The group of former heads of state, ministers, diplomats, and scientists has written an open letter through the Campaign for Nature’s Global Steering Committee. The Open Letter calls on environment ministers to confront the ongoing loss of nature by funneling at least $20bn annually into biodiversity solutions by 2025.
The letter warns that existing targets to halt and reverse nature loss “will only work when complemented by sufficient financing”.
“We recommend that donor countries move fast to devise a strategy and roadmap so that delivery of the $20bn annual commitment is viable by 2025,” the letter states. “We urge you to prioritise efforts to increase biodiversity financing and to ensure that an increased percentage of biodiversity financing goes to Indigenous Peoples and local communities, who help conserve 80% of the world’s biodiversity but receive less than one percent of the funding.
“This is not the time to withdraw from global environmental leadership, this is the time to keep the promise – honor financial commitments, be bold with policy choices, and stand in partnership with the developing world to protect and restore nature at home and abroad.”
Global Environment Facility
Next week Environment Ministers will gather in Canada, for two critical meetings on nature – The 7th Global Environment Facility (GEF) Assembly in Vancouver and a Ministerial Meeting on progressing the Kunming-Montreal Global Biodiversity Framework in Squamish.
The Framework was finally agreed upon by nations in December 2022 following years of delays due to the coronavirus pandemic. The Kunming-Montreal Global Biodiversity Framework is aimed at halting land and water deterioration, restoring 30% of degraded ecosystems on land and sea by 2030 and unlocking new finance streams for nature recovery.
By UN estimates, less than $10bn is allocated globally to international biodiversity finance. The organisation recommended last year that at least $8.1trn is provided to nature-based solutions alone – projects which involve the restoration of ecosystems in a way that also enhances climate mitigation and/or adaptation efforts – by 2050.
Separate research suggests that investments in nature-based solutions need to at least triple by 2030 and four-fold by 2050, equating to up to $10trn and annual investments of $674bn.