We pride ourselves to be among the 150 financial institutions, representing over $24tn in assets under management, to have called on world leaders to adopt an ambitious post-2020 Global Biodiversity Framework at the UN Biodiversity Conference COP15.
Coordinated by the United Nations-backed Principles for Responsible Investment (PRI), the United Nations Environment Programme Finance Initiative (UNEP FI), and the Finance for Biodiversity Foundation, the Statement calls on governments worldwide to adopt a post-2020 Global Biodiversity Framework for economic actors, including financial institutions, to take action to halt and reverse nature loss.
The Statement comes as world leaders at COP15 discuss plans to address biodiversity loss by 2030. Globally, human drivers are causing unprecedented damage to the natural environment, resulting in over one million animal and plant species being threatened with extinction, for the first time in human history.
Investors are calling on governments to adopt measures within the post-2020 Global Biodiversity Framework which would set a clear mandate for the alignment of financial flows with the preservation of global biodiversity, like Article 2.1(C) did within the Paris Agreement (a legally binding international treaty on climate change). An ambitious post-2020 Global Biodiversity Framework should also support the assessment and disclosure of nature-related impacts and dependencies; and provide clear targets and definitions to take action and support the development of a pipeline of nature-positive projects and investments.
We – the signatories of this statement – realize that biodiversity loss threatens our ability and the ability of future generations to live and thrive in a healthy, peaceful and prosperous world. As a result, we commit to contribute to the protection and restoration of biodiversity and ecosystems through our financing activities and investments. In support of this, we call for the adoption of an ambitious Global Biodiversity Framework (GBF) at the Biodiversity Conference to the UN Convention on Biological Diversity (COP 15) held 7 – 19 December 2022 in Montréal under the presidency of the People’s Republic of China.
The signatories of this statement are calling on governments to, in addition to protecting and conserving nature, provide an agreement that creates the clarity and action to align all economic actors, including finance, to halt and reverse nature loss, and contribute to Nature-based Solutions to climate change, a fair and just transition, and other sustainable development challenges. From the viewpoint of the financial sector, a robust agreement would put in place: a clear mandate in the goals of the agreement for the alignment of financial flows; support the assessment and disclosure of nature-related impacts and dependencies; and provide clear targets and definitions to take action and support the development of a pipeline of nature-positive projects and investments.
We call for coordinated action by governments to tackle climate change and halt and reverse biodiversity loss to ensure synergies are taken advantage of and trade-offs are better managed, including across National Biodiversity Strategy Actions Plans (NBSAPs) and Nationally Determined Contributions (NDCs). We also call on the support of UN entities to align portfolio target-setting for climate and biodiversity, especially in key sectors such as food and agriculture. We recognize that the ability to deliver on commitments under the Paris Climate Agreement and the GBF will depend on both public and private capital flows playing a strong and supportive role in mobilizing finance at a scale that mirrors the challenge of halting and reversing nature loss by 2030.
With a clear and robust GBF as a result of COP15, signatories of this statement are committed to working as part of a wider ecosystem of actors to ensure the framework is translated into effective actions and provides the incentives and tools to halt and reverse nature loss. As part of this, we will continue to work alongside Central Banks in understanding how to effectively address systemic nature risks and to contribute to global financial stability.
We commit to working within our own organizations to support the effective alignment of the vision proposed in the draft post-2020 GBF of “Living in harmony with Nature” by 2050; for example, through incorporating nature and biodiversity into our investment decision-making processes, seeking appropriate disclosure from investees on nature-related issues, and engaging in collaborative initiatives to further our efforts.