According to UNEP, by 2025, the funds allocated to nature should be doubled

Limiting global warming to below 1.5°C requires halting biodiversity loss, achieving land degradation neutrality and achieving the Sustainable Development Goals. Radical action is also needed to reduce emissions, protect nature and sustainably consume and produce, UNEP said.

According to the UN agency, nature-based solutions offer the possibility of solving a range of problems in an integrated way.

However, financial flows for these solutions are currently only $154 billion per year, less than half of the $384 billion annual investment required by 2025 and only a third of the required investment by 2030 ($484 billion per year). dollars).

“Science is undeniable. As we move to net zero emissions by 2050, we must reorient all human activity to reduce pressure on the natural world on which we all depend,” said UNEP Executive Director Inger Andersen. “This requires governments, businesses and finance to massively increase investment in nature-based solutions, because investments in nature are investments in securing the future of future generations. »

The report was released a week before the start of the United Nations Conference on Biodiversity (COP 15) in Montreal, Canada. The world’s governments must adopt a landmark agreement to halt and restore nature loss by 2030.

Resource mobilization for the implementation of the post-2020 global biodiversity framework is among the key issues discussed.

Thus, UNEP and its partners urged governments to reach an agreement that sets out a clear mandate requiring the financial sector to align its activities with environmentally friendly objectives.

Increase global private sector investment

Current global investments to take urgent action on climate change, biodiversity loss and land degradation need to increase by $230 billion per year by 2025.

Governments currently provide 83% of funding for nature-based solutions. But these flows are unlikely to increase significantly due to fiscal challenges related to conflict, debt and poverty, the report said.

To achieve this, the private sector needs to significantly increase its investment from the annual level of 26 billion dollars (17%). It should increase its investments in sustainable supply chains and reduce activities that have a negative impact on climate and biodiversity. It should also offset unavoidable impacts through financial markets of a highly honest nature, pay for the ecosystem services it uses, and invest in activities that have a positive impact on nature.

The analysis shows that limiting global warming to 1.5°C, not 2°C, can be achieved if action is taken immediately and an additional cumulative investment of $1,500 billion is incurred between 2022 and 2050.

This additional investment will be directed towards sustainable agriculture and peatland restoration. Phasing out coal and decarbonizing energy systems will not be enough without major investments in natural solutions.

“As the world faces multiple crises, this report provides insight and shows how to combat climate change, biodiversity loss and land degradation by significantly increasing public and private investment in nature-based solutions, with multiple social and economic benefits. We must act now,” said Jochen Flasbart, State Secretary of the German Federal Ministry for Economic Cooperation and Development.

Coral Reef Image Bank/Alexander

Fish around coral reefs in the Red Sea near Egypt.

Investments in marine ecosystems

This new edition of the UNEP report also covers marine ecosystems, showing that only 9% of total investment in nature-based solutions targets ocean-based solutions.

Disproportionately, the ocean covers more than 70% of the Earth’s surface and absorbs about 25% of all CO2 emissions, making it one of the world’s largest carbon sinks, in addition to providing 17% of the planet’s protein.

Short-term viewing is no longer possible

While the International Monetary Fund (IMF) has warned of the “darkest hour” for global growth in 2023, UNEP, for its part, has noted that many short-term efforts by governments to stimulate domestic product (GDP) are not true. Nature is the basis of many economies that may lead to higher costs for current and future generations in the coming years.

UNEP said that solutions must be found to face the current challenges and thus practices that combat the main drivers of biodiversity loss, land degradation and climate degradation.

While protecting 30% of land and oceans by 2030 is an important goal, the funding gap for this is estimated at US$17-22 billion per year by 2030, and more funds should be allocated to natural vegetation restoration and afforestation.

In addition, UNEP explained that harmful flows from public sources must be redistributed and the imperative of “positive character” must be placed at the heart of economic policy, business and investment decisions.

“The science has never been clearer,” UNEP said in its report. As the effects of climate change manifest themselves in the form of unprecedented fires, droughts, and floods, nature-based solutions will help mitigate these impacts and reduce the costs of responding to these climate-related disasters. Because investing in nature is the smartest investment to build economic stability and human well-being.

UNEP reiterated its call to double funding for nature by 2025.

Leave a Reply

Your email address will not be published. Required fields are marked *