Governments made a promise. In December 2022, as part of a historic new global agreement to halt and reverse nature loss, known as the Kunming-Montreal Global Biodiversity Framework (KM-GBF), developed countries agreed to increase biodiversity-related international finance to developing countries.
The specific figures laid out in the agreement state this should increase to at least $20 billion per year by 2025 and $30 billion per year by 2030.
This is a fraction compared to the funds that governments currently put towards environmentally harmful subsidies. $1.8 trillion a year is encouraging unsustainable production and consumption, exhausting natural resources, degrading global ecosystems, and damaging planetary health.
Agreement to establish a new fund to ensure the timely flow of finance to developing countries was one of the pivotal breakthroughs that enabled developed and developing countries to forge consensus at the COP15 UN Biodiversity Conference in December last year. To support the delivery of the KM-GBF and these new financial commitments for nature, the Global Environment Facility was requested to establish a Special Trust Fund as soon as possible.
Global biodiversity is not spread equally. Neither is prosperity. To support countries with less economic wealth (yet often high and varied biodiversity), avoid critical tipping points and help regulate our climate for future prosperity, the world must work together.
That’s why WWF has signed a joint open letter along with BirdLife International, Campaign for Nature, Conservation International and The Nature Conservancy to call on all donor governments to announce contributions to the new fund, known as the GBF Fund, at an environmental conference in Vancouver this week, where the new fund is set to be launched.
Conserving and restoring biodiversity will benefit us all, and so the right support in the right places is essential to securing global goals and a nature-positive world for everyone by 2030.
There are several other avenues outlined in the GBF to increase finance for nature including tackling subsidies that are harmful to nature. This is a crucial element to ensure plans to halt and reverse nature loss succeed.
Without sufficient finance this historic global plan for nature risks falling flat which is why it is vitally important all countries fulfil their commitments.
Finance for nature - or green finance - can provide multiple benefits for people: ensuring clean water and fresh air, creating healthy environments for people to live, and securing our businesses for future prosperity. Every $1 invested in nature restoration brings at least $9 in return. Creating green jobs brings more employment for people. More nature - a nature-positive world - will mean we have not just a stable planet for future generations but a liveable and enjoyable planet for all.
