The Global Biodiversity Framework (GBF) being negotiated at COP15 must create “the clarity and action” to align all economic actors, including finance, to halt and reverse nature loss, according to a statement from 150 global financial institutions with US$24 trillion AUM. A “robust agreement” must provide a clear mandate for the alignment of financial flows; support the assessment and disclosure of nature-related impacts and dependencies; and provide clear targets and definitions to support the development of nature-positive projects and investments. The statement, which also called for coordinated government action across National Biodiversity Strategy Actions Plans and Nationally Determined Contributions, was coordinated by the UN-backed Principles for Responsible Investment, the UN Environment Programme Finance Initiative and the Finance for Biodiversity Foundation. The signatories committed to contribute to the protection and restoration of biodiversity and ecosystems “through our financing activities and investments”. Separately, Group of Seven leaders said they would work toward the adoption of an ambitious and effective GBF, and committed to “substantially increasing” our national and international funding for nature by 2025 to support its implementation”. Progress of the negotiations in Montreal has been described as slow by observers including ClientEarth, but Elizabeth Mrema, Executive Secretary of the UN Convention on Biodiversity, called for patience at a press conference yesterday, claiming that the number of brackets in the framework document “are reducing every day”.
As #COP15 heads into its 2nd week, goals and targets relating to private financial flows are still being discussed. Get updates about the negotiation and its implications on the financial sector straight from Montreal from our Nature Lead Jessica Smith. Follow us for more! pic.twitter.com/lGbYWsJ8lW
— UNEP FI (@UNEP_FI) December 12, 2022