On Dec 19th, a historic agreement was reached at the UN Biodiversity Conference (CBD COP 15): the Kunming-Montreal Global Biodiversity Framework (GBF) which aims to halt and reverse biodiversity loss by 2030. Taking a similar approach to the Paris Climate Agreement, this framework sets a clear mandate for private financial flows to align with the 2050 Vision of “Living in harmony with Nature”, providing the finance sector with a landmark agreement for biodiversity-related financial-decision making.
This agreement has been decisively backed by the financial sector: 150+ financial institutions with US$24+ trillion in global assets called for an ambitious framework to halt and reverse biodiversity loss.
Signatories to the Principles for Responsible Banking have a unique and critical role in pivoting this global economic shift and achieving these objectives. And UNEP FI is ready to support member banks in aligning their strategies and portfolios with a nature-positive future. Over the past few years, we have laid the groundwork for this effort, which includes the development of the first-ever guidance on biodiversity target setting, and the establishment of the PRB Biodiversity Community. We are now ready to accelerate our support for our member banks.
In 2023, UNEP FI aims to position the Principles for Responsible Banking as the leading framework on the topic of nature & biodiversity. We will establish a coalition of leading banks to co-develop science-based and robust guidance to set biodiversity targets. This biodiversity target-setting working group will translate the Global Biodiversity Framework (GBF) into concrete and practical guidance to set targets in line with the objectives of the PRB framework. The work will be advised by key stakeholders, including the TNFD, WWF, UNEP-WCMC and Science Based Targets Network and in regular exchange with other financial sector platforms such as PSI, PRI and the Finance for Biodiversity Foundation. In this video, Simone Dettling, Head of Banking at UNEP FI and Jessica Smith, Head of Nature at UNEP FI explain what this new global framework means for the banking industry and what members of the Principles for Responsible Banking can expect from UNEP FI
Nature is humanity’s best friend, and the Kunming-Montreal Global Biodiversity Framework is our chance to forge a peace pact with nature and apply the ambition and action the challenge demands.
For more information on how to step up your work in biodiversity, please contact Oualid Rokneddine.