Montreal, 10 December 2022 – As the largest biodiversity conference in a decade kicked off in Montreal, mayors from 15 cities around the world called for increased direct financing to allow cities to implement ambitious greening and ecosystem restoration projects.
“Cities must be part of the solution to the biodiversity crisis,” said Sheila Aggarwal-Khan, Director of UNEP’s Economy Division. “We hope mayors’ call for increased, direct investment will not fall on deaf ears so that they can unleash the power of nature in cities.”
Cities are on the front line of the socio-economic impacts of climate change and ecosystem loss, and already taking ambitious action to protect and restore nature.
“Cities around the world, like Barranquilla, are acting decidedly to protect their ecosystems, address the impacts of climate change, and improve the well-being of their citizens; however, more partners and resources will be needed to successfully scale financing nature in cities” said Jaime Pumarejo Heins, Mayor of Barranquilla, Colombia. “Today, we make a call for increased financing for cities to take action on nature. Let’s work together, international community and local authorities, hand-in-hand, to take this message forward to Davos next month and unleash the power of nature in cities and meet global biodiversity and sustainability goals.”
According to UNEP’s 2022 State of Finance for Nature, current finance flows to nature-based solutions must double by 2025 and triple by 2030 to halt biodiversity loss, limit climate change to below 1.5 ˚C and achieve land degradation neutrality, and resilience to climate impacts such as heatwaves and flooding. These investments should support restoration efforts by sub-national governments.
“Investment in Nature is the only way forward for building climate resilient sustainable cities” commented Barrister Sheikh Fazle Noor Taposh, Mayor, Dhaka South City Corporation in Bangladesh.
The call at the 15th meeting of the United Nations Biodiversity Conference (COP15) came from the Mayors of Athens, Austin, Barranquilla, Dhaka-South, Freetown, Kampala, Kigali, Quezon City, Melbourne, Miami-Dade, Monterrey, Montreal, Paris, São Paulo and the Secretary of the Environment of the Government of Mexico City.
It was backed by the UN Environment Programme, ICLEI, C40, World Economic Forum, Global Environment Facility, Climate Policy Initiative’s CCFLA, and the University of Pennsylvania.
The mayors called on the finance community and national governments for reform of financial infrastructure and greater direct collaboration with the private sector. This would equip cities to fund nature-based solutions, such as forests, green belts, water streams, and parks in and around urban areas.
Up until now, funding for nature infrastructure solutions has gone to national governments, which then distributes it to cities and regions.
Responding to the call from Mayors, UNEP and partners launched a new project to support cities in taking action for nature and contribute to the UN Decade on Ecosystem Restoration. This project, funded by the German Federal Ministry of Economic Cooperation and Development, will run for three years (2023-2025) to inform, inspire, and enable policy makers, practitioners, businesses, and finance institutions to promote ecosystem restoration in cities.
NOTES TO EDITORS
Additional quotes
“It is vital that all levels of government take urgent action to mitigate climate change and to protect our environment. Here at the City of Melbourne we are proud and protective of our biodiversity. We are investing $1 million annually to create and enhance habitat for biodiversity, and reintroducing locally extinct species. We have a vast tree population, with 80,000 council-owned trees, worth more than $800 million. Our Urban Forest Fund accelerates greening across the city by providing matched financial support to new private greening projects, including green spaces, tree planting and biodiversity projects. This also plays a key role in reducing the effects of extreme heat in our city.” Sally Capp, Lord Mayor of Melbourne, Australia
“Communities around the world have a crucial role to play in reversing the impacts of climate change. Miami-Dade County is committed to protecting our environment through nature-based solutions. In the past year, we have planted 11,000 trees and distributed 10,000 more to residents, and we have allocated $4.5 million for increased canopy cover, reforestation, and climate change adaptation efforts. The county has also purchased over 390 acres of wetlands, helping to mitigate the impacts of sea level rise by absorbing floodwaters, cooling nearby ‘heat islands,’ and absorbing and storing the carbon pollution that drives climate change. Every single step we take makes a huge difference.” Daniella Levine Cava, Mayor of Miami-Dade County, Florida, US
“We urgently need to reinvent cities as a place for well-being, rich urban biodiversity, and climate resilience. Therefore, we are pleased to be partnering with UNEP for the coming three years to catalyze restoration and nature-based solutions in finance, employment and urban planning and support cities to become champions of urban biodiversity and resilience within healthy social and planetary boundaries.“ Heike Henn, Director for Climate, Energy and Environment, Federal Ministry for Economic Cooperation and Development (BMZ), Germany
“Cities are at the front line of taking transformative and innovative action for biodiversity, yet they do not have direct access to appropriate finance instruments. Despite the clear benefits, cities currently invest less than 0.3% of their infrastructure spending on nature-based solutions, which is equivalent to around $28 billion. The global CitiesWithNature and RegionsWithNature initiatives provide vital platforms for connecting and showcasing innovative solutions, but we need the finance and private sectors to take hands with government to facilitate a shift towards a more enabling environment for investment in nature-based solutions, and to make it easier to access investment at scale in cities.” Kobie Brand, Deputy Secretary General of ICLEI, Global Director of ICLEI’s Cities Biodiversity Center
“Ecosystem restoration and nature-based solutions are fundamental for cities to address challenges related to climate change, biodiversity loss and human health. The Mayors’ Call is a testimony of political commitment by cities to act and become hubs for innovative, transformative solutions. The Global Environment Facility is pleased to collaborate with cities globally to advance integrated approaches that put nature at the core of sustainable urban growth.” Aloke Barnwal, Coordinator – Sustainable Cities, Global Environment Facility (GEF)
NOTES TO EDITORS
About the UN Environment Programme
The UN Environment Programme is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing and enabling nations and peoples to improve their quality of life without compromising that of future generations.
For more information, please contact:
Moses Osani, Media Officer, UN Environment Programme Sophie Loran, Communication Officer, UN Environment Programme
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
