Finance Ministries Could Play a Key Role in Biodiversity Framework

Finance ministries need to improve their understanding of nature-based risks and incorporate that knowledge into policy to support implementation of the post-2020 Global Biodiversity Framework, according to a report released Monday. “Nature loss and climate change are interrelated and neither crisis can be successfully resolved unless both are tackled together,” the report, from The Coalition of Finance Ministers for Climate Action, says. “As the understanding of the impacts of climate change become clearer, concern about nature loss among ministries of finance is growing.” This knowledge could be put into action through economic policy reform, integrating nature-smart planning and nature-based solutions into sectors, mobilising finance for nature, and developing valuation, metrics and decision-support tools, the report said. The nature-focused report follows the group’s publication on climate-related risks last year. The coalition is a group of 72 finance ministries formed in 2019. The Global Biodiversity Framework is due to be finalised later this year, and aims to commit all United Nations member states to common actions to protect nature.

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