COP29: Finance nature’s role in addressing climate crisis, nations urged

Baku, Nov 20 (SocialNews.XYZ) A global group of 68 NGOs, business coalitions, companies, indigenous peoples organisations and influential individuals, on Wednesday issued an urgent ‘COP29 Nature Statement’ calling for United Nations Framework Convention on Climate Change (UNFCCC) Parties to properly recognise and finance nature's role in addressing the climate crisis, or risk undermining global efforts to limit global warming to 1.5C.

The statement, coordinated over just 48 hours by Nature4Climate, a coalition of 28 international members, emphasises the need for countries to deliver an ambitious and actionable New Collective Quantified Goal (NCQG) on climate finance, recognising that healthy ecosystems are not merely co-benefits -- they serve as cost-effective climate solutions that urgently need dedicated funding.

As ministers are set to land in Baku to engage in the final negotiations at the 2024 UN climate conference (COP29) in Baku, Azerbaijan, the group, which includes organizations such as BirdLife International, The B Team, Conservation International, The Global Alliance of Territorial Communities, The Nature Conservancy, WBCSD, and world-renowned researchers Carlos Afonso Nobre, Researcher, University of Sao Paulo, and Tom Crowther, Professor of Ecology, Crowther Lab, express deep concern about the lack of progress on financing nature over the past year, adding that there is no viable climate or economic solution without nature.

James Lloyd, Policy Lead, Nature4Climate, commented, “This is a critical moment for climate finance. We are already at 1.2C, and nature’s ability to help us to adapt to and mitigate climate change is under threat. With a few days remaining to deliver an ambitious deal, we ask ministers and negotiators to focus all their efforts on securing an ambitious climate finance goal of at least $1 trillion.

“This goal must also end all financial flows that harm nature and run counter to climate objectives. Nature is a powerful ally in the climate fight, and investment in nature makes economic sense. With just days remaining, we need radical and bold action from all corners of society to take action with nature to tackle the climate crisis.”

Juan Carlos Jintiach, Executive Secretary of the Global Alliance of Territorial Communities, commented, “As we look to COP30, we need to move towards urgent actions for land tenure rights, the only way to make all of this effective. If we want to keep 1.5C within reach or to connect climate and biodiversity, all of it needs indigenous peoples and local communities with strong tenure rights, our lives protected, and our traditional knowledge recognised and respected. This is how we will make COP29 and the trillions of dollars being allocated to address the climate crisis effective.”

The statement launches at a critical stage in the negotiations, as governments work to agree on a final NCQG text.

November 21 is set to be Nature and Biodiversity, Indigenous People, Gender Equality, Oceans and Coastal Zones Day at COP29, an important moment to recognise the critical role of nature and Indigenous Peoples in climate action.

Despite nature’s potential, current global financing for nature-based solutions to protect, manage, and restore ecosystems is insufficient.

The nature-based solutions remain dramatically underfunded by public and private finance.

Research by UNEP shows an investment of $542 billion per year is needed to meet the Rio Convention targets to limit climate change and protect biodiversity, a tripling of the current $200 billion per year globally.

Finance flows to activities directly harming nature were more than 30 times this amount at $7 trillion.

Since COP16, more than 80 leaders have provided their steadfast commitment to work with governments globally to deliver a year of united action on climate, nature and food systems.

(Vishal Gulati can be contacted at vishal.g@ians.in)

Source: IANS