The African Development Bank and the UN Environment Programme have signed a framework to drive the implementation of the Global Biodiversity Framework, which includes a partnership to help attract additional finance for nature.
AfDB and UNEP will together establish an Expert Group on Biodiversity Finance as well as an Africa Biodiversity Coordination Platform to help bolster and increase funding for nature conservation and restoration work on the continent.
“The African Development Bank recognises the importance of biodiversity finance in complementing existing development assistance and climate finance to African countries,” Vanessa Ushie, acting director of the AfDB’s African Natural Resources Management and Investment Centre, said in a press release.
“The magnitude and far-reaching impacts of biodiversity loss in Africa requires innovative financing mechanisms and partnerships that can rapidly scale resource mobilisation by public, private, and multilateral institutions.”
A main objective of the partnership will be to provide a platform where policymakers and development partners in Africa can connect, share knowledge, approaches, opportunities, and solutions to mobilise biodiversity finance for nature positive development pathways in Africa, the press release said.
“It is heartening to note the leadership role Africa played in finalising the [Kunming-Montreal Global Biodiversity Framework] and decisions related to financing and implementation of the same,” said Balakrishna Pisupati, head of the UNEP Law Division’s environment policy unit.
“It is now time for action and action that needs to be led from the front by countries in the region. The proposed collaboration between UNEP and the African Development Bank is a great step forward to capacitate the region in becoming self-reliant on issues of financing.”
After the KMGBF was successfully negotiated last year, focus is now on implementing it and raising the funds necessary for that.
Earlier this month the UN Economic and Social Commission for Western Asia teamed up with the Swedish government to launch a platform to generate funding for nature and biodiversity actions in the Arab region.
While AfDB and UNEP did not specify types of innovative financing mechanisms their platform might look at, Africa has already attracted some interest through new financing approaches, such as blended finance, debt-for-nature swaps, and the emerging voluntary market for biodiversity credits.
news@carbon-pulse.com
*** Click here to sign up to our weekly biodiversity newsletter ***
