Closed
Opportunity Analysis: Enhancing Biodiversity and Valuing Natural Capital
Tender ID: 574057
Tender Details
Organisation:
Tender #:
PROC-9177163
Status:
Closed
Publish Date:
29 November 2024
Closing Date:
17 January 2025
Tender Description
The Australian grains industry faces a significant risk due to its unpreparedness for increasing sustainability accounting and nature risk reporting, including the Taskforce on Nature-related Financial Disclosures (TNFD) and other international and national markets and schemes. This initiative encourages organisations to integrate nature-related considerations into their operational and strategic decisions, which could affect growers' access to finance and require additional data at their own expense.
In 2023, GRDC commissioned a review to evaluate the risks and opportunities of ecosystem services markets for the Australian Grains industry (Aton Consulting 2024). The report indicates that current initiatives provide limited commercial benefits, with minimal gains from ecosystem service credit markets, direct grants and concessional finance. Discussions with growers and other agricultural industries highlights the need to harmonise metrics for scheme interoperability by examining reporting variables across various market and environmental, social and governance schemes. There is also a need for improved routine data collection through existing farm business tools and a clearer understanding of the impact of natural capital markets on the Australian grains industry.
This investment will conduct a comprehensive opportunity analysis to identify risks and opportunities and establish a biodiversity baseline for the Australian grains industry. Stakeholder consultations across the supply chain will provide actionable insights and recommendations. The analysis will assess growers' knowledge, legal requirements, financial considerations, productivity, social impacts, motivations and barriers to adopting biodiversity-enhancing practices. It will also review existing definitions, methodologies and internationally recognised metrics relevant to biodiversity and natural capital, assessing their applicability to Australia and evaluating the suitability of current natural capital accounting tools.
The analysis will establish baseline data, identify future trends and compare grower’s data with key stakeholder targets. It will evaluate the impact of on-farm decision-making on market access, finance, and community trust and develop strategies to mitigate risks. Accounting tools for integrating biodiversity and natural capital into grower decision-making will be explored, alongside understanding their interaction with productivity and profitability. Linkages with existing GRDC sustainability investments will also be identified.
The findings will guide the development of a biodiversity and natural capital RD&E initiative for the grains industry.
Location
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