The Business Imperative The climate crisis impacts everyone, and each of us must play a role in our collective journey to limit warming to 1.5° C. If we are to have a chance of succeeding, governments, businesses, investors, civil society, and individuals must demonstrate bold climate action while supporting each other to build momentum together. Businesses are uniquely positioned to have an outsize impact given their access to capital, global reach, and ability to move quickly and innovate. This moment, while challenging, also offers significant opportunities for companies that are ready to adapt their business models and ways of operating to prepare for the realities of a net zero and nature-positive world. A net zero global economy means new markets with demand for new products and services. And a nature-positive world is one where investing in natural capital and ecosystem health at a planetary scale will require an entirely new financial asset class and a vibrant economic sector focused on ecosystem restoration, conservation, and other nature-based solutions (NBS). Organizations must use every tool at their disposal to make the necessary transition. Market mechanisms can help to spur innovation and cost-effective climate action, alongside public policy and other non-market measures. Carbon credits — and carbon markets more generally — are critical tools that, made and used well, can play an important role in our collective journey to net zero while simultaneously helping us build a nature-positive world. 3 | A JUST TRANSITION TO A NET ZERO, NATURE POSITIVE WORLD