New principles will guide multilateral development banks’ support for countries and the private sector in implementing the Kunming-Montreal Global Biodiversity Framework; For the first time, multilateral development banks define common principles and the criteria for identifying and tracking nature-positive finance; Announcement follows COP26 Joint MDB Statement on Nature, People and Planet.
The European Investment Bank (EIB) and fellow multilateral development banks (MDBs) have today published (https://apo-opa.co/3RdNOeQ) common principles for identifying and tracking nature-positive finance. The announcement comes on nature day of the United Nations COP28 climate change conference in Dubai, United Arab Emirates.
The common principles aim to increase nature-positive finance by mainstreaming nature in MDB operations and investments in a systematic manner. This is one of the key deliverables from the COP26 Joint MDB Statement on Nature, People and Planet (https://apo-opa.co/4aeV2ba), in which multilateral development banks collectively committed to step up efforts for the protection, restoration and sustainable use of nature in support of the Kunming-Montreal Global Biodiversity Framework.
Nature plays a critical role in providing resources and services that underpin the achievement of the Sustainable Development Goals and are essential to solving development challenges such as health, jobs and livelihoods, inequality, climate change, food security and fragility.
EIB Vice-President Ambroise Fayolle, said: “Scaling up nature positive finance is key to solving the climate change, biodiversity loss and pollution crises. With the common principles for tracking nature-positive finance, MDBs are implementing a key deliverable from their joint statement on nature. At the EIB, from 2024 onwards, we will be integrating the common principles into our existing environmental sustainability tracking methodology. In doing so, we are committed to working with countries and the private sector to scale up nature positive investments worldwide.”
The common principles will help guide the development and implementation of multilateral development banks’ respective frameworks and internal methodologies for tracking nature-positive finance as they support countries and the private sector in implementing the Kunming-Montreal Global Biodiversity Framework in a systematic manner. The common principles will also facilitate comparability across multilateral development banks in their respective screening and tracking processes. They will enable the EIB to better assess whether its finance is expected to deliver a meaningful and measurable positive contribution to nature, and to communicate such nature-positive outcomes. In addition, the common principles may be informative for other investors, including capital markets and governments.
Distributed by APO Group on behalf of European Investment Bank (EIB).
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EIB at COP28:
You can find an overview of the EIB’s activities at COP28 on our website (https://apo-opa.co/4a1UzsG). The EIB has a pavilion in the side event area of the blue zone and is running a series of events on numerous topics [full agenda here (https://apo-opa.co/3GpmrJI)]. You are welcome to watch the sessions live or later at your convenience. The EIB is also sharing a pavilion with the group of multilateral development banks [full agenda here (https://apo-opa.co/481ZS9D)].
Background information:
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Through its Climate Bank Roadmap (https://apo-opa.co/4179bTu) the EIB Group aims to support €1 trillion of investment in climate action and environmental sustainability through the critical decade, 2021-2030. The EIB has committed to increase investment in climate action and environmental sustainability to more than 50% of the EIB’s annual lending by 2025, and exceeded this goal last year with 58%.
The EIB is committed to supporting our clients and countries in implementing the many targets and goals of the Kunming-Montreal Global Biodiversity Framework, notably the 2050 Vision and 2030 Mission to halt and reverse nature loss by 2030, with a view to full recovery by 2050.
We identify and scale up our nature-positive investments by (a) mainstreaming biodiversity across policies, investments and operations; (b) assessing nature-related impacts, dependencies and risks; and (c) scaling climate finance with nature co-benefits.
We develop concrete initiatives, programmes and partnerships with commitments to support biodiversity investments and/or biodiversity co-benefits.
EIB Global (https://apo-opa.co/46JP92G) is the EIB Group’s specialised arm devoted to operations outside the European Union, and a key partner of the EU Global Gateway (https://apo-opa.co/3Nd1jdz) strategy. We aim to support at least €100 billion of investment by the end of 2027, around one-third of the overall target of Global Gateway. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local communities, companies and institutions through our offices across the world (https://apo-opa.co/3RasgzG). Website: www.EIB.org/press