The COP26, the COP15, a study group on biodiversity and finances, 2021 is the year of the biodiversity, climate and land protection events
A growing number of central banks and supervisors have recognised the need to extend their focus from climate change to the challenges of addressing the implications of broader nature-related risks and the conservation of nature and biodiversity.
Doing this will involve understanding the impact of finance on the provision of key ecosystem services as well as the consequences of biodiversity loss for financial stability.
To respond to this emerging agenda, the Network for Greening the Financial System (NGFS) which represents a group of 89 central banks and supervisors, sharing best practices to contribute to the development of environment and climate risk management in the financial sector, and to mobilize mainstream finance to support the transition toward a sustainable economy, together with the International Network for Sustainable Financial Policy Insights, Research, and Exchange (INSPIRE) have launched a joint Study Group on ‘Biodiversity and Financial Stability’.
This Study Group will conduct a program of research and dialogue to address these challenges and propose recommendations for action and further inquiry.
The goal of the research initiative is to establish an evidence-based approach to how central banks and supervisory authorities could fulfil their mandates in the context of biodiversity loss, with a focus on land-use and deforestation.
“Of systematic importance but poorly understood is the impact of biodiversity loss on the economy and financial system. The joint NGFS/INSPIRE research initiative on ‘Biodiversity and Financial Stability’ is formed to improve this understanding, by exploring the dependencies among and impact transmission through the ecological systems, economic activities, and financial stability.”Dr Ma Jun, Chair of the NGFS Research Workstream, co-Chair of the G20 Sustainable Finance Study Group, and Chairman of China Green Finance Committee
2021 will be a crucial year with 4 major promoted events such as the COP26, the Biodiversity COP15, the UN Convention to Combat Desertification / COP15 and the UN Food Systems Summit
The UN Climate Change Conference (COP26) hold this year in Glasgow (November) is gathering 197 signatory parties involved in the United Nations Framework Convention on Climate Change (UNFCCC) who will address climate crisis issues on a global scale.
The convention on Biological diversity (COP15) initially agreed to be held later this year in Kunming, China will finally be virtually organized from May 3, 2021 until June 13, 2021. This year the goal of this summit will be to adopt a post 2020 global diversity framework to reverse biodiversity loss and negative impact on species, population, nature and economies.
The UN Convention to Combat Desertification (UNCCD) should implement various actions to tackle the desertification, which represents yearly 12 million hectares of land loss to desertification, land degradation and drought, with direct impacts on food chain supply. And a pre-summit will take place in Italy coming July, the UN Food Systems Summit, which opened the floor to governments, farmers, youth, women and indigenous groups, scientists and civil society totalizing 1200 ideas and propositions to uncover innovations to transform food systems. The submissions consolidated into 107 emerged propositions across five Action Tracks will be debated during the pre Summit.
Those meetings should be essential to the development of the science base and implementation of tools and propositions that play significant role in building resilience, galvanizing national consciousness and actions, and international cooperation for protecting nature in face of growing environmental, health and development challenges.
Article: Joana Foglia – Source: NGFS, UN