Call for $542b to fund nature-based solutions in climate action

Activists with banners and flags hold a gathering to demand that rich countries help developing nations tackle global warming, during the UN Climate Change Conference (COP29) in Baku, Azerbaijan, on November 21, 2024. [AFP]

Over 70 organisations and climate leaders have issued a call to action, urging governments to prioritise nature-based solutions (NbS) in the New Collective Quantified Goal (NCQG) on climate finance.

The COP29 Nature Statement, coordinated by Nature4Climate, emphasized that ecosystems are key in addressing the climate crisis.

Signatories argue that without adequate funding for NbS, global efforts to limit warming to 1.5 Degrees Celsius are at risk.

“Nature offers at least one-third of the solution to climate change,” said Kiryssa Kasprzyk, Climate Policy Director at Conservation International, adding, “But it receives only a fraction of global climate funding. That must change now.”

The statement called for an NCQG exceeding $1 trillion annually, a significant increase from current funding levels. It also demands an end to financial flows harming nature, including fossil fuel subsidies.

“We’re already at 1.2 Degrees Celsius warming. Without bold finance commitments, nature’s ability to mitigate and adapt to climate change is under threat,” noted James Lloyd of Nature4Climate.

Research by UNEP shows that $542 billion per year is needed to meet global biodiversity and climate targets. Current investments fall far short, at $200 billion annually, while harmful activities receive $7 trillion in funding.

Indigenous leaders explained the importance of their communities in climate action.

Juan Carlos Jintiach of the Global Alliance of Territorial Communities said, “Land tenure rights and the recognition of Indigenous knowledge are essential. Without them, achieving climate goals is impossible.”

Indigenous Peoples manage vast areas of the planet’s remaining intact ecosystems. However, access to funding remains limited. Advocates called for climate finance mechanisms to respect Indigenous rights and promote their leadership

Speakers stressed the interconnectedness of climate and biodiversity goals. The Kunming-Montreal Global Biodiversity Framework recognises the critical role of ecological integrity in combating climate change.

Daniel Zarin of the Wildlife Conservation Society said, “ecological integrity links the Rio Conventions. It’s central to effective climate action and must be integrated into finance decisions.”

Today is Nature and Biodiversity Day at COP29, providing an opportunity to amplify the statement’s demands. Key focus areas include Indigenous rights, gender equality, and the role of healthy ecosystems in combating climate change.

Despite the potential of NbS, they remain significantly underfunded. Stakeholders called for innovative funding mechanisms, such as green bonds and debt-for-nature swaps, to close the gap

The statement shows that COP29’s outcomes will shape future climate negotiations. Governments must deliver an equitable and ambitious NCQG to enable early action on 1.5 Degrees Celsius -aligned Nationally Determined Contributions (NDCs).

“An ambitious finance goal is critical,” Lloyd said. “It’s about building confidence for action that supports both the Paris Agreement and biodiversity targets.”