G20 Bali Leaders’ Declaration, Bali, Indonesia, 15-16 November 2022
14. We welcome the progress to date towards achieving a Post 2020 Global Biodiversity Framework (GBF). We urge all parties and countries to finalize and adopt the GBF with the view of realizing of 2050 Vision of “Living in harmony with Nature” at the second part of COP15 CBD as a strong framework of action and accountability for halting and reversing biodiversity loss by 2030 and, as appropriate, to update National Biodiversity Strategies and Action Plans accordingly. We emphasize the importance of achieving and synergizing the objectives of the three Rio Conventions. We stress the need for clear and measurable goals and targets for biodiversity and means of implementation and accountability. We commit to strengthen actions to halt and reverse biodiversity loss by 2030 and call on CBD Parties to adopt an ambitious, balanced, practical, effective, robust and transformative post-2020 Global Biodiversity Framework at COP-15 in Montreal. We urge for increased resource mobilization from all sources, including from countries and entities, to provide new and additional financial resources for the implementation of the GBF, once it is negotiated, including to help enable and support developing country parties, and for aligning private and public financial flows with biodiversity objectives. We will scale up efforts to combat biodiversity loss, deforestation, desertification, land degradation and drought, as well as restoring degraded land to achieve land degradation neutrality by 2030, and in support of the G20’s ambition to reduce land degradation by 50% by 2040 on a voluntary basis. We recognize the effort made by a number of countries to ensure that at least 30% of global land and at least 30% of the global ocean and seas are conserved or protected by 2030 and we will help to make progress towards this objective in accordance with national circumstances. We commit to reduce environmental impacts by changing unsustainable consumption and production patterns as well as to enhance environmentally sound waste management including by preventing illegal cross-border traffic of waste.
15. We will step up efforts to halt and reverse biodiversity loss, including through Nature-based Solutions and Ecosystem-based Approaches, support climate mitigation and adaptation, enhance environmental conservation and protection, sustainable use and restoration, responding to natural disasters, reduce ecosystem degradation, enhance ecosystem services and to address issues affecting the marine and coastal environment. We will further promote sustainable development and lifestyles, resource efficiency and circular economy to increase sustainability and work together on scientific knowledge-sharing, raising awareness, and capacity building, particularly to advance on the ocean-based climate action. We are committed to ending illegal, unreported and unregulated fishing. We welcome the WTO multilateral Agreement on Fisheries Subsidies and encourage its rapid entry into force. In line with the UNEA Resolution 5/14, we are committed to develop an international legally binding instrument on plastic pollution, including in the marine environment, with the ambition of completing the work by the end of 2024. We highlight the progress made and call on participating delegations to achieve an ambitious and balanced agreement without delay on an international legally binding instrument under UNCLOS on the conservation and sustainable use of marine biological diversity of areas beyond national jurisdiction, as called for in the UNGA Resolution 69/292. We also acknowledge that ecosystems, including forests, seagrasses, coral reefs, wetland ecosystems in all their diversity, including peatlands and mangrove, support climate change mitigation and adaptation efforts.
16. We acknowledge the urgent need to strengthen policies and mobilize financing, from all sources in a predictable, adequate and timely manner to address climate change, biodiversity loss, and environmental degradation including significantly increasing support for developing countries. We recall and further urge developed countries to fulfil their commitments to deliver on the goal of jointly mobilizing USD 100 billion per year urgently by 2020 and through to 2025 in the context of meaningful mitigation action and transparency on implementation. We also support continued deliberations on an ambitious new collective quantified goal of climate finance from a floor of USD 100 billion per year to support developing countries, that helps in fulfilling the objective of the UNFCCC and implementation of the Paris Agreement. We emphasize the importance of transparency in the implementation of the pledges. We also recall the Glasgow Climate Pact urging developed countries to at least double their collective provision of climate finance for adaptation to developing countries, from 2019 levels, by 2025, in the context of achieving a balance between mitigation and adaptation in the provision of scaled up financial resource, recalling Article 9 of the Paris Agreement.
17. In the context of strengthening global efforts to reach the objective of the United Nations Framework Convention on Climate Change (UNFCCC) and the goals of the Paris Agreement, as well as implementing the COP26 commitments, we reiterate that our policy mix toward carbon neutrality and net zero should include a full range of fiscal, market and regulatory mechanisms including, as appropriate, the use of carbon pricing and non-pricing mechanisms and incentives, and phase out and rationalize, over the medium term, inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieve this objective, while providing targeted support to the poorest and most vulnerable, and in line with national circumstances. We acknowledge the macro-economic risks stemming from climate change and will continue discussions on the costs and benefits of different transitions.
18. We are committed to take actions in support of orderly, just and affordable transitions to achieve the objectives of the 2030 Agenda for Sustainable Development in line with the UNFCCC and the Paris Agreement as well as with the convention on Biological Diversity. We welcome the progress made across the G20, international organizations, other international networks and initiatives, and the private sector in addressing the priorities of the G20 Sustainable Finance Roadmap, which is voluntary and flexible in nature, and call for further efforts to advance the Roadmap’s recommended actions that will scale up sustainability financing. We welcome the establishment of the Sustainable Finance Working Group’s online dashboard and repository of relevant work, to illustrate ongoing and future progress made on the Roadmap, and encourage members to contribute on a voluntary basis, taking country circumstances into consideration. We endorse the 2022 G20 Sustainable Finance Report which articulates practical and voluntary recommendations for jurisdictions and relevant stakeholders in developing transition finance frameworks, improving the credibility of financial institutions’ net zero commitments and scaling up sustainable finance instruments, with a focus on improving accessibility and affordability. We also welcome the valuable discussion during the Presidency’s Forum on policy levers that incentivize financing and investment to support the transition.