COP29 BIODIVERSITY
SCALING UP NATURE-BASED SOLUTIONS
How a new partnership strengthens both climate resilience and biodiversity conservation By Valerie Herzog, OPEC Fund, Climate Change Specialist
I n Southeast Asia, the loss of forest cover, the drainage of wetlands and the decline in biodiversity underscore the pressing need for enhanced conservation efforts. The region’s vulnerability to rising sea levels and extreme weather events further highlights the importance of integrating a new plan of action into broader climate strategies.
The Nature Solutions Finance Hub: A Vision for the Future To address this key issue, a new mechanism was needed. In December 2023 at COP28 in Dubai, the Nature Solutions Finance Hub was inaugurated by the Asian Development Bank (ADB) and the OPEC Fund. The hub is a platform that combines innovative finance approaches with policy support, capacity building and the development of bankable NBS projects.
The overarching objective is to catalyze at least US$5 billion in capital flows into NBS projects across Asia and the Pacific, with a minimum of 15 percent sourced from the private sector. In April 2024, the Nature Solutions Finance Hub held its first Partners Forum, which underscored the urgency of mobilizing finance for nature- based solutions across Asia and the Pacific. Hosted by the OPEC Fund at its Headquarters in Vienna, with key partners including the ADB, the event was more than a mere meeting; it was a clarion call for collective action to bridge the substantial financing gap in NBS and to promote sustainable development across the region. During the Forum, OPEC Fund President Abdulhamid Alkhalifa emphasized the hub’s role in mobilizing the much-needed funding for NBS, calling the method an effective way to
This plan goes by the name of nature-based solutions (NBS). These actions are increasingly recognized as vital tools in addressing the twin crises of climate change and biodiversity loss. Defined broadly, NBS encompass actions that protect, sustainably manage and restore natural ecosystems, providing
not only environmental benefits but also socio- economic advantages.
These solutions are critical in building climate resilience, with ecosystems like forests, wetlands and oceans playing key roles in carbon sequestration and temperature regulation.
Action to reverse biodiversity fosters both environmental and socio-economic stability
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