Initially, the UN COP15 conference on biodiversity, which was planned two years ago, was to be hosted by China as chair of the summit. But a pandemic was raging around the world in 2020 — and the high-level event was cancelled. Last year, part of the discussions took place in a remote format. And this year, China, for obvious reasons, did not risk hosting the second part of the summit. Montreal, where the Convention Secretariat is located, came to the rescue.
A new global framework convention on biodiversity “30 by 30”
Thousands of delegates representing 192 countries will spend the next two weeks in Montreal discussing a new agreement that aims to build a more sustainable relationship between people and nature. The previous programme 2011–2020, known as the Aichi Targets, has now expired, and the targets to preserve at least 17 per cent of land and inland waters and 10 per cent of coastal and marine areas have unfortunately not been met.
Even so, the Convention’s new target is more ambitious — “30 by 30”: to conserve 30 per cent of land, freshwater and oceans by 2030. Key points in the draft Convention include halting the loss of nature, preventing species from becoming extinct due to human causes, reducing pollution, sustainably managing agriculture and forestry, and sharing and equitably sharing the benefits of genetic resources.
The new draft document recognizes that urgent policy action is needed at global, regional and national levels to transform economic, social and financial models so that trends exacerbating biodiversity loss are stabilized by 2030 and allow natural ecosystems to recover by 2050.
Despite frightening evidence from scientists around the world of the rapid loss of nature, environmental projects remain underfunded, as the second edition of The State of Environmental Finance, released by UNEP in early December, just days before the world summit opened, powerfully illustrates with figures and facts.
If we want to limit the increase in global warming to below 1.5 °C, halt biodiversity loss and land degradation, and achieve the Sustainable Development Goals, decisive and urgent action is needed to reduce emissions, conserve nature and implement sustainable consumption and production patterns. Solutions based on natural resources, or “natural solutions”, offer an opportunity to address a range of challenges in an integrated manner. Yet, the Report notes, funding for implementing natural solutions is currently only $154 billion per year — less than half of the $384 billion per year investment needed by 2025, and only a third of the investment needed by 2030 ($484 billion per year).
The day when all the speakers will talk only about money
Biodiversity is essential for the health of our planet, but it is in steep decline, mainly due to human behaviour. The United Nations Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) recently warned that humans are exploiting nature far faster than it can be renewed.
A full day on 14 December 2022 at SPR15 is dedicated to integrating biodiversity into financial decision-making and aligning financial flows with the post-2020 Global Biodiversity Framework. Over 50 speakers, hundreds of experts, officials, representatives of central and commercial banks, business and science will participate in four plenary and four breakout sessions.
Discussions and debates will explore and demonstrate the links between the draft Global Biodiversity Framework Post 2020 and the financial system and economy, as well as an action plan to implement the agreement.
The programme will include a special plenary discussion session with finance ministers hosted by the World Bank.
While anthropogenic threats to biodiversity have long been recognised, it is only in the last two or three years that there has been a growing recognition that today’s alarming rate of biodiversity loss poses threats to society, the economy and the financial system.
Given that nature underpins much of the global economy (more than half of global GDP depends on services provided by nature), and given today’s accelerating rate of loss of nature, the value and sustainability of financial assets that ultimately depend on activities and assets within the ‘real economy’ are themselves at risk. Until recently, however, the destruction or use of nature, such as deforestation, alteration of natural habitats, unregulated resource exploitation, has not been factored into financial accounting or risk assessment approaches.
Financial institutions, like businesses, rely heavily on the services and resources provided by nature. At the same time, they play an important role in encouraging activities that harm nature, whereas they could strongly encourage activities that aim to protect, restore and sustainably use nature. Financial sector actors, from policy-makers to public and private banks and investors, have a responsibility to support changes in financial practices so that financial flows of all kinds support the vision of the Post-2020 Global Biodiversity Framework.
Cover photo: dreamstimefree/789523
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