The former heads of state of Colombia, Ethiopia, and Uganda have this week urged global leaders to ensure that the nature finance commitment made at the UN biodiversity COP15 summit to deliver at least $20 billion per year to developing countries by 2025 is kept to.
At the African Climate Summit held in Kenya this week, Ivan Duque, former president of Colombia, Hailemariam Desalegn, former prime minister of Ethiopia, and Ruhakana Rugunda, former prime minister of Uganda, highlighted that the climate crisis and the biodiversity crisis are deeply interrelated and stressed that no efforts to combat climate change will succeed without sufficient attention on nature conservation.
“At this summit, we have heard a lot of talk and announcements on private finance and credits for climate action. While innovative finance mechanisms with integrity are welcome, they cannot be used as a proxy or substitute for developed countries to meet their promise of $20 bln in nature finance to developing countries by the fast-approaching deadline of 2025,” said Duque.
Target 19 of the Kunming-Montreal Global Biodiversity Framework (GBF), agreed at COP15 last December by nearly 200 nations, states that signatories must commit to increasing total biodiversity related international financial resources from developed countries to developing countries, in particular the least developed countries and small island developing states, as well as countries with economies in transition, to at least $20 bln per year by 2025, and $30 bln per year by 2030.
“$20 billion of international finance for biodiversity is less than 1% of the $2.24 trillion in global defense spending, yet investment in the natural world is our best defense to prevent the collapse of our ecosystems which is key to our global economic stability and security,” said Desalegn of Ethiopia.
“The Global North must begin to value and support the Global South’s stewardship of the biological resources and ecosystem services that we all, as a global community, depend on. The Global North must move fast to devise a strategy so that this $20 bln promise is delivered by 2025,” he added.
The public sector has accounted for the vast majority of historic funding for biodiversity and continues to account for the overwhelming majority of current funding, and delivering $20 bln to developing countries by 2025 represents roughly a doubling of the current flow.
The OECD estimates current international funding for biodiversity stands at $10.4 bln per year, made up of $9.6 bln from public sources, $686 million from philanthropic sources, and just $165 mln from private capital.
In the open letter dated mid-August, former heads of state, ministers, diplomats, and scientists who make up the Campaign for Nature Steering Committee, called on governments to act with greater urgency to confront the alarming loss of nature and prioritise efforts to increase nature financing and deliver on the historic target to protect 30% of the worlds land and ocean.
“It is critical that leaders this week send a strong signal that the world must deliver on its promises on nature finance, not only to help prevent the extinction of a million species or to support our economies, but as a crucial component of the global strategy to combat climate change,” commented former Ugandan PM Rugunda.
By Roy Manuell – roy@carbon-pulse.com
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