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The African Development Bank and UNEP will partner to establish an Expert Group on Biodiversity Finance, which will provide African countries with knowledge and technical assistance
The African Development Bank (http://www.AfDB.org) is joining forces with the United Nations Environment Programme to advance the implementation of the Kunming-Montreal Global Biodiversity Framework in Africa (KMGBF). The framework sets out an ambitious pathway to reach the global vision of a world living in harmony with nature by 2050.
The African Development Bank and UNEP will partner to establish an Expert Group on Biodiversity Finance, which will provide African countries with knowledge and technical assistance to mobilize greater biodiversity finance for the implementation of the framework. It will also offer policymakers and development partners in Africa a platform to connect and share knowledge, approaches, opportunities, and solutions to mobilize biodiversity finance for, nature-positive development pathways in Africa.
The partnership was announced following the Africa, Caribbean and the Pacific regions Multilateral Environmental Agreements Programme Phase III Sub-Regional Workshop hosted by UN Economic Commission for Africa in Addis-Ababa . from 25 – 28 July 2023, is the result of an intensive and rigorous consultation process led by the African Development Bank and UNEP to develop the forthcoming Africa Biodiversity Coordination Platform, which will be jointly hosted by both.
The focus will be on achieving Goal D of the Kunming-Montreal Global Biodiversity Framework, which focuses on ensuring adequate financial resources, capacity-building, technical and scientific cooperation, and access to and transfer of technology to fully implement the framework. Goal D also targets closing an annual gap in biodiversity finance of $700 billion and aligning financial flows with the Kunming-Montreal Global Biodiversity Framework and the 2050 Vision for Biodiversity
Dr. Vanessa Ushie, Acting Director of the African Development Bank’s African Natural Resources Management and Investment Centre welcomed the partnership with UNEP. She said: “The African Development Bank recognizes the importance of biodiversity finance in complementing existing development assistance and climate finance to African countries. The magnitude and far-reaching impacts of biodiversity loss in Africa require innovative financing mechanisms and partnerships that can rapidly scale resource mobilization by public, private and multilateral institutions.”
“It is heartening to note the leadership role Africa played in finalizing the KMGBF and decisions related to financing and implementation of the same,” said Dr. Balakrishna Pisupati, Head of UNEP Environment Policy Unit, UNEP’s Law Division.
“It is now time for action and action that needs to be led from the front by countries in the region. The proposed collaboration between UNEP and the African Development Bank is a great step forward to capacitate the region in becoming self-reliant on issues of financing,” Pisupati added.
Addressing the triple crises of biodiversity loss, climate change, and pollution is an urgent imperative. To that end, the 15th Conference of the Parties (COP15) to the United Nations Convention on Biological Diversity (CBD) adopted the Kunming-Montreal Global Biodiversity Framework for protecting nature and halting biodiversity loss around the world. Significant resource mobilization, both in terms of “financing green” (increasing nature-positive flows) and “greening finance” (reducing nature-negative flows), will be central to the success of outcomes of the COP 15 decisions on financing.
SOURCE: African Development Bank Group (AfDB)