Key Impact Points:
- Finance and Biodiversity Pavilion announced for COP16 in Cali, Colombia, focusing on aligning financial flows with biodiversity goals.
- Event aims to foster discussions on sustainable investment and biodiversity finance amid increasing sector commitment.
- Key objectives include developing a resource mobilization strategy to address the annual €700 billion biodiversity finance gap.
The United Nations Environment Programme Finance Initiative (UNEP FI), Finance for Biodiversity Foundation, and the United Nations Development Programme (UNDP) have unveiled plans for the Finance and Biodiversity Pavilion at the upcoming UN Biodiversity Conference COP16. Scheduled for October 21 to November 1, 2024, in Cali, Colombia, the pavilion will be a cornerstone for discussing the integration of financial practices with the Global Biodiversity Framework (GBF) goals.
Central Hub for Biodiversity Finance
Located in the Blue Zone of the Centro de Eventos Valle del Pacífico, the pavilion will act as a central meeting point for finance professionals, policymakers, and conservationists. It aims to drive significant progress in biodiversity finance by facilitating essential discussions and collaborations. This engagement underscores the finance sector’s growing dedication to sustainability, particularly in aligning financial flows with the Kunming-Montreal GBF targets.
Discussions and Workshops
The pavilion will host a series of panel discussions and workshops focusing on sustainable investment strategies, biodiversity impact assessments, innovative financial instruments, and recent policy developments. A dedicated booth will enhance networking opportunities among financial institutions and other stakeholders, fostering partnerships and collaborative efforts in biodiversity finance.
Change the World - Subscribe Now
Strategic Goals and Expected Outcomes
One of the key anticipated outcomes of COP16 is forging an agreement on a resource mobilization strategy that aims to bridge the estimated €700 billion per year biodiversity finance gap. Discussions will also cover the GBF monitoring framework, setting indicators to track private financial contributions towards global biodiversity targets.
Governments are expected to develop clear policy frameworks to effectively direct funds into ambitious national biodiversity strategy and action plans (NBSAPs) and national biodiversity finance plans (NBFPs). These plans are crucial for supporting front-line nature stewards and aligning financial flows with nature-positive economic policies.
Leadership and Commitment
Anita de Horde, Executive Director of the Finance for Biodiversity Foundation, expressed enthusiasm about leading the initiative, noting, “Our pavilion will serve as the central hub for the finance community and aims to showcase action and foster collaboration. We are looking forward to facilitating discussions and driving progress towards the implementation of the GBF.”
Eric Usher, Head of UNEP FI, highlighted the dramatic increase in participation from the finance sector at recent COPs, indicating a deepening commitment to biodiversity finance. Marcos Neto, UNDP Assistant Secretary General, emphasized the interconnected crises of biodiversity loss, climate instability, and land degradation, advocating for the redirection of finance from harmful investments to nature-positive economic policies.
Related Article: Biodiversity and the Private Sector: Key Challenges Ahead of COP16
Looking Ahead
The Finance and Biodiversity Pavilion at COP16 represents a pivotal opportunity for the global finance community to contribute to a nature-positive future. As the event approaches, a call for proposals will be issued to members of the Finance for Biodiversity Foundation, UNEP FI, and other related organizations to further enrich the pavilion’s program and highlight the critical role of finance in biodiversity conservation.
