In December 2022, the Coalition was represented at COP15 in Montreal, where the final text of the historic Kunming-Montreal Global Biodiversity Framework (GBF) was agreed. GBF was signed by 196 nations on 19 December 2022 to “take urgent action to halt and reverse biodiversity loss” by 2030 and to protect 30 percent of land and sea area by 2030. The governments who have signed, commit to demonstrating progress towards meeting GBF targets, and the financial sector will have a significant role to play in this process. Following GBF Targets are particularly relevant to the Coalition:
- Target 14 - ensure the full integration of biodiversity and its multiple values into policies, regulations, planning and development processes;
- Target 15 - take measures to encourage and enable businesses to monitor and disclose biodiversity-related data;
- Target 18 - identify by 2025, and eliminate, phase out, or reform incentives, including subsidies, harmful for biodiversity;
- Target 19 - increase financial resources to implement national biodiversity strategies and action plans by 2030, mobilizing at least $200 billion per year.
This workshop examined what the GBF means for the financial sector, particularly the Ministries of Finance and the Central Banks, as well as highlighted how Coalition members - Chile, Finland, France, Mexico, Uganda, and the UK - integrate nature in their agendas.
- Miriam Laurence, UK HMT – provided background to the GBF and its importance;
- Jean Boissinot, NGFS - provided update on GBF from the Central Banks perspective, and its plans on refining and operationalizing the framework;
- Camille Maclet, UN CBD Secretariat - provided an overview of CBD COP15 in Montreal, preparations for COP16, and how nature can be integrated in Coalitions work (see presentation here);
- Sonya Likhtman, Finance for Biodiversity Foundation - provided update on how the financial sector views the GBF, and what are foundation’s recommendations for the Ministries of Finance in implementing GBF (see presentation here);
- Six members countries provided their valuable perspectives on implementing GBF: Chile, Finland, France, Mexico, Uganda and the UK.