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30 October 2024

Advancing Nature Finance and Fiscal Reforms | PAGE at COP16

At CBD COP16, PAGE through UNEP, supported the events led by the Coalition of Finance Ministers for Climate Action (CFMCA) which focused on aligning financial flows with the Global Biodiversity Framework, closing the biodiversity finance gap, and mainstreaming biodiversity into macroeconomic policies.

The conference marked the first time the Coalition and its partners – the Secretariat of the Convention on Biological Diversity, Finance for Biodiversity Foundation, the Inter-American Development Bank, United Nations Development Programme, the United Nations Environment Programme, and the World Bank Group – brought together on 28-29 October 2024 representatives of finance ministries, heads of international development organizations and CEOs of leading finance organizations to discuss the potential solutions to successful implementation of the Global Biodiversity Framework (GBF).

On October 28, Coalition held an informal discussion with diverse groups to address barriers to advancing the GBF. The session began with opening remarks from Inger Andersen, UNEP Executive Director, followed by a panel discussion featuring Olha Krushelnytska, Jan Erik Saugestad, and Anita de Horde, leading into roundtable discussions among participants.

On October 29, Coalition hosted a closed-door breakfast to discuss advancing nature-positive finance. The dialogue emphasized a whole-of-government approach to align financial flows with the goals of the GBF, particularly incorporating finance ministries into national climate plans (NDCs) and national biodiversity strategies (NBSAPs).

Key outcomes included commitments from finance leaders to integrate biodiversity and nature-positive approaches into national economic strategies, advancing PAGE’s goal of embedding sustainability into fiscal frameworks.

PAGE and the Coalition

Under PAGE, UNEP is supporting the Coalition of Finance Ministers for Climate Action (CFMCA) by providing technical input on nature finance and fiscal reforms. This partnership allows finance ministers from PAGE countries to engage in important discussions on financing transitions to low-carbon and nature-positive economies. By combining PAGE’s expertise with the Coalition’s network, ministers can better drive sustainable economic transformations aligned with national and global climate goals.

The Coalition of Finance Ministers for Climate Action was created in 2019 and now has 92 members, including all the G7 countries, and 27 Institutional Partners. It brings together economic, fiscal and financial economic policymakers in leading the global climate response and in securing a just transition towards low-carbon resilient development. On 23 October, the Coalition’s Ministerial Meeting endorsed Uganda as its new Co-Chair, succeeding Indonesia, whose term will end in Spring 2025

The Convention on Biological Diversity (CBD) Conference of Parties, or Biodiversity COP, was launched at the Earth Summit in 1992 as a pillar of the Rio Conventions on biodiversity, climate and desertification. This year, it was held in Cali, Colombia, from 21October to 1 November 2024. COP 16 was the first Biodiversity COP since the adoption of the Kunming-Montreal Global Biodiversity Framework at COP 15 in December 2022 in Montreal, Canada.

At CBD COP16, PAGE also contributed to a series of events exploring nature-positive solutions, which aimed to share insights and innovations on topics such as green finance, natural capital valuation and accounting, the circular economy, and comprehensive approaches involving both government and society.

Since 2013, the Partnership for Action on Green Economy (PAGE) has become a prominent alliance of five UN agencies – UNEP, ILO, UNDP, UNIDO and UNITAR, that work together to transform economies into drivers of sustainability.

 

Sources: CFMCA, PAGE

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