The UN Environment Programme (UNEP) released a report on the ‘state of finance for nature,’ finding an investment gap of USD 165 billion per year from G20 countries for nature-based solutions, in order to meet currently agreed global targets by 2050. The biodiversity and climate finance gaps are emphasized in the draft post-2020 global biodiversity framework and the 2021 Glasgow Climate Pact.
Nature-based solutions (NbS) refers to a range of actions that rely on investing in nature to resolve societal challenges. NbS can include, for example: improving carbon sequestration on agricultural lands and peatlands; restoring mangroves to defend against flooding; and protecting global biodiversity through forest and other land conservation.
Released on 26 January 2022, the report titled ‘The State of Finance for Nature in the G20 Leading by example to close the investment gap’ was led by UNEP, the World Economic Forum, and the Economics of Land Degradation (ELD) Initiative. The authors write that in the context of the latest findings from the Intergovernmental Panel on Climate Change (IPCC) and the 2021 UN Food Systems Summit, the role of investment in NbS “is clear: it tackles these interlinked crises.”
At the upcoming 15th meeting of the Conference of the Parties (COP 15) to the Convention on Biological Diversity (CBD), governments are expected to adopt a post-2020 global biodiversity framework, containing several targets. As currently drafted, Target 19 calls to “increase financial resources from all sources to at least US$200 billion per year … to meet the needs for implementation, commensurate with the ambition of the goals and targets of the framework.” At the Glasgow Climate Change Conference (UNFCCC COP 26) in November 2021, governments adopted the Glasgow Climate Pact. It notes the need to significantly increase support for developing country Parties, “beyond USD 100 billion per year.”
To meet all agreed targets on biodiversity, climate, and land restoration by 2050, annual investment from G20 countries in nature-based solutions needs to increase by at least 140% – or an additional USD 165 billion per year. The authors suggest that this amount should be divided among four categories of nature-based solutions: forestry, silvopasture, mangrove restoration, and peatland restoration.
The report also finds:
The business and investment case for nature needs to be made stronger.
G20 countries should seize opportunities to increase investment in non-G20 countries, which can often be more cost-effective and efficient than investing in similar nature-based solutions internally. For example, “the average cost of converting land from other uses to nature-based solutions in G20 countries is USD 2.600/hectare, while the same costs only USD 2,100/hectare for non-G20 regions,” according to Nina Bisom, ELD; and
Developed countries should tie “nature and climate conditions” to fiscal stimulus measures.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
