The Coalition of Finance Ministers for Climate Action hosted a stakeholder dialogue with the Convention of Biological Diversity Secretariat

While the financial sector is getting familiar with the Paris agreement targets to reduce carbon emission and achieve a neutral economy, biodiversity targets remain less renown. There are protocols under the Convention on Biological Diversity treaty :

The “Aichi Targets” – a 20 targets strategic plan signed in 2010 to address : the underlying causes of biodiversity loss by mainstreaming biodiversity across government and society, the reduction of direct pressures on biodiversity and promote sustainable use, to improve the status of biodiversity by safeguarding ecosystems, species and genetic diversity, to enhance the benefits to all from biodiversity and ecosystem services, and to enhance implementation through participatory planning, knowledge management and capacity building

The Cartagena Protocol on Biosafety to the Convention on Biological Diversity – an international treaty governing the movements of living modified organisms (LMOs) resulting from modern biotechnology from one country to another adopted on 29 January 2000 as a supplementary agreement to the Convention on Biological Diversity.

The Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization to the Convention on Biological Diversity – an international agreement which aims at sharing the benefits arising from the utilization of genetic resources in a fair and equitable way.

Biodiversity has been a topic discussed at the highest levels for decades, but since the last health crisis it really gained momentum within the financial sector.

The Coalition of Finance Ministers for Climate Action bringing together fiscal and economic policymakers from over 50 countries (including Monaco) hosted last week a virtual ‘stakeholder dialogue’ with the Convention of Biological Diversity Secretariat (CBD). All members of the Coalition have already signed on to the ‘Helsinki Principles‘ a set of six principles that promote national climate action, especially through fiscal policy and the use of public finance. Their common aim is to promote cohesion between domestic and global action on climate change, boost ambitions, reaffirm commitments, and accelerate actions to implement the Paris Agreement.

During this last virtual meeting, Elizabeth Maruma Mrema, Convention of Biological Diversity Executive Secretary, and Basile Van Havre, Convention of Biological Diversity Co-Chair of the Open-Ended Working Group, provided an update on the economic and financial challenges associated with meeting global biodiversity goals, including mobilizing public and private resources.

They presented the post-2020 Global Biological diversity Framework drafted last August 2020 and discussed efforts being taken to engage the financial sector in its implementation and Giovanni Ruta from the World Bank presented insights from the forthcoming report, ‘The Economic Case for Nature: A global earth economy model to assess development policy pathways.

In decision 14/34, named “Comprehensive and participatory process for the preparation of the post-2020 global biodiversity framework”, the Convention of Biological Diversity invited the finance community,

“to actively engage and contribute to the process of developing a robust post-2020 global biodiversity framework in order to foster strong ownership of the framework to be agreed and strong support for its immediate implementation, and to facilitate dialogues on the post-2020 global biodiversity framework and to make the results of these dialogues available through appropriate means”.

Convention of Biological Diversity – Global Biodiversity Framework

The discussion took place with the Coalition on the potential role of Ministers of Finances in meeting the targets laid out in the Global Biodiversity Framework. Members also discussed the potential to raise awareness of actions that can be taken at the climate-nature nexus and implications for the Coalition’s work. The Coalition co-chairs acknowledged that biodiversity has significant relevance to economic and financial stability. Climate change is contributing to the loss of biodiversity and natural systems, which is contributing to further climate change and compromising the resilience of countries to climate impacts.

The co-chairs acknowledged the Coalition should follow the work of the Convention of Biological Diversity as part of its effort to mainstream climate action into economic policies. Members of the Coalition are starting to look at how the policy levers they deploy can help to identify and manage climate- and nature-related financial risks and economic impacts.  

The Secretariat of the Convention on Biological Diversity, under the guidance of the Co-Chairs of the Open-ended Working Group on the Post2020 Global Biodiversity Framework, is organizing an online workshop entitled: “The financial sector and the Post-2020 Global Biodiversity Framework”, which will be held online on 17 and 18 June 2021.

Interested participants, preferably with experience in financial matters and working on biodiversity finance-related issues, are invited to pre-register for the workshop as soon as possible but no later than 7 May 2021, by clicking on the following link.

Below are the various paperworks (initial framework and updated version) :

Initial Post Global Biodiversity Framework

Update of draft of the post global biodiversity framework

Article: Joana Foglia – Sources: CBD, CFMCA, World Bank