New Pavilion at the COP16 Biodiversity Conference on Accelerating Global Action on Sustainable Finance
Image courtesy of Finance for Biodiversity Foundation
New Pavilion at the COP16 Biodiversity Conference on Accelerating Global Action on Sustainable Finance
The Finance for Biodiversity Foundation, UNEP FI and UNDP recently announced their Finance and Biodiversity Pavilion at the UN Biodiversity Conference COP16 to be held in late October 2024.
To meet a growing interest from the finance sector, the pavilion will serve as a central hub to discuss the alignment of financial flows with the goals and targets of the Global Biodiversity Framework (GBF), including resource mobilization as one of the key topics for COP16. It will be located in the Blue Zone of the Centro de Eventos Valle del Pacífico in Cali, Colombia, from October 21st to November 1st, 2024.
Finance professionals, policymakers and conservationists are set to converge at the “Finance and Biodiversity” Pavilion during COP16, which will serve as a central meeting point for driving impactful progress in biodiversity finance. This high-profile hub will focus on the alignment of financial flows with the goals and targets of the Kunming-Montreal Global Biodiversity Framework (GBF). The pavilion will facilitate crucial discussions and collaborations, highlighting the finance sector’s increasing commitment to sustainability.
The Finance and Biodiversity Pavilion will feature panel discussions and workshops on sustainable investment strategies, biodiversity impact assessment, innovative financial instruments, and policy developments. It will also feature a dedicated booth to facilitate networking among financial institutions and engagements with diverse stakeholders, including policymakers and conservationists.
The UN Biodiversity Conference COP16 presents a crucial opportunity to address the pressing issues facing our planet’s biodiversity. Mobilizing the finance sector is essential to achieving successful outcomes. One of the key expected results of COP16 is an agreement on the resource mobilization strategy, aiming to close the biodiversity finance gap estimated at €700bn per year by increasing the level of financial resources from all sources. Parties will also discuss the GBF monitoring framework, including agreeing on indicators to track private financial flows supporting global biodiversity goals and targets. Governments need to establish clear policy frameworks to effectively channel funds into ambitious national biodiversity strategy and action plans (NBSAPs) and national biodiversity finance plans (NBFPs) and support front-line nature stewards.
“We are excited to lead this initiative together with our partners and bring together key players in biodiversity finance,” said Anita de Horde, Executive Director of the Finance for Biodiversity Foundation. “Our pavilion will serve as the central hub for the finance community and aims to showcase action and foster collaboration. We are looking forward to facilitating discussions and driving progress towards the implementation of the GBF.”
“The increase in participation from one financial institution at COP14 to nearly 200 at COP15 demonstrates the growing commitment to biodiversity finance,” said Eric Usher, Head of UNEP FI. “We expect even more participants this year, including all of our members in LAC. Clear definitions are needed to drive private funding towards the 2050 Vision and 2030 Mission of the Kunming-Montreal Global Biodiversity Framework.”
“Biodiversity loss, climate instability and land degradation are interconnected crises, and the solutions lie in redirecting public and private finance flows from investment decisions that harm nature towards nature-positive economic policies,” said Marcos Neto, Assistant Secretary General, Assistant Administrator and Director, Bureau for Policy and Programme Support of the United Nations Development Programme (UNDP).
“I hope this Pavilion will serve as a catalyst for innovative finance mechanisms, instruments and markets that can help the world transition to a nature-positive future – strengthening livelihoods, equity, and development outcomes,” Neto said.
To enhance the pavilion’s program, a call for proposals will be issued to members of Finance for Biodiversity Foundation, UNEP FI, and other finance-related biodiversity organizations. This call will outline the pavilion’s program themes and provide speaking opportunities for members to share their insights and experiences.
About Finance for Biodiversity Foundation
The FfB Foundation is an observer of the Convention on Biological Diversity and part of the Resource Mobilization Advisory Committee. The FfB Foundation, established in March 2021, is a non-profit organization dedicated to fostering a call to action among financial institutions worldwide with 177 signatories of the Finance for Biodiversity Pledge. With 75 active member financial institutions across 28 countries, the Foundation facilitates knowledge sharing and collaboration on biodiversity actions through its working groups. https://www.financeforbiodiversity.org/
About UNEP FI
UNEP Finance Initiative brings together a large network of banks, insurers and investors that collectively catalyzes action across the financial system to deliver more sustainable global economies. For more than 30 years the initiative has been connecting the UN with financial institutions from around the world to shape the sustainable finance agenda. It has established the world’s foremost sustainability frameworks that help the finance industry address global environmental, social and governance (ESG) challenges. Convened by a Geneva, Switzerland-based secretariat, more than 500 banks and insurers with assets exceeding US$100 trillion work together to facilitate the implementation of UNEP FI’s Principles for Responsible Banking and Principles for Sustainable Insurance. Financial institutions work with UNEP FI on a voluntary basis and the initiative helps them to apply the industry frameworks and develop practical guidance and tools to position their businesses for the transition to a sustainable and inclusive economy. www.unepfi.org
About UNDP
As the United Nations lead agency on international development, UNDP works in 170 countries and territories to eradicate poverty and reduce inequality. UNDP helps countries to develop policies, leadership skills, partnering abilities, institutional capabilities, and to build resilience to achieve the Sustainable Development Goals. UNDP’s work is centered around six signature development solutions: poverty and inequality, governance, resilience, environment, energy and gender equality. Learn more at undp.org or follow @UNDP
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