Balance™ methodology – converting carbon finance to biodiversity creation

ABSTRACT

This paper addresses two interlinked problems in sustainable development and suggests a methodology to resolve them. The first is the reduction of atmospheric greenhouse gas emissions, especially carbon dioxide. The second is the maintenance of biodiversity. Current carbon financing and environmental stewardship mechanisms underwhelm, often diluting intended positive effects. Most existing carbon credits do not have protection after 40 years, placing projects substantially beneath the C02 radiative forcing cycle. This paper presents the ‘Balance’ approach to sustainable development, including contractual principles ensuring C02 reduction, biodiversity enhancement and financial accountability. We describe two novel measures: a carbon calculator for commercial entities, and a new metric, the Balance Unit, combining biodiversity creation with carbon credits. A case study, spanning over 20 years at the Forest of Marston Vale, is then presented. It finds an increase in tree cover, CO2 sequestration, reduction in agricultural GHG emissions, sulphur dioxide and particulate matter absorption, and annual local economic benefits totalling £UK12.83 million. Expository detail regarding the ‘Planting Principles’ practised at Marston Vale is also provided. We argue that the Balance methodology, especially the Balance Unit, enables greater measurement reliability and long-term efficacy for maintaining biodiversity and reducing GHG emissions than current carbon financing approaches.

KEYWORDS:

• Sustainability
• biodiversity
• carbon
• forestry
• environment
• balance

Acknowledgements

The authors would like to thank Oliver Rieche (Balance Eco Ltd.), Jessica Hunter (Balance Eco Ltd.) and JohnMichael Jurgensen (The University of Chicago) for their assistance with the early drafts of this manuscript and subsequent review.

Disclosure statement

No potential conflict of interest was reported by the author(s).

Data availability statement

The data that support the findings of this study are available in the Balance Methodology dataset at: https://osf.io/ak3y8/?view_only=6adcbf7661c242728628f06ce1d2b263. These data were derived from the following resources, all of which are available in the public domain:

• https://www.ons.gov.uk/economy/environmentalaccounts/datasets/ukenvironmentalaccountsatmosphericemissionsgreenhousegasemissionsbyeconomicsectorandgasunitedkingdom/current

• https://www.ons.gov.uk/aboutus/transparencyandgovernance/freedomofinformationfoi/publicandprivatesectoremployeescontributiontogdp

• https://www.ons.gov.uk/economy/grossdomesticproductgdp/datasets/gdpodatasourcescatalogue

• https://www.ons.gov.uk/aboutus/transparencyandgovernance/freedomofinformationfoi/annualturnoverbyindustryforallsicindustriesfrom1998to2015