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NATURE FINANCE: WEALTHY NATIONS HAVE ONE YEAR TO PLUG $5BN GAP, SAYS OECD

Mobilising enough international finance to meaningfully address the nature
crisis will require a renewed effort in the coming 15 months, including billions
of dollars more from wealthy nations to the Global South.

 * Biodiversity and Nature-Based Solutions
 * Climate & nature
 * Finance
 * Net-positive business models
 * Policy
 * Social sustainability

Sarah George

Published 18th September 2024

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   OECD from edie via Email

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SESSIONS

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 * Carbon reduction and Scope 3

The OECD has today (18 September) published its annual report tracking progress
in the field of international biodiversity finance.

There is some good news – between 2021 and 2022, the most recent year for which
full data exists, finance increased from $11.4bn to $15.4bn. This increase is
attributed in part to the agreement of a new international biodiversity treaty
in late 2022.

The Kunming-Montreal declaration on biodiversity and accompanying Global
Biodiversity Framework (GBF)was orchestrated by the UN and signed by more than
120 nations after a challenging negotiation process during the Covid-19
pandemic. Its headline commitment is to halt the destruction of nature this
decade and to accelerate regeneration at an unprecedented scale and pace.

It has been estimated that achieving this goal will take at least $20bn of
international nature finance to be provided per year between 2025 and 2030.
Meeting this goal requires a $5bn uplift within 15 months, equivalent to around
a 30% increase.

Finance will be needed for conservation, restoration and creation alike, and
will need to be targeted at different ecosystems. Historic under-investment in
coastal and marine ecosystems, for example, will need to be addressed urgently.

Wealthy nations will need to do most of the heavy lifting, providing support to
nations and regions in the global south facing nature risks including extreme
weather, urbanization and increased manufacturing to meet export demands.

Finance will need to come from a mix of public and private sources.

Reacting to the report, Campaign for Nature Director Brian O’Donnell said it is
“critical” that existing and new donors prepare “substantial new funding
announcements” for the UN’s next biodiversity summit. This will be hosted in
Colombia this October and is the first since the GBF was ratified in 2022.

“This will be the first test to see if donors are moving from pledges to action
to deliver on the ambitious goals and targets of the GBF,” said O’Donnell.

With just 15 months remaining to meet the $20bn target, Campaign for Nature and
other NGOs want donor nations to launch a new ministerial initiative to provide
leadership and coordinate delivery.

BirdLife International CEO Martin Harper noted: “The good news is that we know
the money is there.  The world now spends $2.6trn every year on subsidies to
industries that destroy nature.  Redirecting even a small portion of these
subsidies can help create positive investments for biodiversity which will
benefit our own prosperity.”

Earlier this week, ActionAid claimed that countries in the Global South are
being drained of more than $600bn annually in public subsidies directed towards
climate-destructive industries, such as fossil fuels and intensive industrial
agriculture.

The GBF includes a commitment to redirect $500bn of harmful subsidies per year.
OECD nations have also repeatedly pledged to reduce then end ‘inefficient’
fossil fuel subsidies through separate fora.

TNFD anniversary

In related news, this week marks the first anniversary of the finalisation of
the Taskforce on Nature-related Financial Disclosures’ (TNFD) recommendations.

The TNFD recommendations intend to provide a gold standard for businesses and
other organisations to measure and disclose their nature-related risks, impacts
and opportunities.

This can help to mitigate the industrial impact on nature by
encouraging comprehensive reporting on businesses’ environmental footprint and
properly integrating nature-related considerations in corporate strategies. In
turn, this gives investors access to better-quality data.

More than 440 organisations have pledged to report in line with the TNFD’s
recommendations including banks and corporations. They collectively represent
more than $6trn in market cap and $16trn in assets under management.


ASK EDIE...



First-generation reports are already out with dozens more expected in 2025.

TNFD co-chair David Craig said: “Nature is now firmly and widely recognised as a
strategic risk management issue for business and finance – no longer just a
corporate social responsibility one.

“This shift in mindset since the climate COP in Glasgow in 2021 to today is
significant. Investors and corporate leaders are increasingly appreciative of
the reality that the resilience of their cashflows depends on the resilience of
nature – the flow of inputs into their business models from soil nutrients for
our food system to the water relied on to manufacture semiconductor chips.
Nature resilience is everyone’s business.”

The TNFD has taken strategic steps to align with other key frameworks to enable
interoperability and reduce the burden on disclosing organisations. It has
worked closely with the International Sustainability Standards Board (ISSB), GRI
and the European Union.

--------------------------------------------------------------------------------

TOPICS

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TAGS

 * Biodiversity
 * biodiversity treaty
 * blue finance
 * climate
 * conservation
 * ethics
 * finance
 * global south
 * green finance
 * just transition
 * nature
 * nature finance
 * nature markets
 * nature risk
 * oceans
 * restoration
 * risks
 * TNFD

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 * Share
 * Share Nature finance: Wealthy nations have one year to plug $5bn gap, says
   OECD from edie on Facebook
 * Share Nature finance: Wealthy nations have one year to plug $5bn gap, says
   OECD from edie on Twitter
 * Share Nature finance: Wealthy nations have one year to plug $5bn gap, says
   OECD from edie on LinkedIn
 * Share Nature finance: Wealthy nations have one year to plug $5bn gap, says
   OECD from edie via Email

Words Sarah George

Published 18th September 2024

© Faversham House Ltd 2025 edie news articles may be copied or forwarded for
individual use only. No other reproduction or distribution is permitted without
prior written consent.

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