,UNEP FI side event during the Convention on Biological Diversity, convention of the Parties (CBD COP 10)
27 October 2010 | Nagoya, Japan
2010 has been marked as a make or break year for biodiversity, with the 10th Conference of the Parties to the Convention on Biological Diversity in Nagoya as a corner stone in the process. 2010 has also been declared, by the UN, as the International Year of Biodiversity. This autumn will see the release of The Economics of Ecosystems and Biodiversity (TEEB) and the Green Economy Initiative report in early in the New Year. Yet awareness amongst financial institutions around the CBD and TEEB remains relatively low, eclipsed by the rise of public interest in climate change and the UNFCCC process. However, its outcomes are just as significant to the sector, and the potential for growing risks and opportunities just as great. Existing loss of natural capital by TEEB have been estimated at $2-5 trillion per annum, dwarfing the impacts of the financial crisis. There are a growing number of initiatives, think tanks and companies working to better integrate biodiversity and ecosystem services (BES) into business operations and investment criteria, such as the Natural Value Initiative (NVI), TEEB and Reducing Emissions from Deforestation and Forest Degradation in Developing Countries (REDD). UNEP FI aims to capitalize on the platform of the CBD COP 10 in Nagoya to raise awareness amongst and bring together financial institutions on the latest findings and expertise regarding the risks of inadequate valuation of nature. Additionally, it aims to increase the awareness around future regulation or legislation in relation to the CBD, as well as highlight ways that finance institutions can more effectively add their voice to developing a requisite response to dwindling natural resources.