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UN PhotoPress Conference: Actions Required to Align Global Financial Flows with the Goals of the Global Biodiversity Framework – United Nations Biodiversity Conference 2024
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00:22:40
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Summary
Press conference by Forests and Finance Coalition, The Articulation of Indigenous Peoples of Brazil (APIB), Rainforest Action Network, Third World Network, University of British Columbia. The Forest and Finance Coalition has just published two major reports related to the Global Biodiversity Framework. The annual Banking on Biodiversity Collapse report is the most comprehensive analysis of global finance's role in furthering tropical forest collapse.
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The Regulating Finance for Biodiversity report examines whether the current financial sector regulations in key areas are adequate to stop the tide of financing from the banks and investors most responsible for financing tropical deforestation –– financial institutions in Indonesia, Brazil, China, the European Union, and the United States. In this press event, a diverse panel of experts will present updated research on the financial flows to forest risk activities driving biodiversity loss, as well as analysis of the gaps in some key financial regulations, which must be strengthened.
A panel of experts will discuss how to align financial flows most effectively and the role that NBSAPs play in this. In 2023, public and private financial flows causing biodiversity loss and associated environmental harm added up to 7 trillion USD, whereas only 200 billion USD was spent on conserving or restoring biodiversity (UNEP, 2023). It is clear that a binding commitment and strong financial regulations are needed to eliminate these harmful financial flows. Target 14 of the GBF requires the alignment of financial flows with the goals of the GBF. This is a precondition for reaching the GBF's objective of halting and reversing biodiversity loss by 2030.
Speakers:
Kleber Karipuna - Executive Coordinator of APIB
Merel van der Mark, coordinator of the Forests & Finance Coalition
Jessica Dempsey - University of British Columbia