advantageous tax structuring considerations Bankruptcy remoteness protection Upside potential to benefit from rising cost of carbon Large projects funded off-balance sheet Increased control over project and direct credit procurementStreamingCarbon Credits Commodity streamingFunding is provided in exchange for a percentage of the commodities(e.g.,carbon credits)or royalties from revenues generated by the project over a specified period.Risk of fewer credits if project does not deliver Market prices may fluctuate,fixed agreement price could mean variable realized returns Flexibility in structuring agreement Direct procurement of credits Upside potential to benefit from rising cost of carbonSources:See endnotes for more information 41,42,4331 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsOne of the most common components of carbon finance investments is an offtake agreement,which is a contract between a project developer and a buyer whereby the buyer agrees ex ante(before credits are generated)to purchase a specified quantity of carbon credits from a particular project over a specified period of time according to a specified pricing schedule.The offtake agreement ensures the project has a guaranteed buyer for its credits,providing financial security for an investor to earn a return.Without offtake agreements in place,investors may earn higher returns through the sale of credits in the open market ex post(after credits are generated)since offtake agreement prices are often designed to represent discounts on future pricing projections,but this is a riskier strategy given VCM pricing fluctuations and uncertainty.Quantity(volume),price,or both may be fixed or variable in an offtake agreement.With fixed volumes,the developer bears more delivery risk,while floating agreements mean the buyer takes on the risk of securing a sufficient number of credits.Prices can also be fixed in advance to secure the projects costs and minimize variable returns when realized.Fixed prices tend to include upside sharing back to the project,enabling other stakeholders to benefit from a growing market and increased prices.Upside sharing back to the project is good practice and has significant reputational benefits.Alternatively,variable prices enable a project to capture the upside potential of rising carbon credit prices but have more associated market risk and could fail to cover project costs if carbon prices dip.Floor and ceiling prices can be used to cap downside and upside realized returns,respectively,where buyers pay a maximum or minimum of the reference price to limit their risk(at the expense of capping potential gains).44 In some cases,a hybrid or combination of fixed and variable approaches may prove advantageous for the investor and the other stakeholders associated with the project.While fixed and variable models have respective benefits and trade-offs for the investor,the impact on the community should also be considered.Fixed prices are likely to provide a steadier source of revenues to a local community and other stakeholders involved in the revenue sharing agreement;however,they may not benefit from market growth unless an upside sharing component is included.Variable prices more easily incorporate this upside sharing into the agreement but are also associated with downside risk.Floor prices can be implemented to limit downside risk,in turn helping ensure communities are protected from potential declines in the VCM.32 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsCASE STUDY:Integrity Global PartnersAuthors:Cheri Sugal,Integrity Global Partners and Lev Gantly,Philip Lee LLP Integrity Global Partners(“Integrity”)mission is to unlock private capital for greenfield projects and scale existing NbS initiatives.It works to address core funding obstacles for early-stage financing that have undermined the ability of project developers and implementation partners to accelerate the scaling of high integrity carbon projects.Nature-based carbon projects face unique hurdles compared to other investment opportunities in emerging markets.Early-stage financing for NbS projects typically takes two forms:“streaming”agreements,delivering a percentage of future credits or royalties over a specified period,or“pre-purchase”agreements,specifying a fixed volume and price.Both structures present challenges,especially when used very early in the project development cycle because higher risks necessitate higher expected returns for investors.Streaming deals can yield excessive returns for the investor if not capped at a reasonable return,disadvantaging project performance and benefits to key stakeholders.Meanwhile,pre-purchase agreements that guarantee future delivery volumes can introduce challenges related to delivery shortfalls or failures.In response to these challenges,Integrity advocates for a multi-tiered approach:1.Early-Stage Project Financing:Integrity enables early-stage risk capital by identifying and mitigating risks during the project design and pre-development stages-offering legal and technical due diligence,commercial structuring,and boots-on-the-ground support to co-design projects and grow local capacity.These early-stage investments into projects are linked to long-term implementation capital through options,first rights on carbon credits at prices to be set only after a thorough due diligence process,or debt that can be converted to equity in Special Purpose Vehicles(SPVs).This critical financing maintains the integrity of longer-term project financing by facilitating the placement of capital on more equitable terms than conventional methods.2.The SPV Model and Sources of Implementation Finance:Once a projects risks and benefits are thoroughly understood,Integrity forms project specific Special Purpose Vehicles(SPVs),ringfencing cashflows and assets for investors while ensuring a governance structure that safeguards appropriate benefit participation mechanisms.Native,A Public Benefit Corporation 33 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsIntegritys approach seeks to enhance SPV returns by designing projects with multiple revenue streams(agroforestry,tree crops,etc.)to attract commercial finance,alongside traditional carbon financing.Commercial finance,in the form of debt or equity,is more viable when investors have a comprehensive understanding of their long-term exposure.From an investors perspective,taking an equity position in a project SPV is attractive not only because they would normally take a proportionate share in credit issuance volumes,but they can also feel much closer to the project.A further benefit of an investor having an equity position in the project SPV is the ability for that investor to sell the SPV to a third party to generate a ROI.Additionally,SPV structuring from the outset of a project paves the way for procuring debt finance at a later stage in the projects development from commercial banks or other,specialist financiers.This is particularly the case where the SPV is registered in a bankruptcy remote jurisdiction,meaning that a financier can take security over the shares in the SPV,which can be enforced in the event of default in the finance documentation,including insolvency of the project developer.The ability to take security over shares in an SPV that holds all of the projects assets is of critical importance,particularly because other forms of security in NbS project finance are uncertain and difficult to enforce.Catalytic finance,comprising grants and/or concessional capital,also plays a crucial role in mitigating project risks and attracting commercial investors to opportunities that might otherwise fall short of their requisite risk/return criteria.Appropriately blending concessional and catalytic finance to address higher early-stage risk tranches is critical.Additionally,blended finance supports the broader environmental and community development goals of the projects.Read more at https:/ Public Benefit Corporation 34 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsStakeholder Mapping and EngagementIn addition to determining the right investment method and finance structure,assessing priority stakeholders and rightsholders and defining a strategy for their engagement is a key step in the initial stages of the investment process.Though each project will have a unique mix of stakeholders,the primary groups remain relatively consistent across projects the primary groups remain relatively consistent across projects,as demonstrated by Table 6 and Figure 4 below.Investors may not engage with all these stakeholders in each project,but it is important for them to understand what parties are most likely to be involved and at which stage of the project lifecycle.It is important to distinguish between Rightsholders and Stakeholders in an NCS project.Each represents different groups with varying degrees of influence in a project:Rightsholders:Individuals or groups with entitlements over the land,carbon,or other resources associated with the carbon project.While their rights may often be recognized by law,they are often only recognized by custom or tradition.NCS projects and programs should respect these rights,and Rightsholders should be compensated accordingly.Stakeholders:A broader range of individuals or groups that have a vested interest in the NCS project but may not necessarily have a legal or customary right over the project or resources.Projects that do not incorporate full and effective community participation often have higher associated risks.Rightsholders and community members should be active participants in the conception,design,and implementation of the project.Investors should consider the following when evaluating a potential investment:Do all parties have equal access to legal representation,translators,or other resources necessary to have informed conversations about the project?Is the information provided to all parties accessible?Lawful?Promoting self-determination?Do all parties understand the likely positive and negative economic,social,cultural,and environmental impacts of the project?Has significant effort been made to facilitate equitable participation of all community members?Review Ceres Evaluating the Use of Carbon Credits for more questions to consider while evaluating if community participation is full and effective.35 Natural Climate Solutions for the Voluntary Carbon Market:An Investor Guide for Companies and Financial InstitutionsBack to Table of ContentsTable 6.NCS Project Stakeholder Profiles Stakeholder ProfilesDescriptionExamplesMotivationProject DeveloperOrganizations designing and implementing projects in collaboration with partners on the ground,carbon rights holders and local communities.May be one of several project proponents organizing,proposing,or advocating a particular project.Organizations developing NCS projects such as The Nature Conservancy,Carbon Tanzania,New Forests,Wildlife Conservation Society,and Wildlife Works.Primary business function of rating and implementing carbon projects.Indigenous Peoples and Local Communities(IPs&LCs)Indigenous populations or residents within or in the surrounding area of NCS projects.Depending on their involvement,IPs&LCs may also be considered the implementation partner.Communities in area,land stewards,Indigenous rightsholders,etc.IPs&LCs may have claims to land and carbon rights and will be impacted by project operations(e.g.,employment).Indigenous Peoples are often considered rightsholders,even if these rights are considered customary rather than statutory.Early FundersOrganizations that provide grants and concessional capital at early stages.Donors,philanthropic organizations,climate funds,etc.Mitigating risks and attracting commercial investors in order to increase finance flows towards natural capital.Brokers/IntermediariesOrganizations that help facilitate fundraising and/or credit sales.See the CAR Carbon Market Directory or IETA Broker&Trader Member list for examples.Receiving a brokerage fee or royalties from the proceeds generated by the sale of carbon credits.Local Implementation PartnersOrganizations responsible for on-the-ground operations of the project or progra
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