With the private sector on board, this is our year to turn the tide on biodiversity loss | Opinion | Eco business


[ad_1]

The overexploitation of nature is putting our societies, economies and financial systems on the path to disaster – but we have a golden opportunity to bend down the curve of biodiversity loss when the Convention on Biological Diversity (CBD) 15the Conference of the Parties (COP15) in Kunming, China, at which world leaders will agree on the future Global Biodiversity Framework (GBF) after 2020 for the next ten years.

Calling COP15 an event of historic importance is not an exaggeration. Humanity has eradicated 83 percent of wild mammals and half of all plants. Three-quarters of the ice-free land and two-thirds of the marine environment have been greatly altered. The discussions in Kunming are just as important to biodiversity as the Paris Agreement is to climate, and are likely to be just as complex, if not more complex. In addition, COP15 is of tremendous importance to businesses and financial institutions around the world as tackling natural risk will become the new frontier for sustainable business and finance.

Solving the biodiversity crisis requires an overhaul of our economic system – and this requires the economy to be on board and ready to run alongside governments.

There are draft proposals that would set global goals and specifications for urgent social measures to bring biodiversity to recovery by 2030 for the benefit of the planet and people and to live in harmony with nature by 2050 Protected areas should be by 2030 Cover 30 percent of the world’s oceans and land areas, reduce threats to biodiversity, introduce new controls on invasive species and reduce pollution from all sources, including plastic pollution, increase contribution to climate change mitigation and adaptation, among other actions. If governments can agree to these goals and targets, our societies, economies and financial systems may have a chance to prevent the steep decline of the planet’s species and ecosystems.

But goals are just the starting point. Implementation, not ambition, is the real success factor. It is imperative that we underpin all agreed goals with concrete implementation plans. Looking at the past, in which environmental goals have been successful and which have failed, we know that goals must be supported by clear next steps.

In 2010, the countries joined forces to create a 10-year plan, which is broken down into 20 goals, to protect and preserve nature. The so-called Aichi Biodiversity Targets expired last year – and most of the targets were not achieved. There are several reasons for the failure of the Aichi goals, but a critical problem has been the lack of coordination between governments, corporations and the financial sector, with the latter taking limited action. Solving the biodiversity crisis requires an overhaul of our economic system – and this requires the economy to be on board and ready to run alongside governments.

The stakes are even higher now, as scientists tell us this is the last decade that we have to reverse the loss of nature and solve the climate crisis. To make sure Kunming is a success, we need to take a different approach this time around. There is a lot at stake, so it’s important that we get all the key players together from the start.

That means working more closely with the global economic and financial sector, which has the power to divert financial flows away from environmentally destructive operations. We need to see the economy and the financial sector as the main driver of solutions rather than seeing the private sector as an obstacle to the sustainable use of natural resources.

Financial institutions and companies have the necessary resources, autonomy, technology and innovation. Since the world’s governments signed the Paris Agreement in 2015, climate action has become mainstream in business. Now we need to enable nature to take the same step.

More and more global companies are turning to nature conservation as they recognize the extensive financial risks that the loss of biodiversity entails. Since over 50 percent of the global economy is heavily dependent on nature, flourishing biodiversity is a fundamental component for the long-term survival of companies.

The loss of biodiversity can have a direct impact on business operations where raw materials are no longer available in the required quality and quantity. Rising costs in raw material supply chains as a result of decreasing biodiversity can have an impact on company results. Biodiversity-related risks affect sectors and countries. In addition, the natural and climate crises are inextricably linked: As 50 of the world’s leading scientists recalled last week, we cannot solve one without solving the other.

The recent introduction of the market-led Taskforce for Nature-related Financial Disclosures (TNFD) shows that the market is ready to take advantage of nature-related risks and opportunities. This new global initiative – backed by a variety of leading financial institutions and corporations, including AXA, BNP Paribas, Kering, KPMG, H&M and many more – aims to give companies a complete picture of their environmental risks.

More and more global companies are turning to nature conservation as they recognize the extensive financial risks that the loss of biodiversity entails. Since over 50 percent of the global economy is heavily dependent on nature, flourishing biodiversity is a fundamental component for the long-term survival of companies.

The private sector as the driving force behind the TNFD is sending a strong signal to global governments of the growing need in the business and financial sectors to stop and reverse the natural decline. Knowing that the financial sector and corporations are on board will help governments around the world agree on ambitious goals when they meet at COP15 later this year. Biodiversity entrepreneurship reassures governments that urgent, ambitious action to contain and reverse the loss of nature is an economic and financial imperative.

To ensure close collaboration from an early stage in the process, the CBD held a virtual workshop last week with executives from major investors, insurance companies, public and private banks, governments and regulators, NGOs and universities and other institutions to share their contributions the draft of the biodiversity framework for the period after 2020 for Kunming and key measures for the implementation of the GBF.

Using the next four months to create an ambitious but workable plan – supported by governments, financial institutions and corporations – is the challenge we face now. Companies and financial institutions that are part of this process to get us to success in Kunming – and for the next decade – may find it the best investment they have ever made.

Elizabeth Maruma Mrema, Executive Secretary of the United Nations Convention on Biological Diversity and Co-Chair of the Task Force on Nature-related Financial Disclosures.

Thanks for reading this story to the end!

We would be grateful if you would consider joining The EB Circle. This helps keep our stories and resources free for all, and it also supports independent journalism that advocates sustainable development. For a small donation of S $ 60 a year, your help would go a long way.

Find out more and join the EB Circle

[ad_2]

About Thelma Wilt

Check Also

The French delegation discusses the status of project implementation with the Minister of Assam

Guwahati, Nov 13: A French delegation from Agence Française de Développement (AFD) India on Saturday …

Leave a Reply

Your email address will not be published.