Media Statement
G20 Leaders Must Give Prominence to Finance for Nature in the Leaders Declaration and Chart a Path To Delivering on the Kunming-Montreal Global Biodiversity Framework
August 31st, 2023
Ahead of the G20 Heads of State Summit, we, the undersigned, call on leaders to give prominence to finance for nature in the Leaders Declaration.
The historic Kunming-Montreal Global Biodiversity Framework (KM-GBF), agreed upon in December at COP15, committed to a number of ambitious financial targets including:
Developed countries providing US $20 billion in international finance to developing nations by 2025, and US $30 billion by 2030;
Increasing the level of financial resources from all sources by 2030, mobilizing at least US $200 billion per year;
Identifying by 2025 and eliminating, phasing out, or reforming subsidies harmful to nature by US $500 billion per year by 2030;
Mainstreaming biodiversity across sectors and aligning public and private financial flows with the KM-GBF;
And supporting the establishment and allocation of funds towards the Global Biodiversity Framework Fund.
These commitments are the fundamental pillars that will either hold up the successful implementation of the KM-GBF or, if not delivered, will determine its failure. As the agreement was made three years late due to COVID-19, there are now only seven years left to deliver this historic agreement to halt and reverse biodiversity loss.
G20 leaders must recognize spending on nature as investments in the cornerstone of our global economy, a source of jobs and economic growth, and non-monetary essentials like clean air and water and food security, rather than a ‘nice to have’. This will require that nature finance becomes a leader level and Minister of Finance priority for G20 countries, alongside climate and economic development.
We, therefore, call on G20 leaders to work collaboratively and urgently to give prominence in the G20 leaders' declaration to these finance commitments and specifically to:
Highlight in the G20 Declaration a clear roadmap with political leadership to deliver the urgent and imminent promise to increase international financial resources for biodiversity from developed countries, including official development assistance, and from countries that voluntarily assume obligations of developed country Parties, to developing countries, in particular the least developed countries and small island developing States, as well as countries with economies in transition, to at least US$ 20 billion per year by 2025,
Establish and implement a detailed road map to deliver significantly more finance directly to Indigenous Peoples and local communities, recognizing that currently, less than 1% of nature finance goes to Indigenous Peoples and local communities while they serve as custodians of roughly 80% of the world’s biodiversity.
Ensure nature finance features prominently on the agendas of upcoming global events including the UN General Assembly, COP28, and the Annual World Bank Group and IMF Meetings in Marrakech.
Drive ambition for nature on a par with climate and economic development in the restructuring of the global financial system proposals.
The biodiversity crisis remains an urgent threat to the health and well-being of all people and the planet and requires immediate action.
We, the undersigned, stand ready to support the G20 governments with the implementation of this vital work and implore the wealthiest governments within the G20 to take the lead and meet the financial promises made at COP15 - we simply cannot afford to fail.
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MEDIA CONTACT:
Katy Roxburgh - katy@campaignfornature.com