The financial sector must be encouraged to invest in nature conservation for the world to meet this decade’s UN biodiversity targets, the UK environment secretary has said.
Thérèse Coffey, speaking at an event at Lancaster House in London to mobilise private finance after Cop15, said the private sector had a critical role to play in meeting this decade’s deal to halt the destruction of Earth’s ecosystems.
The agreement includes a target to scale global funding for nature to $200bn (£167bn) a year by the end of the decade, with companies and financial institutions expected to play a significant part.
Environment ministers, philanthropic organisations and Indigenous leaders met alongside chief executives and representatives of financial institutions at the event hosted by the UK government on Friday to discuss the next steps after the Cop15 biodiversity agreement. It was followed by a reception at Buckingham Palace with King Charles.
Companies and investors are being urged to do…
2023-02-18 06:25:28
Post from www.theguardian.com
The UK Minister for the Environment and Climate Change, Thérèse Coffey, has recently suggested that financial institutions have a crucial role in preventing biodiversity loss.
At a recent speech in London, Coffey stated her belief that the financial sector is one of the most powerful forces in the world when it comes to achieving global goals related to biodiversity and the environment. She explained that financial institutions are responsible for large amounts of capital that is directed towards industries and projects. By redirecting this capital towards more sustainable practices and investments, the financial sector can become a key ally in the fight against biodiversity loss.
Coffey also urged the financial industry to move away from investments in activities that are detrimental to the environment such as deforestation and excessive fertilization. She identified initiatives such as ‘green bonds’ as a way to direct more money towards sustainable projects.
The minister also outlined a number of commitments from the UK government to support this goal, including boosting availability of green finance for businesses, investing in research and innovation in nature-based solutions and implementing the EU’s ‘Financial Resilience’ campaign.
While acknowledging that more needs to be done to address biodiversity loss, Coffey expressed her belief that the financial sector can become an important partner in the fight against it. “The potential of the finance sector to positively affect the environment is enormous and I urge everyone to engage”, she stated.
Overall, with Thérèse Coffey’s recent speech, it is clear that the financial industry has a major role to play in preventing further biodiversity loss.