CBD Joins Global MDBs in Global “Nature, People and Planet” Commitment

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The Caribbean Development Bank today joined other multilateral development banks (MDBs) around the world in a global commitment to further mainstream nature into its policies and operations, and to scale up financing for nature.

The commitment came in the joint statement “Nature, Men and Planet“which was endorsed today by the heads of nine MDBs at the 26th meeting of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), known as COP 26, currently in course in Glasgow.

CBD President Dr Gene Leon noted the importance of the engagement and its commitments for the Caribbean region, stating:

The Caribbean is among the most vulnerable regions in the world to climatic hazards. The increasing loss of biodiversity and the degradation of our marine and terrestrial ecosystems have exacerbated our vulnerability to climate change and disasters. However, we know that well-designed nature-based solutions are effective at sequestering carbon, have tremendous potential to strengthen the natural resource base upon which countless Caribbean livelihoods depend, and improve climate resilience.. ”

The joint statement commits the MDBs to a series of actions, focusing on five pillars. These include:

Direction: Support a ‘sustainable, inclusive, green and resilient post-COVID recovery’ by defining institutional strategic approaches to further mainstream nature into scans, assessments, advice, investments and operations by 2025 and working in partnership to support reforms aimed at reorienting, reallocating, reforming or eliminating environmentally harmful subsidies.

Tackle the drivers of nature’s loss by encouraging and making “positive nature” investments: develop projects, business models and financing instruments to support economic activity that seeks to reverse the factors of loss of nature and promote its protection and regeneration and develop and use innovative instruments to support positive investments for nature.

Promote synergies at national and regional levels: encourage the public and private sectors and international organizations to work together, and help government clients revise their national biodiversity strategies and action plans in line with the post-2020 Global Biodiversity Framework;

Priority to nature to guide decision-making: commit to using existing and new tools to help public and private sector clients to better enhance, manage, protect and restore nature and its natural assets in a sustainable manner in order to generate benefits for development;

Reports: Align goals and develop collaborative tools and methodologies to track “positive nature” investments across portfolios and improve public reporting on efforts and initiatives to integrate nature into analytics and operations.

CBD President noted how the pledges of the pledge already align with the CBD’s focus on climate action, citing ongoing and approved nature-based interventions.

The CBD is already supporting nature-based projects, many of which have significant potential to bring about the kind of transformational change needed. Prominent examples include afforestation and reforestation of vulnerable watersheds in Saint Lucia in partnership with the Adaptation Fund; support for communities in Ile-A-Vache, Haiti, to improve the resilience of marine and coastal ecosystems by implementing a sustainable fishing program; and a pilot coral restoration project on the west coast of Saint Lucia, in partnership with private and public sector entities and community groups,” he stated.

The MDBs that signed the declaration are the African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Caribbean Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, IDB Invest, and the Islamic Development Bank. The statement is available here on the CBD website.

Disclaimer

Caribbean Development Bank published this content on November 02, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 02 November 2021 13:59:03 UTC.


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