Aligning financial flows with biodiversity goals and targets – Part 2
A delegation of the Finance for Biodiversity Foundation will take part in the meetings of the Open-Ended Working Group to contribute to the negotiations on the Post-2020 Global Biodiversity Framework (GBF), in Nairobi from the 21th to the 26th of June, in preparation of the UN Convention on Biological Diversity (CBD) COP15. On 13 June 2022, the Public Policy Advocacy working group launched the second position paper with suggestions for the GBF and creating an enabling environment for financial institutions.
As an official observer to the CBD, the Finance for Biodiversity Foundation can participate in the negotiation process of the Global Biodiversity Framework (GBF). The Finance for Biodiversity Foundation will be represented by Suresh Weerasinghe (Aviva) and Emine Isciel (Storebrand Asset Management), member and co-chair of our Public Policy Advocacy working group.
“Aviva is proud to be part of the Finance for Biodiversity’s Delegation to the CBD GBF meeting in Nairobi. Reducing biodiversity loss requires the financial sector to play a significant role in ensuring that all financial flows are aligned with biodiversity goals and values. To achieve this the GBF must be explicit that this is one of its policy aims, to be implemented by the Parties in accordance with clear enabling provisions. We will be strongly advocating for the inclusion of this in the GBF to be confirmed at the meeting. It is crucial that this unique opportunity to align the full scope of financial sector’s activities in the GBF is not missed”, says Suresh Weerasinghe, Head of EU & international Policy at Aviva.
New position paper
The purpose of the new position paper is to explain the critical role the GBF needs to play in setting the policy agenda for increasing the engagement of private finance sector action on biodiversity. It focuses on what the financial sector needs to see in the GBF, how incorporating the concept of ‘alignment of financial flows’ in the GBF could be implemented by Parties and, then in turn, financial institutions, and the need for a supportive enabling environment to achieve this.
Emine Isciel, Head of Climate and Biodiversity of Storebrand Asset Management says: “The private financial sector is needed and will be critical if we are to deliver the urgent action required to halt and reverse biodiversity loss in this decade. Some financial institutions are already taking important steps to address biodiversity loss, but voluntary actions alone will be insufficient to change practices across the financial sector in a way that protects and restores biodiversity at the rate and scale required. It is therefore critical that the Global Biodiversity Framework creates the impetus for governments to create the enabling environment that will support and scale up actions from the financial sector to reverse biodiversity loss in this decade”.
Negotiations on financial sector topics
During the OEWG-meetings, we will make key recommendations on the GBF, focusing on Goal D and Targets 14 and 15, in order to align private and public financial flows and increase action from the private financial sector.
Our interventions during the meetings in Nairobi will be built on:
- Position paper ‘Aligning financial flows with biodiversity goals and targets, part 2’ of June 2022
- Position paper ‘Aligning financial flows with biodiversity goals and targets, part 1’ of March 2022