Scientific data have shown that nature-related solutions, such as ecosystem conservation and restoration, could contribute by more than a third in efforts to reduce greenhouse gas emissions in order to meet the goals of the Paris Agreement. And yet, to date, these solutions account for just 3% of climate finance.
This new coalition aims to spur commitments by States and development agencies to finance more projects contributing to both the fight against climate change and biodiversity preservation. Its members are ready to engage in convergence between climate and biodiversity actions. In real terms, this will mean increasing the portion of their international financing for climate action that also benefits biodiversity and the environment. These are known as “co-benefits”.
During the One Planet Summit in January 2021: France committed to allocate 30% of its bilateral climate funding directly to biodiversity by 2030, with the Agence Française de Développement aiming to achieve this goal as early as 2025. The United Kingdom committed to allocate £3 billion (of the £11.6 billion it has already allocated to bilateral climate finance) to projects with co-benefits for biodiversity and the environment.
The coalition acts as a platform to allow the countries involved to exchange on methodology to measure the co-benefits and the implementation of the individual goals. Each member country remains in charge of its own convergence commitments.