Financial incentives for a biodiversity-friendly future – is green recovery a catalyzer?
This question was addressed by experts from the public and private sectors worldwide during a session at the Global Landscape Forum on Biodiversity (Biodiversity Digital Conference: One World – One Health).
The report, which has now been published, summarizes the contributions as well as the most important conclusions and is of interest to anyone who would like to keep up to date on how financial incentives can ensure greater consideration of biodiversity in business. It also discusses the opportunities and challenges that arise from COVID recovery measures.
Four projects of the International Climate Initiative (IKI) of the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU), implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and World Agroforestry (ICRAF), designed the session and the report in cooperation with the International Union for Conservation of Nature (IUCN) and the Global Nature Fund.
Here are the main findings of the session:
1. Investments in biodiversity are investments in a sustainable future. They are as important as investments in education or health. Almost all economic activities are based on biodiversity and ecosystem services.
2. Indigenous peoples must be included in decision making on the design of sustainable investments and funds because of their territorial rights and traditional knowledge.
3. Recovery programs should particularly prioritize investments in small and medium-sized enterprises with a clear link to natural resources, as they play a key role within supply chains for the conservation and sustainable use of biodiversity.
4. The financial sector is just beginning to realize the importance of nature conservation for business. To support this trend, biodiversity and its importance need to be translated into financial language.
5. Adequate governance structures and favorable policy frameworks for biodiversity integration are needed. Subsidies, employment schemes, and infrastructure need to be rethought in favor of nature.
6. To avoid future pandemics, nature needs more space. The "Do no harm" principle should be applied in recovery and stimulus programs. Measurable targets and monitoring systems are needed. If all of this is in place, COVID-19 recovery programs have the potential to contribute to a biodiversity-friendly future.