Responsible Investor

December 3, 2021
The dust may have settled on COP26, but a different – and potentially less disappointing - Conference of the Parties in on the horizon, and it’s one that investors should be watching closely.

COP15 is aspiring to do for biodiversity what COP21 did for climate change. Where COP21 was the birthplace of the Paris Agreement, the second leg of COP15 in May 2022 hopes to sign off on the Post-2020 Global Biodiversity Framework - an international agreement on how we can “live in harmony with nature” by 2050.  

It could be argued that regulation is steering the agenda for climate finance, but when it comes to biodiversity investors are moving fast to make sure they stay ahead of the rulemakers. Over the past two weeks alone, there have been developments on all three of the core components needed to build a sustainability market: committed assets, disclosure guidelines and new financial products.  

On Tuesday, nine more investors - including pension funds KLP, PensionDanmark and ERAFP - signed up to the Finance for Biodiversity Pledge. The pledge, which now has 84 backers, commits institutions to collaborating, engaging, setting targets and reporting on biodiversity by 2025.

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Mirage

November 23, 2021
At the UN Climate Change Conference COP26 in Glasgow in November, direct and unprecedented engagement between indigenous peoples, local communities and governments helped unlock sustainable and resilient ways to achieve the Paris Agreement commitments and reverse biodiversity decline. For the first time in the history of the UNFCCC, twenty-eight indigenous peoples were nominated from each of the seven UN indigenous socio-cultural regions, to engage directly as knowledge holders and share experiences as indigenous experts with governments.

Indigenous peoples and local communities have knowledge and values oriented towards nature and amassed through generations. Indigenous peoples steward over 80% of the planet’s remaining biodiversity.

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Campaign for Nature

November 17, 2021
The prominence of nature and biodiversity in the Glasgow Climate Pact and throughout the climate talks marks the first time nature was meaningfully incorporated into global climate negotiations. 

The final Glasgow climate agreement notes the importance of: “ensuring the integrity of all ecosystems, including in forests, the ocean and the cryosphere, and the protection of biodiversity, recognized by some cultures as Mother Earth.” 

It goes on to emphasize: “the importance of protecting, conserving and restoring nature and ecosystems, including forests and other terrestrial and marine ecosystems, to achieve the Paris Agreement temperature goal by acting as sinks and reservoirs of greenhouse gases and protecting biodiversity, while ensuring social and environmental safeguards.” 

Indigenous Peoples were recognized as important partners in designing and implementing climate solutions during negotiations.  And, according to the document, countries should respect, promote and consider their rights when climate action is taken. However, sufficient safeguards for Indigenous rights and recognition of Indigenous leadership  in “Nature-based solutions” were inadequate according to many Indigenous leaders who attended the COP.

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BBC

November 15, 2021
COP26 was the moment countries revisited climate pledges made made under the 2015 Paris Agreement. 

Six years ago, countries were asked to make changes to keep global warming "well below" 2C - and to try to aim for 1.5C.

COP stands for "Conference of the Parties", and the one in Glasgow was the 26th annual summit. Ahead of it, 200 countries were asked for their plans to cut emissions by 2030. 

The goal is to keep cutting emissions until they reach net zero by mid-century.

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ENDS Report

November 8, 2021
In a conversation with fellow economist Lord Stern at COP26, Sir Partha Dasgupta said that a ‘bold and imaginative’ response is needed to provide a financial incentive to protect globally valuable ecosystems.

“Rainforests are a global public good… and yet they are in national jurisdictions,” said Dasgupta, the author of a review of the economics of biodiversity commissioned by the Treasury. But the incentive that they have to protect such habitats is less than their value for the biosphere as a whole, posing an economic dilemma. There is a similar problem with the deep ocean, too: “nobody has to pay for it” when extracting resources such as fish or minerals, the professor said.

So a new body to protect global public goods, akin to the International Monetary Fund or World Bank but operating under the United Nations, should be established, he argued. They could charge for access, providing funding for the maintenance of ecosystem services.

A good deal of negotiation would be needed to set it up, of course – “but I think we should not fear that”.

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New Straits Times

November 7, 2021
Since 1994 the United Nations (UN) has convened almost every country on Earth for an annual summit known as the Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC).

This year's two-week 26th meeting, COP26, is described as "the most significant climate event since the 2015 Paris Agreement" which committed nations to limiting global warming to well below 2°C (preferably 1.5°C), and "the world's best and last chance to get runaway climate change under control."

United States President Joe Biden, Indian Prime Minister Narendra Modi, and Indonesian President Joko Widodo were among the 200 world leaders attending the first two days of the conference in Glasgow, Scotland.

Malaysia is ably represented by the savvy Secretary-General of the Water and Environment Ministry Datuk Seri Dr Zaini Ujang.

The conspicuous absence of more senior representation, though, seemed to many a sign that Malaysians were nonchalant about the event. That is, until a big headline appeared saying that more than 100 world leaders had promised to end and reverse deforestation by 2030.

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Yahoo!

November 6, 2021
Climate change and biodiversity loss are intrinsically connected, which is why a coordinated approach to tackle them both is essential. Nature-based solutions, such as conserving carbon-rich natural areas and restoring wetlands, can help countries tackle both these challenges.

To address these interconnected crises, Canada will allocate at least 20 percent of its $5.3 billion climate finance commitment to nature-based climate solutions with biodiversity co–benefits in developing countries over the next five years. This represents more than CA$1 billion. Earlier this week, the Prime Minister announced at COP26 that Canada would provide $15 million in support for the Ocean Risk and Resilience Action Alliance and the Global Fund for Coral Reefs. This funding will help developing countries build domestic capacity to take climate action, build resilience, and advance adaptation efforts while also increasing biodiversity.

As part of the High Ambition Coalition for Nature and People and the Global Ocean Alliance, Canada is leading the way to build support for an international target to protect 30 percent of our lands and oceans by 2030.

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New York Times

November 2, 2021
In a sweeping accord aimed at protecting the world’s forests, which are crucial to absorbing carbon dioxide and slowing the rise in global warming, leaders of more than 100 countries gathered in Glasgow vowed on Tuesday to end deforestation by 2030.

President Biden said the United States would contribute billions to the global effort to protect the ecosystems that are vital for cleaning the air we breathe and the water we drink, and keeping the Earth’s climate in balance.

The pact — which also includes countries such as Brazil, Russia and China — encompasses about 85 percent of the world’s forests, officials said. It is one of the first major accords to emerge from the United Nations climate summit known as COP26, which is seen as a crucial moment in efforts to address climate change.
“These great teeming ecosystems — these cathedrals of nature,” Prime Minister Boris Johnson of Britain said in announcing the agreement, “are the lungs of our planet.”

President Biden said he would work with Congress to deploy up to $9 billion to the global effort through 2030. Additionally, governments committed $12 billion through 2025, and private companies pledged $7 billion to protect and restore forests in a variety of ways, including $1.7 billion for Indigenous peoples. More than 30 financial institutions also vowed to stop investing in companies responsible for deforestation.

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New York Times

November 2, 2021
Jeff Bezos, one of the richest humans on the planet, and who started his financial empire by selling books online, pledged $2 billion to restoring natural habitats and transforming food systems at the climate summit in Glasgow on Tuesday.

Speaking at a conference where President Biden and other leaders announced a global pact to end deforestation by 2030, Mr. Bezos said that private industry must play a central role in the campaign.

“Amazon aims to power all its operations by renewable energies by 2025,” he said, restating his goal for the company to be carbon-neutral by 2040.

That will be a sizable challenge.

Amazon said, for example, that the company’s emissions from indirect sources had increased 15 percent last year over 2019. The company has pointed out that when its emissions are measured relative to its booming sales, its carbon footprint has been decreasing. But some climate experts say this calculation, called carbon intensity, obscures that the company is still generating an increasing amount of carbon.

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The Washington Post

November 2, 2021
Whales, sea turtles and hammerhead sharks will be able to swim more safely through the Eastern Pacific, thanks to a chain of new marine protected areas announced Tuesday by Colombia, Costa Rica, Ecuador and Panama.

The newly established “ocean highway” will stretch from the Galapagos to the Pacific coast of Central America, officials said, encompassing waters used by many species for hunting, mating and giving birth. This stretch of the tropical Pacific Ocean harbors some of the most productive fisheries on the planet. But it is also threatened by overfishing and the steady warming of the world’s seas.

“This is an unprecedented collaboration,” said conservationist Enric Sala, an explorer-in-residence at National Geographic. “Protection of these waters will not only protect marine life, but it will also help to replenish the waters around them.”

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Ford Foundation

November 1, 2021
The UK, Norway, Germany, the US, and the Netherlands, in partnership with 17 funders, pledged today to invest US$1.7 billion to help Indigenous and local communities protect the biodiverse tropical forests that are vital to protecting the planet from climate change, biodiversity loss, and pandemic risk, according to an announcement made today at a high-level World Leaders Summit at COP26.

“We are demonstrating our commitment today by announcing an initial, collective pledge of $1.7 billion of financing, from 2021 to 2025, to support the advancement of Indigenous Peoples’ and local communities’ forest tenure rights and greater recognition and rewards for their role as guardians of forests and nature,” says a statement released today by the donors. “We call on other donors to significantly increase their support to this important agenda.”

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Bloomberg

November 1, 2021
One hundred countries, representing 85% of the world’s forests, have given themselves nine years to halt and reverse deforestation, in a major new commitment at global climate change talks on Tuesday.

Brazil, Russia, Canada, Colombia and Indonesia will be among the nations committing to halt and reverse forest loss and land degradation by 2030 at the third day of COP26 in Glasgow, Scotland, in an initiative spearheaded by the conference host, the U.K.

The inclusion of Brazil, home to the world’s largest tropical rainforest, is crucial to the initiative and comes amid a turnaround in the country’s ambitions to reduce emissions and tackle deforestation. Across the world as a whole, an area of forest the size of 27 soccer pitches is lost every minute, according to the U.K.

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Thomson Reuters Foundation

October 27, 2021
Any new pledges made at the upcoming COP26 climate summit must include protection and restoration of natural areas, said the U.N. biodiversity chief - a move that could give a boost to ongoing efforts to broker a separate global nature pact.

About 195 countries are set to finalise a new accord to safeguard plants, animals and ecosystems - similar to the Paris climate agreement - at a two-part U.N. summit, known as COP15, which began this month and is due to finish next May in China.

Ahead of that, many world leaders are headed to two-week U.N. climate talks that start in Scotland on Sunday, in a bid to try to limit global warming to 1.5 degrees Celsius.

"The fact that the two COPs are taking place pretty much back-to-back gives us that excellent opportunity to show how issues of biodiversity and climate change are inseparable," said Elizabeth Maruma Mrema, executive secretary of the U.N. Convention on Biological Diversity (CBD).

"Climate change is becoming an increasingly serious driver of biodiversity loss and ecosystems degradation - and that loss threatens to worsen climate change," Mrema told the Thomson Reuters Foundation in a telephone interview.

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Canada’s National Observer

October 15, 2021

In the run-up to the UN’s crucial climate conference at month’s end, global leaders have laid the foundation for an international framework to protect nature and halt the collapse of biodiversity worldwide while also curbing global warming and protecting human health.

More than 100 nations committed to the Kunming Declaration on Wednesday, a promise to put the natural world on a path to recovery by 2030.

The world is in a dire situation, facing an era of unprecedented species extinction, said COP15 president and China’s Environment Minister Huang Runqui.

As many as a million species of animals and plants are at peril in coming decades, according to a UN report.

The fate of the natural world and humanity are intertwined, Huang said.

“Biodiversity loss and ecosystem degradation pose major risks to human survival and sustainable development.”

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The Guardian

October 11, 2021
All eyes are on Cop26 in Glasgow since the climate crisis aroused worldwide attention and compelled more than 120 countries to join the unprecedented global Race to Zero carbon-emissions campaign. But the UN biodiversity conference in Kunming, or Cop15, should not be overshadowed, as biodiversity loss is an equally grave threat to humanity.

Cop15, delayed repeatedly by the Covid-19 pandemic, will take place in two parts, online from 11 October, with more detailed discussions left for April’s meeting in Kunming, China. The conference will convene governments from around the world to agree new goals for nature for the next decade, as global biodiversity losses pose a threat to human wellbeing, affecting food, health and security, and increasing the likelihood of pandemics.

Humanity has achieved unprecedented development and prosperity over the past 50 years, with the world population more than doubling and global GDP growing from barely $3tn in 1970 to nearly $85tn in 2020. But in this time nature has suffered enormous losses, with the global populations of mammals, birds, amphibians, reptiles and fish declining by two-thirds on average, according to last year’s Living Planet report.

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