Connect with us

Hi, what are you looking for?

News

New global fund invests in nature to shore up climate change fight

KUALA LUMPUR — A new international fund backed by wealthy nations aims to invest at least $500 million in protecting nature in developing countries and giving indigenous people a bigger role in conserving their environment and tackling climate change.

The Climate Investment Funds (CIF), one of the world’s largest multilateral climate financing instruments, launched its “Nature, People, and Climate” (NPC) program on Wednesday at a major United Nations (UN) environment conference in Stockholm.

Backed so far by Italy and Sweden, and with a target of raising $500 million by November, the NPC will provide finance and expertise to initiatives that conserve wildlife, plants and forests, promote sustainable agriculture and food supplies, and enable people to cope with rising seas and extreme weather.

“Nature-based solutions help reduce emissions, support communities adapting to a changing climate and protect biodiversity,” Matilda Ernkrans, Sweden’s international development minister, said in a statement.

Improving conservation and management of natural areas, such as parks, oceans, forests and wildernesses, is seen as crucial to safeguarding the ecosystems on which humans depend and to limiting global warming to internationally agreed targets.

But forests are still being cut down — often to produce commodities such as palm oil, soy and beef — destroying biodiversity and threatening climate goals, as trees absorb about a third of planet-warming emissions produced worldwide.

The new NPC program expects to invest in efforts to expand approaches like carbon storage, mangrove restoration,

 and climate resilience in small island developing states, sub-Saharan Africa and forested countries around the globe

They are among the places hit hardest by the impacts of the coronavirus disease 2019 (COVID-19) pandemic and rising food and energy prices fueled by the Ukraine war, said Paul Hartman, a senior environmental specialist at the CIF.

“Many of these shocks that you see globally to food systems have an impact on countries’ economies but particularly on (the) economies of the farmers and livelihoods of people,” he told the Thomson Reuters Foundation.

Global annual spending to protect and restore nature on land needs to triple this decade to about $350 billion by 2030, a UN report said last year.

Boosting finance for developing nations to better protect their nature-rich ecosystems is a longstanding challenge.

Earlier this year, international green groups called on the world’s richest nations to provide at least $60 billion a year to protect and restore biodiversity in developing countries.

The NPC platform aims to invest in nature projects that are part of larger, national investment plans, also involving multilateral development banks, with the aim of raising more finance from the private sector and other sources, said Hartman.

In addition, the NPC aims to partner with indigenous groups and communities living in and around protected areas, who experts say play a vital role in conservation.

“This is more than just about working with them — it’s about putting them in positions of being the decision-makers,” Mr. Hartman said.

“It’s not just about involving them, it’s about them being at the table and making decisions and using their knowledge.” — Michael Taylor/Thomson Reuters Foundation

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PAGCOR Chairman and CEO Andrea Domingo (right) and La Paz Mayor Venustiano Jordan unveil the marker of the newly built Multi-Purpose Evacuation Center. Being...

News

As President Rodrigo R. Duterte’s term ends today, we show how select economic, financial, and development indicators have changed throughout the years from his...

News

THE peso sank to the P55-a-dollar level on Wednesday — its weakest in more than 16 years — amid fears of a recession in...

News

(MAY 13, 2020) Houses are dwarfed by towering buildings of the Makati City skyline on a quiet Wednesday midnight as they government through the...

News

THE Philippine Ports Authority (PPA) has awarded more port projects, including the construction of a cruise ship port in Coron, Palawan province southwest of...

News

MORE Filipinos opened their own bank accounts at the end of last year, as many of them were forced to pay for services online...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.