Error as occured...

Side Event #4645

Status: SCHEDULED

Date Friday
2022.12.09 @ 18:15
Add to Calendar
Room Friends of the Chair Room 2
516B
Capacity: 75 people
Conference
Meetings(s)
Title Making finance flows consistent with a pathway towards the conservation, sustainable use and restoration of biodiversity
Hosts
Aichi Biodiversity Targets
 

 

Background:

Although human well-being depends upon the continued flow of biodiversity and its ecosystem services, they are predominantly public goods with no markets and no prices (TEEB, 2010). Both public and private implementing bodies therefore often neglect their economic and monetary value. As a result, investment decisions are still mainly based on financial Cost-Benefit Analyses which ignore most of the negative (and positive) so-called ‘externalities’  leading to continued degradation of our ecosystems and the loss of biodiversity. Although this will affect all of our society, rural people are those most at risk because of their high dependence on ecosystem services, such as those that contribute to food production via agriculture, fishing, and hunting.

In this context, “the financial community has a critical leveraging role to pivot economic sectors towards more positive impacts on nature. The call for the financial community to act will become ever louder—as the world strengthens its nature goals and builds new techniques to measure nature loss.” (Elizabeth Maruma Mrema, CBD Executive Secretary)

Partners:

The Agence Française de Développement (AFD) finances and supports projects that improve living conditions for populations, promote economic growth and protect the planet. As a key public development bank, AFD not only engages in international fora like the Finance in Common Summit (FiCS) or the International Development Finance Club (IDFC), but it also mobilizes for innovative tools that help measuring and monitoring environmental impacts, including those on biodiversity.

The Food and Agriculture Organization (FAO) supports countries in balancing the need to improve the food and nutrition security and livelihoods of the poor, while at the same time preventing the degradation, contamination and loss of natural resources. FAO provides a neutral and open forum where biodiversity-related policies are discussed and agreements negotiated between Members. FAO hosts over 70 instruments and mechanisms on the sustainability of sectoral and cross-sectoral issues, many of them referring to biodiversity. FAO adopted in 2019, a Strategy on Mainstreaming Biodiversity across Agricultural Sectors and a 2021-23 Action Plan for its implementation.

The International Fund for Agricultural Development (IFAD) recognizes that biodiversity loss is having disproportionate adverse effects on the rural poor, as they depend on biodiversity for food security. This is reflected in IFAD’s operation, which aim to foster social, environmental and climate sustainability to address environmental degradation. Alongside its updated Social, Environmental and Climate Change Assessment Procedures (SECAP), IFAD recently approved its new Biodiversity Strategy 2022-2025 to facilitate a more systematic, organized and generalized integration of the protection, sustainable use and promotion of biodiversity in IFAD operations.

Event:

Acknowledging the role of public finance in transformational changes to stem the loss of biodiversity and make a long-term economic recovery possible, AFD and IFAD are aligned in their position to maintain natural capital and develop a biodiversity-positive economy. This is reflected in their commitment to direct 30 percent of its climate finance to support biodiversity and nature-based solutions (by 2025 and 2030, respectively). These commitments require both AFD and IFAD to track their biodiversity investments. IFAD will announce that it has adopted a new Nature-based Solutions (NbS) finance tracking methodology and its first ever Biodiversity Core Indicator to applied to new project designs starting from 2023. In addition, AFD will share progress on developing their NbS finance tracking methodology.

Another important part of biodiversity finance is impact evaluation. With its technical expertise, FAO provides new and innovative tools to measure anthropogenic impacts on biodiversity. One such tool is the Adaptation, Biodiversity and Carbon Mapping Tool (ABC-Map) built on Google Earth Engine and co-financed by AFD. ABC-Map is a new geospatial app, which holistically assesses the environmental impact of National Policies and Plans (NDC, NAPs, etc) and investments in the Agriculture, Forestry and Other Land Use (AFOLU) sector using satellite imagery. The tool thereby aligns with the objectives of the three Rio Conventions (United Nations Framework Convention on Climate Change (UNFCCC), the Convention on Biological Diversity (CBD) and the United Nations Convention to Combat Desertification (UNCCD)). Via indicators like the mean species abundance and natural capital, ABC-Map provides international financial institutions like AFD and IFAD with scientifically robust investment impact assessments for biodiversity. This tool will be used for IFAD’s new Biodiversity Core Indicator.

The aim of this joint AFD, FAO and IFAD side-event is to share experiences, provide examples and give guidance on how to scale up action for biodiversity[1] encompassing the:

  1. Scaling-up and alignment of finance for biodiversity from all sources.
  2. Strengthening of finance reporting and tracking frameworks.
  3. Facilitation of the integration of biodiversity by financial organizations.
  4. Promotion of policy coherence to harness synergies and reduce trade-offs for biodiversity.

The event will have six parts:

  1. Introduction
  2. Scaling up biodiversity finance: Commitments made by IFAD and AFD to increase their climate finance favorable to biodiversity & Biodiversity Finance Tracking methodology and discussion
  3. Supporting countries in their national commitments and strategies to protect, conserve and sustainably use biodiversity
  4. Measuring biodiversity impacts of investments in the agriculture, forestry and other land use sector: The Adaptation, Biodiversity and Carbon-Mapping Tool and its application in IFAD projects.
  5. Q&A

Closing remarks

Error as occured...
File Title & Description Tags


 

Error as occured...
File Title & Description Tags


 

Error as occured...
File Title & Description Tags


 

Documents