The Biocultural Paradigm: Redefining Conservation Finance

Section 1: Into the Heart of the Amazon: Urgency, Stewardship and Relational Value

Flying about 2,000 feet above the Amazon, departing from the modest city of Puyo — a place home to roughly 40,000 souls — we gaze down upon a mosaic of life and intervention. Below, roads carve through the verdancy, heralding pockets of deforestation amidst the sprawling green. Yet, as we venture deeper, the Amazon Basin reveals its true majesty- expansive, deep, unbroken- a testament to the resilience and richness of life. Rivers snake through like veins. Here and there the encroachment of civilization is visible — deforestation, cattle — but quickly recedes to be replaced by agroforestry plots that mark the indigenous territories. Here, the forest breathes freely, stewarded by generations of indigenous wisdom.

Landing in the heart of this verdure the symphony of the Amazon greets us — an overwhelming chorus of cicadas, katydids, birds, and monkeys- a stark, beautiful contrast to the hum of our small plane. This is a story of stewardship, of a deeply woven tapestry of biodiversity and cultural diversity, upheld by the indigenous communities who have been its guardians through generations. It’s a narrative that challenges the conventional separation of humans and nature, advocating for a vision where both coexist in harmony.

The Urgency of Our Efforts

Despite a hopeful downtrend in deforestation rates post-Bolsonaro, the pace is not swift enough. Reforestation efforts lag behind our ambitions to secure 80% forest cover by 2025, a critical threshold to prevent the Amazon from morphing into a net emitter of carbon . This delicate balance is further championed by the indigenous peoples, whose land stewardship and cultural preservation are pivotal in our fight against climate change. Yet, amidst these efforts, there’s a collective voice rising against the mere offsetting frameworks of conservation, calling for a deeper engagement, a true alliance.

A New Approach to Conservation

What if, in our haste to ‘save’, we pause and engage as equals, as learners? What if our intervention transforms not just the land, but also the very fabric of our monetary systems, honoring the intrinsic value of living and cultural capital into our economic equations? To transcend the apparent dichotomy between instrumental value and intrinsic value, we take a third path: exploring and expressing relational value.

The Biocultural Crediting Pilot with the community of Sharamentsa in Achuar territory embodies this exploration. Led by a coalition including Fundacion Pachamama, Regen Network, Stoknes Futures, Pachamama Alliance, and the Amazon Sacred Headwaters Alliance, this initiative seeks to forge a new path in conservation finance — one that respects and uplifts indigenous sovereignty and offers a pragmatic approach to environmental stewardship.

As we embark on this journey, let us remember that this is but a step towards a broader vision — a regenerative economy that not only conserves but revitalizes our relationship with the Earth.

Our flight over the Amazon is a metaphor for our journey — a transition from the scars of intervention to the lush, untamed beauty of nature as it was meant to be. It’s a reminder of what’s at stake and the role we can play in safeguarding this treasure for generations to come.

The Biocultural Crediting Pilot, described in increasing detail over this series, is a call to arms, to ally with us in this pioneering effort to redefine our relationship with the planet. To support this and future pilots by contributing, not just as donors, but as partners in a movement towards a truly sustainable future.

In the following sections, we will explore the broader challenges of conservation finance, the innovative potential of biocultural credits, and how indigenous communities are leading the way in reshaping environmental stewardship. Each section delves deeper into the role of indigenous leadership, the mechanics of biocultural crediting, and the path forward toward a more inclusive and effective model for protecting biodiversity and culture.

Section 2: Reimagining Conservation Finance: A Critical Reflection

Intended as a beacon of hope for aligning financial mechanisms with ecological preservation, the conservation finance landscape unfortunately remains marred by inefficiencies and misalignments. As we critically assess the efforts undertaken so far, a compelling narrative of shortcomings emerges, urging us to confront the uncomfortable truth: we have faltered in our mission to safeguard the planet’s ecosystems.

The Shortcomings of Traditional Conservation Models

Scrutiny of the carbon offset market reveals significant challenges. Bloomberg’s critique underscores a system struggling to self-regulate, while The Guardian exposes how major forest carbon offsets have been rendered essentially worthless, highlighting a crisis of credibility and effectiveness in conservation finance efforts. The Stanford Social Innovation Review provides a constructive perspective, calling for a reevaluation of forest contributions and signaling a path towards more grounded and impactful conservation strategies.

Overall, traditional conservation models, particularly those built around carbon offsets and protected areas, often fall short when faced with the complexities of real-world ecosystems and the socio-cultural landscapes in which they exist. There are several key shortcomings that have become increasingly apparent:

Overemphasis on Carbon Offsets and Market Mechanisms

Carbon offset markets, which aim to reduce global carbon emissions by compensating for them elsewhere, have been criticized for oversimplifying the problem and lacking transparency. While these markets promise to sequester carbon, in reality, many projects have failed to deliver tangible results. So often, they have little to no impact on actual carbon sequestration, and often allow corporations to maintain business-as-usual practices. The primary issue is that these credits focus on maintaining current emissions levels by purchasing cheap offsets rather than reducing or eliminating emissions at their source. This has led to the creation of a “pay-to-pollute” mentality, where large emitters purchase questionable credits to greenwash their activities without fundamentally changing their impact on the environment.

Further still, the systemic causes of deforestation and ecosystem degradation are often ignored. The underlying drivers — such as agricultural expansion, illegal logging, and industrialization — continue unchecked, while the sale of carbon credits offers a temporary band-aid solution. The very market mechanisms that are supposed to incentivize sustainability instead encourage short-term gains without considering the long-term ecological consequences.

Top-Down Approaches to Conservation

Many traditional conservation models have adopted a top-down approach where external organizations, such as governments, large NGOs, and multinational corporations, control the design and implementation of conservation initiatives. These projects frequently ignore the voices and traditional knowledge of local communities and Indigenous Peoples, who have been the primary stewards of these lands for centuries. The result is often the imposition of exclusionary policies that alienate the very communities that have maintained ecological balance through generations of sustainable practices.

Protected Areas as Isolated Solutions

Protected areas, like national parks and wildlife reserves, have long been heralded as the cornerstone of conservation efforts. However, while these areas are crucial in safeguarding biodiversity, they often exist as isolated ecosystems, disconnected from the broader ecological and social landscapes needed to support robust populations. Conservation that focuses solely on isolated patches of land fails to account for the larger, interconnected systems that sustain life and the inhabited in-tact ecosystems in need of protection.

Failure to Address Systemic Drivers of Environmental Degradation

Traditional conservation models often treat the symptoms of environmental degradation without addressing the root causes. Environmental degradation is frequently driven by global consumption patterns, unsustainable agricultural practices, and extractive industries like mining and logging. These industries continue to expand, often backed by financial systems that prioritize short-term profits over long-term sustainability. Conservation efforts that focus solely on protecting specific areas or mitigating damage fail to challenge the economic and social systems that drive destruction.

Inequitable Distribution of Benefits and Costs

A significant issue with traditional conservation models is the inequitable distribution of benefits and costs. Often, the lionshare of financial benefits of conservation — such as carbon credits, ecotourism revenues, or international funding — are reaped by foreign organizations or corporations. Meanwhile, local and indigenous communities, who are on the frontlines of these conservation efforts, are expected to bear the costs.

Lack of Flexibility and Adaptation to Local Contexts

Many conservation models adopt a one-size-fits-all approach, relying on rigid frameworks and global standards that are difficult to adapt to local realities. These standards, such as carbon sequestration metrics or biodiversity indices, may fail to capture the full value of ecosystems, particularly from the perspective of Indigenous Peoples who view the land through a more holistic lens — where spiritual, cultural, and ecological values are inseparable.

The global push for conservation often overlooks the complex and dynamic relationships between human communities and ecosystems, treating these relationships as static or universal. Conservation models that lack flexibility fail to adapt to the specific needs, knowledge systems, and practices of local populations. As a result, they risk missing valuable insights from Indigenous and local communities about how to sustainably manage ecosystems over the long term. Without this adaptive capacity, conservation efforts may be both ineffective and unsustainable, alienating the very people who are most connected to the land. As a case study in indigenous-led conservation, we will explore an example:

The Amazonia 80x2025, and Sarayaku Living Forest Examples

In stark contrast to the prevailing critique, the Amazonia 80x2025 initiative embodies the ambition and urgency required to avert ecological tipping points. This regional scale endeavor, deeply rooted in indigenous leadership, illustrates the critical role of Indigenous Peoples in articulating conservation goals that are both ambitious and attainable. By prioritizing the wisdom and stewardship of those who have lived in harmony with these ecosystems for generations, Amazonia 80x2025 sets a benchmark for conservation finance that genuinely seeks to preserve the delicate balance of the Amazon’s climate and hydrological cycles. Specifically Amazonian 80X2025 sets more ambitious goals that are backed both by science and by the wisdom and needs of the communities who live and steward the forests.

The Sarayaku community has been a leader in redefining what community based conservation, and indigenous leadership looks like. Long time activists, and highly organized as a community, Sarayaku has pioneered their own conservation finance pilot in collaboration with the University of California, and Dr. Tracey Osborn. The specific crediting approach is referred to as “Climate Justice Credits” which do account for carbon stored and not emitted as the community continues to steward their territory, but also takes into consideration the larger philosophy and cosmovision of the community through their Living Forest or in Kichwa, Kawsak Sacha approach.

From Rhetoric to Reality: The Essential Role of Indigenous peoples and land based communities (IPLCs)

Despite the significant financial capital flowing towards nature conservation, and fantastic examples such as the work by Sarayaku and other examples not listed, it seems that the essential lesson — that land stewards must be at the center of designing, managing, and setting standards for conservation projects — remains largely unheeded. The discourse on Indigenous Peoples and Local Communities (IPLCs) has grown, yet there remains a vast gap between acknowledging their role and fully integrating their wisdom and governance into conservation finance mechanisms.

This oversight represents a fundamental flaw in the approach to conservation finance: a top-down system that fails to harness the true potential of collaborative, ground-up design with land stewards and indigenous communities. Such engagement is not just beneficial but necessary for creating legitimate, trust-based, and effective conservation outcomes.

Toward a New Paradigm in Conservation Finance

As we navigate this critical juncture, it is imperative to embrace a new model of conservation finance — one that is rooted in respect and genuine partnership with Indigenous Peoples and local communities. This shift promises not only to mend the rifts created by past efforts but to forge a future where conservation finance is truly impactful, restoring the balance between economic development and ecological preservation.

Section 3: New Directions in Biodiversity Credit Markets: The Growing Success of Biocultural Crediting

In this emerging market landscape, the Biocultural Credit Pilot represents a potential for authentic innovation; one that shows a clear path towards scaling an efficient, transparent and community lead approach to conserving standing forest and protecting indigenous rights. Demonstrating significant early market demand, the pilot has impressively sold two-thirds of the available credits shortly after launch. This achievement not only underscores the viability and appeal of biocultural crediting but also emphasizes the importance of community engagement and respect for indigenous sovereignty in conservation finance.

Unlike traditional offset schemes, biocultural credits offer something more profound — an alignment with right-relationship. These credits reflect the ongoing commitment to protect not just ecosystems, but the cultural heritage and knowledge that sustain them. This pilot is forging a path toward scaling conservation finance that prioritizes local governance and recognizes the inextricable link between biodiversity and community.

In the landscape of evolving conservation finance, the Biocultural Credit Pilot serves as a demonstration for those seeking to support holistic, ground-up efforts that offer more than carbon offsetting. It reveals a truth: that when we center the communities who live and breathe on the land, we unlock new potentials for both biodiversity protection and meaningful partnerships. These credits should be considered first and foremost Nature Positive Contribution Credits

It is important to also acknowledge the pioneering work of Guardians of the Earth, and their strong partnership with Indigenous Knolwedge Systems and Tyson Yunkaporta who also use the term “Biocultural” and have a deeply complimentary and convergent approach they call “Biocultural Units” that are generated through participatory custodianship of place via the augmented reality “game” called Guardians of Earth.

Building the Case: Market Potential and Standards

As the success of the Biocultural Credit Pilot captures attention, it is part of a much larger transformation taking place in biodiversity credit markets. These markets — biodiversity offsets and credits– are already one of the biggest channels for conservation funding (see graph below). However these compliance markets do little to meet nature positive goals or achieve E.O Wilson’s vision of Half Earth, or achieve the Nature Positive vision outlined in Montreal at COP15.

Entities like the Biodiversity Credit Alliance and the International Advisory Panel on Biodiversity Credits (IAPB) are working to establish the frameworks necessary to bring coherence and scalability to this growing market. The inclusion of biodiversity in established reporting standards — such as the CDP disclosure system, European Sustainability Reporting Standards (ESRS), and the Global Reporting Initiative (GRI) — points to a shift where companies are beginning to understand the essential role of ecosystems in sustaining both life and business.

​​A report by UNEP FI sheds light on the emerging standards for biodiversity finance, calling for mechanisms that are transparent, accountable, and rooted in ecological integrity. While corporate initiatives primarily focus on doing “less harm,” the conversation is shifting towards models of ‘net gain’ and ‘biodiversity offsetting.’ Inspired by the UN System of Environmental-Economic Accounting (UNSEEA), pioneering entities like Intrinsic Exchange and the Land Bank Group are introducing methodologies to value ecosystems beyond their direct economic utility. This emerging paradigm reflects a significant shift in the way biodiversity is integrated into financial markets.

This is where emerging mechanisms like the Biocultural Credit can showcase approaches from the ground up to influence the emerging standards for voluntary and compliance nature markets that are focused on repair, restoration, regeneration and uplift of biodiversity as well as mitigation and conservation of the biodiversity that is still left.

The Market Potential of Nature-Based Solutions and Biodiversity Credits

As the world begins to recognize the value of Nature-Based Solutions (NbS), the market potential for biodiversity credits is staggering. The UN Environment Program (UNEP) estimates that the current value of nature-based markets stands at $35.3 trillion. This is an indication of just how far-reaching the integration of nature into economic systems can be.

However, we must also acknowledge the vast sums — around $7 trillion per year — that are still funneled into industries that actively degrade the environment. This disconnect between degenerative investments and regenerative solutions must be reconciled if we are to shift the tide in favor of biodiversity.

According to McKinsey and Greenbiz, the value of nature-based markets could grow to $7 trillion, fueled by new regulatory requirements and corporate pledges to become nature-positive. Major multilateral banks are already aligning with nature-positive goals, such as the Inter-American Development Bank’s commitment to biodiversity-friendly finance. As more capital flows into these markets, biocultural credits like those pioneered by the Sharamentsa community offer a tangible way to direct funding into projects that safeguard ecosystems while honoring the communities that have stewarded them for generations.

Moving Forward: Embracing innovation from the ground up

As biodiversity credit markets mature, it is essential that we center innovation on the ground, where the real work of ecosystem stewardship occurs. The integration of indigenous knowledge and community-led initiatives are and will continue to be critical in ensuring these markets fulfill their promise. Traditional carbon markets taught us valuable lessons — mainly that top-down, compliance-driven models often fall short of delivering real, lasting environmental impact. The next generation of conservation finance must be built from the bottom up, with communities driving the process.

As we navigate the complexities of biodiversity credit markets, the integration of indigenous knowledge and community-led initiatives remains paramount. The evolving landscape of “nature markets” and conservation finance is marked by new approaches and promising alliances. It appears the key actors are aware of and learning from the failures of the first and second generation voluntary carbon markets. Biocultural Crediting points towards a future where financial mechanisms can effectively contribute to holistic conservation and regeneration goals that include communities from day one. It’s clear that by shifting toward models rooted in right relationship, we can build conservation finance systems that not only mitigate harm but actively restore and uplift biodiversity.

Section 4: Unveiling the Biocultural Credit Pilot — A New Paradigm in Conservation Finance

The Jaguar Biocultural Credit Pilot is an alliance between a set of stakeholders, centered around the sovereign agency and territory of the Community of Sharamentsa, and their expression and invitation to be in right relationship with their ongoing stewardship of their ancestral forest by valuing the forest and the community’s significant contribution to global wellbeing.

This pilot represents not just an innovation in the field of conservation finance but a redefinition of our relationship with the natural world. At its heart lies the concept of ‘right relationship agreements and units’ and a profound theory of reweaving relational value, symbolizing a harmonious balance between human activities and the Earth’s ecosystems. This initiative heralds a shift towards more equitable, transparent, and effective mechanisms for environmental stewardship, grounded in the principles of ancestral wisdom and collaborative partnership.

Before we diving into the details of the approach taken by the Biocultural Creding pilot, here is a question to consider alluded to above: what is relational value, and how do we use the indigenous understanding of right relationship as the basis for approaching conservation finance, and more broadly supporting “Nature Based Solutions” via ecocrediting?

Relational value can be seen as the reconciliation between instrumental and intrinsic expressions value through a social process of right relationships. Commoning, contract law, negotiations, governing and governments all bring together different stakeholders to create what is considered to be a fair arrangement. In the domain of conservation finance ecocrediting attempts to articulate the relational value of a given forest to a border set of actors who benefit from that forest’s existence, and create mechanisms for those relationships to be reflected in financial agreements that support the further existence of the first. This essay contains a longer exploration of the term ecocrediting, the use of the base word “credit” in the Regen Network approach to conservation finance, payment for ecosystem services and carbon markets. But for the time being let’s use this definition of ecocrediting based on right relationship:

“To expand on this, “Ecocredit” symbolizes the establishment of right relationships between a community of actors — ranging from local communities to global institutions — and specific ecosystems. This relationship is grounded in a shared commitment to the health and vitality of these ecosystems, underscored by trust that is not just presumed but actively built and maintained.

In the framework of “Ecocredit,” trust is cultivated through various means, including shared, science-based reporting that relies on empirical data and analysis to monitor and measure ecological health. This approach can be complemented or, in some contexts, substituted by traditional ecological knowledge (TEK), which values the insights and practices honed by indigenous and local communities through generations of direct interaction with their environments. TEK represents a rich source of understanding and connection to the land, offering valuable perspectives on sustainable stewardship and conservation practices.”

This specific ecocrediting approach, as mentioned above, would fall under the type of Nature Positive or Biodiversity Contribution Crediting, in which we are aligning funding to meet the stated goals of the Kunming Montreal Biodiversity Framework, while paying particular attention to direct contribution mechanisms, free and prior informed consent, and benefit sharing by placing the center of ownership, governance and design in the hands of the indigenous communities of place who continue to demonstrate incredibly high levels of biocultural stewardship capability.

Target Market and the Simple Nature Positive Opportunity

The launch of the Jaguar Biocultural Credit Pilot has sparked both curiosity and debate within the conservation community, especially around its pricing model — 88 cents per credit, translating to less than 7 dollars per hectare per year. Critics argue this price point is too low to achieve meaningful conservation goals. However, this pricing reflects the real conservation cost based on two years of running a community-based conservation program in Sharamentsa. It’s crucial to understand that these credits are not tradable units but rather a means for contributors to pre-fund conservation work, positioning this initiative as a project finance pilot rather than the purchase of a tradable credit purchase that the market is pricing according to perceived value

In the future this price will change as project implementation costs change. Already it is clear that the level of reporting and technological infrastructure on display may require a price hike, but as per the crediting guidelines reporting about project costs is on par with importance about accurate reporting about ecological health, therefore any price changes in this type of Contribution Crediting approach will be transparent and based on implementation costs, not perceived market value.

The pilot targets several key market segments:

1. Friends and family of the Achuar nation and Sharamentsa community, whose connections to the land and people provide a foundational layer of support.

2. Cutting-edge businesses seeking to align their operations with nature-positive goals, exemplified by the first buyers, Altos Planos.

3. Members of the Regen Network community, who share a commitment to regenerative practices and ecosystem restoration.

This initiative also opens avenues for eco-tourism, presenting opportunities and challenges that can strengthen alliances and model future contribution-based approaches for institutional actors. At the core of this effort is a dialogue around what it means to be “nature-positive.”

Drawing from the ecological footprint framework, the concept of becoming nature-positive involves securing a biocapacity equivalent to one’s consumption. For individuals in the developed world, purchasing approximately 42 Jaguar credits at a cost of around 42 dollars annually would fund the protection of 7 hectares of rainforest, matching the ecological footprint generated by their lifestyle. However, we suggest a model that moves beyond the concept of offsetting to embrace a contributions framework. Inspired by E.O. Wilson’s “Half-Earth” principle, the idea is to fund at least double the biocapacity required for human consumption, thereby contributing to a vision where humanity and nature coexist in balance. To contribute to a work in which at least half of the biocapacity of the earth is conserved for non-human actors we would make a contribution more like 42x2 or 84 credits. If we adjust for the amount of land that is solely conserved in the pilot for the “wild” understanding that portions of the Sharamentsa community are using biocapacity for agroforestry and hunting, we can round up to 113 credits at a cost of 100 dollars, which is the suggested contribution on the pilot credit sale page. This calculation was elucidated by Per Espen Stoknes, a founding contributor to this pilot project and Professor of Sustainable Business at the Norwegian Business School.

Extrapolating this model to the scale of the Amazon Sacred Headwaters, an annual investment of approximately 210 million dollars would be required to cover conservation efforts across 30 million hectares. This calculation suggests a target community of around 2.1 million individual contributors or a combination of 1.05 million individuals and 105 corporations, providing a glimpse into the potential scale and impact of community-driven conservation initiatives. This would be a bargain at a much higher price point.

It’s important to clarify that this approach does not imply offsetting the environmental impact of modern lifestyles. Instead, it offers a framework for meaningful contributions towards preserving biodiversity hotspots through community-managed conservation programs. This model prioritizes genuine engagement and support over simple financial transactions, aiming to foster a deeper connection between contributors and conservation efforts.

Moving Forward with Right Relationship Crediting

The Biocultural Credit Pilot invites us to rethink our approach to conservation finance, advocating for a system built on mutual respect, understanding, and collective action. By emphasizing the value of indigenous leadership and community engagement, this initiative not only seeks to protect critical ecosystems but also to weave a new narrative of hope and resilience for our planet’s future. If we imagine scaling this system using the estimates above, to anchor perpetual funding for future generations of indigenous stewardship we can calculate what it would take for a 210,000,000 USD per year payment system spread across the territory encompassed by the Amazon Sacred Headwaters Alliance, an indigenous founded and lead NGO that seeks to unite communities across national and cultural boundaries to build solidarity and unity at a bioregional scale (links and description above as well). In order to pay for the perpetual protection, grounded in ancestral indigenous management, according to community generated commons based conservation, would be a fund of 6 billion dollars invested conservatively and only in new regenerative economy ventures, stocks and assets, giving a yield of 3% per annum in payment. This fund can buy, and resell, or directly sell the credits to corporations and individuals who seek to become nature positive, thus providing a steady state ability to pay for conservation and even expand the regeneration and conservation zone covered.

The deeper vision of where this pilot can go, is nothing short of a revolution from the bottom up in how conservation and sustainability finance runs, and how to succeed in centering indigenous communities in sovereign place based governance.

Goal and Foundation of Community Process

The Biocultural Credit Pilot is underpinned by a profound respect for process and learning integrity, which are considered the bedrock for true success. This initiative is guided by four nested goals, each amplifying the core belief that genuine progress in conservation and community governance is rooted in collaborative effort and mutual learning.

Goal 1: Community Conservation and Governance

The foremost objective is to fund the Sharamentsa community’s conservation and governance project for an entire year. This goal emphasizes the commitment to sustaining the ecological and cultural integrity of the region through direct financial support, ensuring that the community’s efforts in preserving their environment and way of life are adequately resourced.

Goal 2: Evolving Conservation Finance Models

A pivotal aim is to transition from relying on private donations to leveraging crowd and corporate contributions. This shift seeks to broaden the base of support for a model of community-governed conservation, a pioneering approach developed by the Sharamentsa community alongside allies such as Stoknes Futures and Pachamama Alliance, in partnership with Fundacion Pachamama. This model represents a significant evolution in conservation finance, one that empowers communities and fosters scalable, sustainable practices.

Goal 3: Learning and Empowerment

The pilot also serves as a vital learning experience for the Cuencas Sagradas technical and youth review councils, focusing on financial and credit mechanisms that could be integrated into their bioregional plan. The intention is to inform future Indigenous-centric governance mechanisms for biodiversity, carbon, and other ecological health-related payments and contributions. This goal underscores the importance of inclusive, knowledge-based approaches to conservation finance, ensuring that indigenous wisdom and perspectives guide the development and implementation of payment mechanisms.

Goal 4: Demonstrating Effective Conservation Finance

Finally, the initiative aims to showcase an efficient, community-governed, transparent, and rigorously effective conservation and regeneration finance mechanism. Such a model can be adopted and scaled at a multilateral global scale, properly enshrining the agency and sovereignty of local land stewards — in this case, the Indigenous Achuar community of Sharamentsa.

The Community Process: Plan de Vida and Commons Management

At the heart of this initiative is the “Plan de Vida” or life plan, conceived by the Sharamentsa community assembly. This plan represents a sovereign vision for communal life and commons management, reflecting a deep-seated commitment to sustainable and harmonious living. The community norms established in 2022 span various aspects of daily life and resource management, from land and wood use to hunting, fishing, and aquaculture practices. These guidelines are designed to uphold the community’s ancestral management patterns and governance, reinforcing a sustainable relationship with their environment.

Adherence to Elinor Ostrom’s eight principles of commons management has been a core design principle for the pilot, ensuring that the credit mechanism supports and amplifies effective communal stewardship. Our visits to Sharamentsa have afforded us the privilege of witnessing the community’s dedication to these principles firsthand, through participation in meetings and traditional ceremonies. The insights shared during these gatherings revealed that the Sharam project — and the broader Biocultural crediting pilot — stem from the elders’ dreams, with the younger generation now taking the lead in realizing these visions. They seek alliances to nurture an economy that honors their culture and the ecosystem they steward, embodying a powerful truth: the pilot is not merely an external intervention but a response to an invitation from the community itself, an act of allyship in service to their sovereign dream of life-affirming commons governance.

The Community-Driven Commons governance at the Heart of the Biocultural Credit Pilot:

At the core of the Biocultural Credit Pilot lies a deep commitment to process and integrity in learning, forming the foundation for genuine success. Central to this commitment are the “Plan de Vida” or life plan and the specific community agreements crafted by the Sharamentsa assembly. These agreements represent not only a blueprint for sustainable living but also a sovereign vision for community-driven life and commons management, embraced across the Ecuadorian Amazon through robust public policy support and NGO involvement.

A Summary of the Sharamentsa Community Agreements for 2022:

Community Norms and Articles of Association: A set of guidelines outlining communal responsibilities and rights.

• Land Management Plan: Allocation of 3 hectares per family for sustainable production, alongside support for chicken production and protective netting. 4,238 Thousand Hectares for untouched conservation, 4,333 for tightly managed hunting and fishing as outlined above, and 316 hectares for regenerative agroforestry and aquaculture use by families.
• Sustainable Forestry Practices: Mandates the planting of 10 new trees for every tree felled, with a strict prohibition against selling fine woods like balsa to outsiders.
• Responsible Hunting: Limits the use of guns to 5% of hunting activities, bans hunting endangered species (e.g., Jaguar, Tapir, Macaw, Monkeys), restricts hunting to family consumption, and sets a minimum distance for hunting activities from the community.
• Sustainable Fishing Practices: Prohibits the use of dynamite and the presence of foreign fishermen, and allows the use of Barbasco (Natural Rotenone) only once every three years.
• Aquaculture: Focuses on the production of only native (endemic) fish species within the community, excluding non-native species like tilapia.

These community generated norms articulate a comprehensive approach to commons management, ensuring that every aspect of community life contributes to the conservation and regeneration of their ecosystem.

The Biocultural Credit Pilot stands as a testament to what can be achieved when conservation finance is deeply intertwined with indigenous knowledge, community governance, and a respect for the commons.

Credit Class and Methodological Details

This section may have some repetition from previous sections, but is meant to be a thorough overview of the crediting terms, rights, risks, and methodological approach. This was taken straight from bilateral contracts with larger over the counter buyers with some minor editing for context. Readers who wish to skip these details to stay focused on the pattern level of the Biocultural Crediting Pilot can skip move onto Thanks to the RND PBC Team, Martin Wainstain from Open Earth Foundation, Per Espen Stoknes, and Joel Kopperman.

Methodology and its Application

The proposed beta credit class is rooted in the ‘Biodiversity Stewardship Credit Methodology.’ This comprehensive framework, developed by ERA (Ecosystem Regeneration Associates) Brazil, enables the issuance of biodiversity credit to fund conservation endeavors. The full ‘Biodiversity Stewardship Credits Methodology: Protocol for Ideation, Implementation, and Monitoring’ is accessible for review and commentary at the Regen Registry Methodology Library.

In this context, the Jaguar Stewardship Credits will harness the ERA methodology, customizing it for a specialized use: the pilot conservation project by the Sharamentsa Community. This document delves into the nuanced calculations, assumptions, and credit issuance procedure for the project, all while upholding transparency and accountability. Moreover, by applying this methodology to the inaugural Jaguar Stewardship beta credits, invaluable insights and feedback will be generated to further refine ERA’s foundational methodology, especially concerning its suitability for the Amazon headwater region.

Jaguar Umbrella Species Guideline

Conservation of umbrella species isn’t a one-size-fits-all process. Recognizing this, this beta credit issuance will adopt the Umbrella Species Guideline, developed by ERA Brazil for the Jaguar in the Amazon context.
This Umbrella Species Guideline document for the Jaguar incorporates:

1. USp (Umbrella Species) Generation Information: Offering a foundation for understanding the broader goals and processes related to the umbrella species.

2. Indicators and Goals: Specific markers and milestones to guide and measure progress.

3. USp Strategies Guideline: A structured approach to maintaining the health and prosperity of the umbrella species, complete with a scoring mechanism that has a total of 58 points. This scoring is instrumental in calculating the issuance of credits described below.

In the context of the first credit class creation of its kind, this beta credit will be classified as an Threatened Umbrella Species Credit.’ The Jaguar not only is an Umbrella species, but also a Keystones species and is classified as Threatened. This classification increases the value of the credit because it recognizes the acute vulnerability of the species and its habitat, and underscores the importance of the stewardship activity from the indigenous communities.

The following definitions provide clarity on this determination:

Umbrella species: An umbrella species is a species selected for making conservation-related decisions, typically because protecting these species indirectly protects the many other species that make up the ecological community of its habitat.

Keystone species: A keystone species plays a critical role in maintaining the structure of an ecological community, affecting many other organisms in an ecosystem and helping to determine the types and numbers of various other species in the community. The absence of a keystone species often leads to a significant change in the ecosystem, potentially leading to the collapse of the ecosystem due to the unique role they play.

Threatened species: An endangered species is a species of organisms facing a high risk of extinction in the wild.

Area of Development | Sharamentsa Pilot Plan

The Amazon Sacred Headwaters Alliance, is an indigenous-led foundation that aims to protect the ecological integrity and ancestral territories of the nationalities and peoples of the 30 mill ha region where the main tributaries to the Amazon river begins.

Situated alongside the Pastaza river within Ecuador’s borders lies Sharamentsa, a frontline community and a beacon of organization and leadership within the Achuar nation. The project area under this beta credit issuance encompasses the 10’000 Ha stewarded by the Sharamentsa community, a subset of the 650’000 ha of the Achuar Nation.

Conservation, Monitoring and Reporting

The Achuar Sharamentsa community’s vision for their territory is articulated in a Life Plan that emphasizes sustainable and responsible practices, from land use to hunting and fishing. Furthermore, in community has already been engaged to develop a robust Monitoring and Reporting plan and program that will support the process for validating the credit issuance. In collaboration with the Pachamama Foundation and experts, the monitoring plan includes the following aspects:

1. Local Monitoring: Indigenous communities, each with its “Amazank team”, register land use changes, tracking alterations to the ecosystem with photos and comments.
2. Remote Sensing: In partnership with Fundacion Pachamama, and Planet Labs, satellite images are regularly scrutinized for land-use changes, with alerts sent to Amazank teams for local verification.
3. Technology: Leveraging smartphones, the Amazank teams capture images of land use changes, storing them with geographic coordinates and comments. Data is uploaded using Starlink internet. Fundacion Pachamama is responsible in the pilot for ensuring data correctness and storing data, however all three teams (Fundacion Pachamama, Amazank and Regen Network Development PBC) are working towards a direct reporting system using the Project Pages feature and Regen Ledger Data Module.
4. Production: The same technology also supports the tracking of product harvests, facilitating credible plans and agreements for external sales of local produce such as vanilla, chili, morete etc.
5. Reporting: Quarterly drafts collate satellite alerts with local observations, which the Amazank team refines to capture a complete picture of the forest’s health and community dynamics.

Managing the overall conservation and monitoring initiative will be the Fundacion Pachamama, which has already institutionalized a Forest Management Plan and established a contractual relationship with the Sharamentsa community. With a First Verification Report in place, a Proof of Umbrella Species presence (through camera trap), and participation from internationally recognized individuals like Per Espen Stoknes, a professor at the Norwegian Business School, the project sets a precedent in inclusive, transparent, innovative, sustainable and cost effective conservation.

Project Costs

The table below describes the total annual costs for the indigenous stewardship program, the monitoring process and credit management. These numbers should be understood as the basic ‘Costs of Good Sold’ (COGS) for issuing a token batch. Pricing of credits will consider these costs.

Token Issuance on Regen Ledger’s Test Net

The Jaguar Stewardship (Beta) Credits were minted on blockchain as unique assets on the Regen Ledger, specifically on its ‘Test Net’. This ensures a safe testing environment while the specifics of the system are perfected during 2024. The link to the web-page on the regen marketplace is: https://dev.app.regen.network/project/USP01-001

Understanding Credits vs Offsets

While these assets are referred to as “credits” according to the ERA methodology, one “Credit” in this context does NOT equate to an offset. Rather, it denotes an attributable unit of value arising from ecological stewardship services by the indigenous community members in protecting the area. This unit might manifest in various market value forms. Essentially, this Biocultural Contribution Credit acknowledges the commendable ecological benefits brought about by on-ground stewardship services, verification and activities, spearheaded in this instance by the Sharamentsa Community. The working name for this type of crediting is Umbrella Species Stewardship Contribution Crediting (USS) with contribution crediting being a way of aligning the scheme with both the Kunming Montreal Accord for Nature Positive reporting and action as well as the indigenous worldview that strongly believes that monetizing Mother Nature is against the traditional values and culture that has succeeded in preserving and enhancing the biodiversity of the Amazon Basin for Millennium. Notably this approach does not allow for tradability of the units (thus qualifying in the Regen Taxonomy of crediting approaches for the “Contribution Credit Type”).

Administration and Governance

The administration of the Jaguar Stewardship (Beta) Credit Class is proposed to be collaboratively designed, drawing insights from the Regen Network, Fundacion Pachamama and members of the ASHA. After a 1 year pilot period, this credit class will be upgraded to represent the learning of the stakeholders involved. Credit buyers will be invited to participate, and the process will center around the Sharamentsa community as the ancestral stewards who stewards the landscape and habitat from which the credits are being originated.

Fundacion Pachamama coordinates with Amazon Sacred Headwaters Alliance (ASHA) and Stoknes Futures AS on project execution.

Purchasing and Custodianship

Intended for the year 2024, the beta credits were issued in an inaugural batch on 2nd Dec. 2023. Due to their preliminary nature, these credits aren’t tradable in secondary markets, meaning they cannot be resold at fluctuating prices. All custodianship activities, especially those planning to transfer to buyers in subsequent phases, will be supervised by the Regen Network Development PBC. Prospective buyers should understand that they are acquiring these beta credits not as environmental assets but as a testament to their financial support for the Sharamentsa community’s first full year of conservation endeavors within this Credits project.

Transition to Non-Beta Credit Class

Following the pilot year, a refined Credit Class will be launched, embodying the lessons and enhancements of the initial phase. With a thoroughly audited project design document and monitoring report at hand, a fresh batch of credits is anticipated for issuance on the Regen Ledger Main Net by early 2025). Possession of beta credits will grant access to the newly minted ones, for the early buyers. The exact number of beta credits and formal credits could vary due to enhancements in calculations and the underlying methodology. To ensure fairness, main net (final) credits will be allocated to beta credit holders proportionally on a pro-rata basis.

Credit Issuance Calculation

The beta credits issued follow the equation provided by ERA’s Biodiversity Stewardship Token methodology as-is, and as described at a high-level below:

The total number of credits issued for the beta credit batch, encompassing 2024 program activities are therefore: 75,300 credits, or 7.53 credits/Ha.

For details please review the credit class documentation. The 75,300 credit issuance is an estimation based on the following criteria: documented proof of jaguar presence, habitat quality, habitat quantity, quality of documentation of conservation management practices.

Specifically, the “Umbrella species health” is calculated by documented jaguar presence in the territory (2 points) + at least 2 jaguars recently filmed (2 points). This gives 4 points x 10,000 ha = 40,000 Credits. “Ecosystem health” is scored as Taxonomy Diversity report (1 point) + Ecosystem Disturbances (concrete plans of road incursion in area: 1 point). This gives 2 points x 10,000 ha = 20,000 Credits. And “Umbrella species guideline” refers to the quality of the community project management and documentation. As of Nov 2023 it is scored to 29 out of max 58 points = 50%. The formula gives 50% + 1 gives 1.50 points, multiplied with 10,200 ha (the entire land area of the community, including gardens etc) = 15,300 credits. Hence a sum of (40,000 + 20,000 + 15,300=) 75,300 credits in the batch for 2024. See methodology for details on scoring and formulas.

It should be noted that the number of credits calculated and issued in this beta application of the methodology may not be an exact estimate of later issuance rounds, as more data and monitoring is needed for the precision to increase.

Credit Pricing and Batch Valuation

Pricing Determination

This pilot uses a simple project cost for conservation actions and outcomes approach to generating the credit price. In future iterations, and with clear consultation and analysis of the pros and cons of value based and market based approaches, the tools exist for the communities who engage with this approach to choose the best mechanism for their needs and goals.

The pricing for this beta batch is derived by allocating the total developmental costs, as outlined in section 3.3.5, across the entire number of credits minted according to the methodology highlighted in section 3.3.6. Under usual circumstances, when regular credit batches are issued, the overall costs encompass allocations for the community fund and outcome award pools in Escrow accounts. These pools serve as safety nets and incentives, respectively, in the ecosystem of credit issuance.

Given that this project is in its nascent, experimental phase, the developmental costs used to price the credits are streamlined to the essential minimum. Currently the community accesses 60% of revenues generated to fund their Life Plan, or Plan de Vida. This is held in a dedicated account managed by Fundacion Pachamama at the pilot phase, and will move to an independent escrow account managed by an independent board. Parallel experiments in on chain smart contract based fund and traditional financial structures will be undertaken. In both cases indigenous majorities will form the trustee and governance system, with independent allies and fiduciary grade oversight to ensure corruption free governance of the future fund. More detail about the fund vision is shared in section 3.1.

Up to 20% is earned by Regen Network Development PBC (RND) (10% for registry agent and technical services to support tokenization and to review the reporting quality standards, and 10% marketing and sales). Note that as of the writing of this blog, RND PBC has reinvested 100% of earnings into further support of the project to match funds being allocated for education, credit method improvement, and pilot expansion to further communities. Fundación Pachama earns up to 20% for capacity building and monitoring as the project proponent. Both organizations have committed to not taking fees if the project is underfunded in the pilot to ensure the Plan de Vida and community conservation project is fully funded for the pilot. In the future both supporting organizations hope to lower this to 10% each and replace key activities our two organizations are playing with indigenous organizations to play those same roles. The balance of creating a sustainable business model for all actors is something that is an active conversation amoung all stakeholders, with a commitment to transparency and care in that process.

Price Per Credit & Ha

Taking into account the aforementioned considerations, the price calculation for each credit is straightforward. With a total batch expenditure of $66,560 including the community fund and stakeholder rewards we achieve an issuance of 75,300 credits, each credit is priced at $0.884. Another useful metric for prospective buyers or conservationists is the per hectare per year rate, which stands at $6.66/Ha/yr. This rate provides a tangible measure of the ecological stewardship’s area footprint, making it easier for stakeholders to comprehend the value proposition.

By adhering to this transparent pricing strategy, the Jaguar Stewardship Crediting Pilot aims to foster trust and enthusiasm among early adopters, laying a solid foundation for subsequent phases of credit issuance, future price/value discovery and the support for the larger conservation mission.

The Future: Bioregional Generation Fund

Per Espen Stoknes developed a proposal for a sovereign wealth fund approach to perpetually funding these conservation efforts and grounding the Biocultural crediting approach into a larger bioregion scale, indigenous lead effort for a regenerative economy in the Amazon Basin.

The Bioregional Generation Fund is envisaged as a bottom-up, land rights-based financial mechanism that goes beyond traditional top-down governmental support for forests. It is an innovative financial mechanism designed to support indigenous, community-led conservation efforts, providing a Universal Basic Income (UBI) through impact investments, philanthropic funds, and biodiversity credits like “Jaguar Credits.” Piloted in Ecuador’s Amazon region, it aims to scale across indigenous communities, fostering regenerative agroforestry, local bioeconomies, and ecological stewardship. Fundacion Pachamama is the main partner in Ecuador, supported by an international coalition including the Pachamama Alliance — USA, Regen Network Development PBC, San Francisco University, and Per Espen Stoknes from the Norwegian Business School. The fund seeks to grow from $130k/year to $210M/year, with a projected capital of $6 billion over 30 years. Initiated in the eastern Amazonian region of Ecuador, covering 7,000 to 40,000 km², the project pilots this funding model with the potential for expansion. Success could lead to broader application across indigenous communities within the “Amazonian Sacred Headwaters,” encompassing up to 300,000 km² (30 million hectares).

This vision is deeply aligned with the new Bioregional Finance Facility (BFF) approach proposed by Samantha Power and Leon Seefeld of BioFi.earth in the recent ground breaking book by the same name. BioFi, Amazon Sacred Headwaters, Regen Network Development PBC, Regen Foundation, Fundacion Pachamama and other allies are actively working on this top level financial mechanism to anchor the further development of biocutural contribution crediting as a tool for achieving Community Basic Conservation Income in the Amazon Basin.

The Evolution of the Biodiversity Credit Class and the Role of Collaborative Innovation

In the realm of ecological conservation and sustainable development, the journey toward innovative solutions is often marked by collaborative efforts that transcend borders and disciplines. A prime example of such collaborative innovation is the ongoing development of the Umbrella Species Stewardship Biodiversity Crediting approach by ERA Brazil, catalyzed by Regen Network Development PBC’s (RND PBC) initiative to foster open science and ecological accounting.

In early 2022, RND PBC launched a Request for Proposals (RFP) to administer a $1.5 million granting round aimed at spurring innovation in open science, credit class creation, and open-source software for ecological accounting. This ambitious initiative sought to galvanize the development of novel methodologies and tools that could enhance our ability to account for, and thus better conserve, the Earth’s ecological systems. Among the most significant and exciting outcomes of this initiative was the creation of the Umbrella Species Stewardship Biodiversity Crediting approach by ERA Brazil.

The Journey of ERA Brazil’s Methodology

Over more than two years, the methodology developed by ERA Brazil underwent a comprehensive evaluation process that included exhaustive internal reviews, community consultations, and rigorous scientific peer assessments. This thorough scrutiny, adhering to the process-based standards approach of Regen Registry, culminated in the methodology becoming the first Regen Registry biodiversity credit class. This milestone not only represents a significant achievement for ERA Brazil but also exemplifies the power of collaborative effort in advancing the field of ecological conservation. At the time of this writing

Collaborative Platforms and Open Science

The development and refinement of the Umbrella Species Stewardship Biodiversity Crediting approach were significantly bolstered by the use of collaborative platforms, notably the open-source community platform Hylo. Funded as part of RND PBC’s grant initiative, Hylo served as a vibrant hub for collaboration, enabling the tracking of ERA Brazil’s methodology progress alongside other pioneering projects. This platform facilitated a unique collaborative sprint involving Open Earth Foundation, Stoknes Futures, Fundacion Pachamama, and RND PBC for the initial biocultural crediting pilot, underscoring the initiative’s commitment to open science, collaboration, and building in public.

Celebrating the roles and leadership of this Pilot

The most important actors, and the leaders of this process is the community of Sharamentsa and specifically the team leading the Sharam Project. This blog has mostly focused on the technical legal and scientific foundations of the CREDITING Approach, and has told much less of the MORE IMPORTANT story of strong leadership of the community and individuals in Sharamentsa who have been doign the daily on the ground work of conserving the forest, creating strong community norms, and building a regenerative economic and cultural model that has it’s roots deep in ancestral wisdom, with a strong vision for the future.

And of course the success of this initial pilot is fully dependent on decades of trust, relationship building, and partnership with the indigenious nations of Ecuador and Peru by Fundacion Pachamama and Amazon Sacred Headwaters.

For the technical and protocol level work on the development of the Umbrella Species Stewardship Biodiversity Crediting approach there has been strong leadership by ERA Brazil, fostered by the ongoing support of RND PBC. This collaboration stands as a testament to the potential of open innovation ecosystems in driving forward the agenda of ecological conservation. By championing the principles of open science and collaborative development, these organizations have laid the groundwork for a more sustainable and equitable approach to managing the planet’s natural capital.

The successful creation and implementation of this biodiversity credit class not only highlight the critical role of public goods funding in ecological conservation but also celebrate the achievements of ERA Brazil and the proactive leadership of RND PBC in seeding an open innovation ecosystem around Regen Network and Regen Registry. This initiative represents a significant leap forward in our collective endeavor to protect and regenerate the Earth’s ecosystems through innovative, community-led conservation efforts.

The Future of Umbrella Species Stewardship crediting

This pioneering initiative is already showing the value of strong and open collaboration and agile iteration. After feedback from the Sharamentsa pilot, and strong engagement from multiple stakeholders the crediting standard has received a proposed upgrade, which is, at the time of publication of this article, being discussed in Regen Network Governance.

The Future of Conservation Finance is Biocultural

As we move forward, the lessons from traditional conservation finance must inform the future: that no lasting ecological preservation is possible without centering the voices, rights, and knowledge of Indigenous Peoples and Local Communities. The Biocultural Credit Pilot exemplifies how innovation and respect for ancestral wisdom can coexist within a new framework for environmental finance.

This approach is not just a project — it’s a movement. It calls on us to redefine what we value and how we measure success. By moving beyond simplistic market mechanisms toward a relational model that values both ecosystems and the cultures that steward them, we open the door to a more inclusive, effective, and sustainable future for conservation finance. We hope these insights offer a blueprint for a regenerative future where humans and nature thrive together in right relationship.

Section 6: Glossary

Amazonia 80x2025: An initiative aimed at protecting 80% of the Amazon rainforest by 2025 to prevent ecological tipping points.

Biocapacity: The capacity of ecosystems to produce biological materials used by people and to absorb waste material generated by humans.

Biocultural Credit: A new type of conservation finance mechanism that recognizes and values both biodiversity and cultural preservation efforts of indigenous communities.

Biodiversity Credit: A tradable unit representing actions taken to protect, restore or enhance biodiversity.

Biodiversity Credit Alliance: An organization working to establish frameworks for biodiversity credit markets.

Biodiversity Stewardship Credit Methodology: A framework developed by ERA Brazil for issuing biodiversity credits to fund conservation efforts.

Bioregional Generation Fund: A proposed sovereign wealth fund designed to support indigenous, community-led conservation efforts through impact investments, philanthropic funds, and biodiversity credits.

Carbon Offset: A reduction in emissions of carbon dioxide or other greenhouse gases made in order to compensate for emissions made elsewhere.

Commons Management: The collective governance of shared resources, often following principles outlined by Elinor Ostrom.

Ecocredit: A term used to describe credits that represent the establishment of right relationships between a community of actors and specific ecosystems.

Ecological Footprint: A measure of human impact on Earth’s ecosystems, typically expressed as the amount of land required to sustain current consumption patterns.

Ecosystem Services: The benefits people obtain from ecosystems, such as clean air, water, food, and climate regulation.

Half-Earth Principle: A concept proposed by E.O. Wilson suggesting that half of the Earth’s surface should be designated as human-free natural reserves to preserve biodiversity.

Indigenous Peoples and Local Communities (IPLCs): Groups of people who have historical ties to specific territories and maintain traditional knowledge and practices related to environmental stewardship.

Intrinsic Value: The inherent worth of something, independent of its instrumental value to humans.

Jaguar Stewardship Credits: A specific type of biocultural credit issued for the conservation of jaguar habitats and associated ecosystems.

Keystone Species: A species that plays a critical role in maintaining the structure of an ecological community.

Nature-Based Solutions (NbS): Actions to protect, sustainably manage, and restore natural or modified ecosystems that address societal challenges effectively and adaptively.

Nature Positive: An approach aimed at halting and reversing nature loss, going beyond just reducing negative impacts on biodiversity.

Plan de Vida: A life plan or community development plan created by indigenous communities to articulate their vision for sustainable living and resource management.

Relational Value: A concept that reconciles instrumental and intrinsic value through social processes and right relationships with nature.

Regen Ledger: A blockchain platform designed for ecological assets and data.

Right Relationship: A concept emphasizing harmonious and ethical interactions between humans and nature, often based on indigenous wisdom.

Traditional Ecological Knowledge (TEK): A body of information, practices, and beliefs about the relationships of living beings to one another and to the physical environment, evolved by adaptive processes and handed down through generations by indigenous cultures.

Umbrella Species: A species whose conservation indirectly protects many other species within its habitat.

Universal Basic Income (UBI): A government program in which every adult citizen receives a set amount of money regularly.

Section 1 References

[1]: BBC News. “Amazon deforestation: ‘We have to enforce the laws’ says Silva.” [Link](https://www.bbc.com/news/world-latin-america-67962297)

[2]: Project Drawdown. “Indigenous Peoples’ Forest Tenure.” [Link](https://drawdown.org/solutions/indigenous-peoples-forest-tenure?gad_source=1&gclid=CjwKCAjw48-vBhBbEiwAzqrZVJOpZ238HrW1u5YR8EZVrKeIiSV23xkFRnffProRY5cB7zfBBzz7GxoC4o8QAvD_BwE)

[3]: PNAS. “The role of Indigenous peoples in combating climate change.” [Link](https://www.pnas.org/doi/full/10.1073/pnas.2105073118)

[4]: YouTube. “Introduction by Nunkui Tentets to the Biocultural Jaguar Crediting Approach.” [Link

](https://youtu.be/G_tNXYsB7NY?si=s_w-n1MBjeBAZPIz)

[5]: Amazon Sacred Headwaters Alliance. “Bioregional Plan for the Amazon Sacred Headwaters.” [Link](https://cuencasagradas.org/wp-content/uploads/2021/10/ENG_PLAN-BIOREGIONAL_10_2021.pdf

Section 2 References

1. Bloomberg. “The Carbon Offset Market Can’t Police Itself.” [Link](https://www.bloomberg.com/opinion/articles/2023-11-09/the-carbon-offset-market-can-t-police-itself)

2. The Guardian. “Revealed: Forest Carbon Offsets by Biggest Provider Worthless, Say Experts.” [Link](https://www.theguardian.com/environment/2023/jan/18/revealed-forest-carbon-offsets-biggest-provider-worthless-verra-aoe)

3. Stanford Social Innovation Review. “Forest Contributions to Carbon Offsets.” [Link](https://ssir.org/articles/entry/forest-contributions-carbon-offsets#)

4. Amazonia 80x2025. “Amazonia 80x2025 Initiative.” [Link](https://amazonia80x2025.earth/wp-content/uploads/2022/09/diagramacion-ingles.pdf)

5. IPBES. “Glossary: Indigenous Peoples and Local Communities (IPLCs).” [Link](https://www.ipbes.net/glossary-tag/indigenous-peoples-and-local-communities)

Certainly, let’s incorporate the references directly into the narrative with a consistent citation format, focusing on the new approaches, bodies, and the success of biocultural crediting within the context of biodiversity credit markets.

Section 3 References:

- UNEP FI. “Accountability for Nature: Comparison of Nature-related Assessment and Disclosure Frameworks and Standards.” [Link](https://www.unepfi.org/publications/accountability-for-nature-comparison-of-nature-related-assessment-and-disclosure-frameworks-and-standards/)

- Biodiversity Credit Alliance. [Link](https://www.biodiversitycreditalliance.org/)

- International Advisory Panel on Biodiversity Credits Link

- [Guardians of Earth BioCultural Unit Documentation: https://docs.guardiansofearth.io/goe/the-guardians-faq/biocultural-units-bcus]

- Nature Finance. “Harnessing Biodiversity Credits for People and Planet.” [Link](https://www.naturefinance.net/resources-tools/harnessing-biodiversity-credits-for-people-and-planet/biodiver)

- UNEP “State of Nature Finance December 2023 [Link](https://www.unep.org/resources/state-finance-nature-2023)

- IDB. “Multilateral Development Banks Announce Common Principles to Track Nature-related Finance.” [Link](https://www.iadb.org/en/news/multilateral-development-banks-announce-common-principles-track-nature-related-finance)

- McKinsey. “The State of Nature Markets Today and Tomorrow.” [Link](https://www.mckinsey.com/capabilities/sustainability/our-insights/sustainability-blog/the-state-of-nature-markets-today-and-tomorrow)

- Greenbiz. “Taskforce values nature-based markets at $7 trillion.” [Link](https://www.greenbiz.com/article/taskforce-values-nature-based-markets-7-trillion)

• Carbon Pulse. “Biocultural Credit Pilot Sales.” [Link](https://carbon-pulse.com/268344/?utm_source=CP+Daily&utm_campaign=13c425eff3-CPdaily13032024&utm_medium=email&utm_term=0_a9d8834f72-13c425eff3-110387626)

Section 4 Resources:

• [External EOY Grants Report](https://regen-registry.s3.amazonaws.com/External+EOY+Grants+Report.pdf)
• [Congratulations to Our Community Funding Program Awardees](https://medium.com/regen-network/congratulations-to-our-community-funding-program-awardees-50c023a21d8)
• [Tech Round-Up: Let’s Explore Cosmos SDK and Regen Ledger Projects](https://medium.com/regen-network/tech-round-up-lets-explore-cosmos-sdk-and-regen-ledger-projects-448e654052de)
• [ERA Brazil Methodology for Biodiversity Stewardship Credit](https://registry.regen.network/v/methodology-library/published-methodologies/era-brazil-methodology-for-biodiversity-stewardship-credit)
• Hylo: Regen Methodology Development Group
• [Commonwealth Discussion about Credit Type Naming and Adoption onto Regen Ledger: https://commonwealth.im/regen/discussion/24782-new-credit-type-proposal-biodiversity]

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