- Desalegn stated that the $20 billion of international finance for biodiversity is less than 1% of the $2.24 trillion in global defence spending.
- “The Global North must move fast to devise a strategy so that this $20 bn promise is delivered by 2025.”
Image: PCS
Former African heads of state have called for more attention to nature conservation, to ensure that the nature finance commitment made at COP15 is delivered.
The commitment was to see developed countries given at least $20 billion (Sh2,921,000,000,000) per annum by 2025.
The three; Former President of Colombia Iván Duque, and ex-prime ministers Hailemariam Desalegn and Ruhakana Rugunda of Ethiopia and Uganda respectively, said that the climate and the biodiversity crisis are deeply interrelated.
They stressed that no efforts to combat climate change will succeed without sufficient attention to nature conservation.
The leaders called on governments to act with greater urgency to confront the alarming loss of nature, prioritize efforts to increase nature financing and deliver on the historic target to protect 30% of the world's land and ocean.
“At this summit, we have heard a lot of talk and announcements on private finance and credits for climate action. While innovative finance mechanisms with integrity are welcome, they cannot be used as a proxy or substitute for developed countries to meet their promise of $20bn in natural finance to developing countries by the fast-approaching deadline of 2025,” Duque said.
On his part, Desalegn stated that the $20 billion of international finance for biodiversity is less than 1% of the $2.24 trillion in global defence spending.
“Investment in the natural world is our best defence to prevent the collapse of our ecosystems which is key to our global economic stability and security. The Global North must begin to value and support the Global South’s stewardship of the biological resources and ecosystem services that we all, as a global community, depend on,” he said.
“The Global North must move fast to devise a strategy so that this $20 bn promise is delivered by 2025.”
Rugunda said the success of the Africa Climate Summit and other upcoming summits will require prioritising nature conservation alongside actions to swiftly curb carbon emissions.
“It is critical that leaders this week send a strong signal that the world must deliver on its promises on nature finance, not only to help prevent the extinction of a million species or to support our economies but as a crucial component of the global strategy to combat climate change,” he said.
Additional research has shown that conserving and restoring natural areas like forests and coasts can provide over one-third of the actions needed to keep global warming below 2°C. ]
Nature finance is therefore critical to the success of this and other climate summits.