BIZ NEWS: Property company Investa made a timely announcement on Tuesday to celebrate its jump into the blue economy in a program that aims to preserve an important kelp species in New South Wales.
The news was in tandem with the long-awaited framework on how to measure impact on nature, released by the Taskforce on Nature-related Financial Disclosures, also on Tuesday, in the hope that investors will rank nature-related risks alongside financial risk.
A look at the bright red maps of Australia this week signalling an intensely hot summer ahead and the declaration of El Nino forewarning drought, fires any several other apocalyptic events that might become all too familiar, means the framework from the TNFD is none too soon.
The framework has been keenly awaited judging by the intense discussions at The Fifth Estate’s two most recent Urban Greening summits. Business leaders want to measure their impact on nature and be sure of what they are measuring.
The framework is expected to become part of the International Sustainability Standards Board. (More details to come soon)
Investa’s news centred on kelp. In particular, crayweed – a marine forest-forming species that borders NSW.
The company has partnered with the Sydney Institute of Marine Science (SIMS) to fund Operation Crayweed to protect and restore the species, which disappeared from Sydney’s coastlines from late 1970 to early 1980.
Research has successfully restored the deforested reefs by transplanting adult kelp onto underwater mats to reproduce kelp babies or “cray-bies”.
SIMS researchers said that the funding will allow the institute to develop a new section of the coastline to increase crayfish, abalone, and other fish and invertebrate populations at restored sites.
The property company claims the initiative will extend its ESG ambitions beyond net zero and into nature positive.
Chief operating officer of real estate, Sally Franklin, said: “There is significant under-investment in the blue economy, especially the Great Southern Reef, which is largely ignored yet contributes greater ecological and biological importance than the Great Barrier Reef, so we jumped at the opportunity to collaborate with SIMS on ‘Operation Crayweed’.”
The company will also join the kelp forest challenge, a global goal to restore one million hectares and protect three million hectares of kelp forest habitat by 2040.
“In time, we hope to see a marine biodiversity market that enables more businesses to invest in nature-positive initiatives and have robust disclosure frameworks tracking investment performance and outcomes,” said Franklin.
STAR Space toolkit
The committee behind the Sustainable Temporary Adaptive Reuse (STAR) has just launched a new STAR Space toolkit in collaboration with Rosella Street, an Australian-owned circular economy knowledge exchange platform.
STAR Space is a marketplace focused on sustainability, to connect people and organisations looking for opportunities to reuse vacant or underused commercial buildings. The tool will connect space-seekers with building owners looking for STAR outcomes.
Development of the tool was inspired by industry feedback, space seekers and building owners who attended the first two STAR workshops for the development of the space.
The tool, part of the broader STAR toolkit, will guide decision-makers seeking innovative and viable options for existing commercial buildings and space-seekers to communicate their temporary space needs.
Those interested in renting, buying or selling space are encouraged to use the discussion forum to post ideas for reusing underused space, ask questions and become thought leaders. Other functions include the “Shout-out” function, which calls for new use and additional STAR knowledge exchanges and join-in events.
STAR space was developed by a team of researchers at the University of Technology Sydney. The tool also had input from industry professionals, stakeholders, and innovators of Rosella Street and funded by the City of Sydney, which awarded a three-year grant to the Star Toolkit.
– with Tina Perinotto