New initiative tracks global finance for nature
A new analysis led by The Campaign for Nature provides the first ever accounting totaling the latest financial commitments from governments, foundations, and corporates to support nature conservation. Called Nature Finance Info, the initiative will track progress in the lead up to the UN Post-2020 Global Biodiversity Framework, the global convention on biological diversity to be held at the end of 2022.
According to the group, only $6.4 billion annually has been committed to protect biodiversity, far short of the minimum $100 billion per year recommended by the Co-Chairs of the Open-Ended Working Group on the Post-2020 Global Biodiversity Framework.
Prior to the initiative’s launch on September 20th, only $5.2 billion had been committed to the annual financing of biodiversity protection. However, in a joint announcement during Climate Week on September 21st, additional funding for biodiversity was pledged under the Leaders Pledge for Nature – increasing the German government’s commitment by €870 million to €1.5 billion annually – as well as by the EU Commission’s Global Gateway strategy, pledging €7 billion to biodiversity over six years.
The majority of these total commitments have been made by governments and the Global Environment Facility, totaling $5.5 billion annually, with the remaining annual funds of $700 million committed by philanthropists and $200 million by private companies. This number may be an underestimate, as it does not include “other” commitments that may be considered biodiversity financing because they have not provided details of specific amounts, are fundraising goals that are not yet backed by formal pledges, or are pledges that do not translate into actual quantifiable funding for biodiversity. The total of these “other” commitments amounts to an additional $4.2 billion per year.
Combined, the formally committed financing for biodiversity and other commitments total $10.6 billion annually. This is still a large financing gap for biodiversity, showing that international commitments and actual investments need to be drastically increased if we are to reverse biodiversity loss by 2030. All eyes are now turned towards the UN Convention on Biodiversity COP 15, hosted in December in Montreal, Canada, to see if this financing gap will continue to closeDownload the Summary