COP15: A ‘Paris moment’ for nature - Will it take root?

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Editions

1. COP15: A ‘PARIS MOMENT’ FOR NATURE - WILL IT TAKE ROOT?
2. The 30 by 30 target
3. Eliminate, phase out, and reform
4. Giving back to developing countries
5. Will private finance walk the talk?

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ARTICLE

ELIMINATE, PHASE OUT AND REFORM

By Julie Gossen,
Responsible Investment Specialist

A second important breakthrough relates to the financing of biodiversity restoration and halting biodiversity loss. It has long been recognized that a funding gap of USD 700 billion per year exists in this area. The Global Biodiversity Framework (GBF) has now made a pledge to “eliminate, phase out, and reform” subsidies that harm biodiversity, with a target of reducing these subsidies by at least USD 500 billion by 2030. At present, over USD 1.8 trillion in annual subsidies are provided to industries that contribute to biodiversity loss, particularly fossil fuels and agriculture. The latter sector is responsible for approximately 80% of global forest loss, which is a major factor in biodiversity loss. These harmful subsidies will now be redirected towards industries and businesses that are working to protect and restore nature, through measures such as natural infrastructure and green financial products, as well as contributing to biodiversity offsets.