The plans, published in a ‘Political Vision: A 10 Point Plan for Financing Biodiversity’, were called for by Ecuador, Gabon, Maldives, and the UK. The paper was launched at a joint high level side event at the UN General Assembly last week, (UNGA-77 LPN/HAC/GOA).
In the policy report’s rationale, it said: “Globally, we spend considerably more money destroying nature through harmful subsidies than protecting, conserving, and restoring it. Current levels of biodiversity finance and institutional mechanisms for valuing and investing in biodiversity are far from the scale needed.
“There is no single solution. This will require finance from all sources and a systemic shift in the global financial system."
The policy report calls for:
International financial flows
According to the plan, developed countries should increase their international finance for biodiversity in line with the Post-2020 Global Biodiversity Framework and the commitments made by developing countries in their National Biodiversity Strategies and Action Plans (NBSAPs). The paper adds that countries should also ensure that existing financial pledges are rapidly delivered.
Synergies with climate finance
A significant amount of climate finance should be designated for nature, as nature-based solutions can help with mitigation and adaptation for climate change, however the paper notes that this should be synergistic with – rather than complimentary to – other sources of biodiversity finance.
Countries should commit to review national subsidies to make sure they are not harmful to biodiversity, and scale up nature-positive incentives “as soon as possible”. The plan calls on international organisations such as Multilateral Development Banks (MDBs), the United Nations Development Program (UNDP) and the Organisation for Economic Co-operation and Development (OECD) to provide methodological, technical and transition assistance for achieving these goals.
Domestic resource mobilisation
Countries should commit to use financial and policy levers to mobilise more biodiversity finance domestically, for example through investments in green infrastructure and other nature-based solutions.
Private sector alignment
Governments should work with the private sector and develop policies to “facilitate alignment of financial flows” and address biodiversity loss, climate change and pollution at the same time. Businesses should be transparent about their nature-related risks and dependencies, and set quantitative targets for reducing their negative impact.
Further contributions should be encouraged to “catalyse ” solutions for achieving the Post-2020 Global Biodiversity Framework
Multilateral development banks (MDBs) and international financial institutions (IFIs)
The plan encourages MDBs and IFIs to join and to commit to funding for biodiversity before the UN Biodiversity Conference in Montreal this December (COP 15.2), with a hope to increase biodiversity finance, and to make “concrete international biodiversity finance pledges before COP 15.2” as well as committing to align their portfolios with the Post-2020 Global Biodiversity Framework.
Access to funds
The plan calls on the Global Environment Facility (GEF) and all multilateral and bilateral funding agencies and mechanisms to develop solutions to streamline access to financial resources for developing countries “as soon as possible”.
International monetary fund (IMF)
The plan encourages the IMF to help members manage the “systemic risks” of biodiversity loss and climate change through the Resilience and Sustainability Trust.
10. Building partnerships for biodiversity
The last statement on the plan is about collaborating with voices from all parts of society to achieve these goals. This is part of the policy’s principle to ensure a “just, equitable and progressive transition”.
The countries that have signed up so far are Ecuador, the UK and the EU, Gabon, Maldives, Nicaragua, France, Netherlands, Colombia, Denmark, Germany, Belgium, Norway, Luxembourg, Canada, and Czechia.
The report comes at the same time as the government has launched what NGOs have called an “unprecedented attack on nature” by planning to review or scrap existing laws that are fundamental in protecting nature.
An ENDS Report film coming soon. SEVERN: The poisoning of Britain's Amazon. Watch the trailer here.