By Canadian Press

Montreal biodiversity conference to discuss role of financial sector in conservation

Dec 14, 2022 | 2:04 AM

MONTREAL — The role of private money and industry in preserving enough natural ecosystems to keep the planet functioning will be the focus of talks Wednesday at an international conference on biodiversity in Montreal.

While negotiators continue to try to hammer an overall conservation deal, discussions are also scheduled on how global capital flows can be harnessed to work with nature rather than exploit it. 

Figures from the United Nations suggest those capital flows are now more part of the problem than the solution. 

The UN says that in 2019, industries that are eroding biodiversity got money from major investment banks equal to Canada’s entire GDP — an estimated $3.5 trillion.

The UN figures say most of that money went to agriculture, fisheries, fossil fuels and forestry. 

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They say the money devoted to conservation was $200 billion at most.

Delegates to the convention have already spent days talking about how rich countries should help poor ones fund conservation. Most of the world’s biodiversity is concentrated in the global south.

Federal Environment Minister Steven Guilbeault acknowledged Tuesday that the private sector will have a role to play. 

“Clearly, we do not have enough money from governments for all the needs,” he said.

Shaughn McArthur, the associate director of government relations for nonprofit group Nature United, said companies are on board with initiatives such as mandatory reporting of the nature-related effects of business activities and are looking for ways to realize their climate promises.

“Companies clearly have problems, but they have made commitments to net zero and they know that in order to get there, they can do it in a way that’s nature positive and climate positive — with the right enabling conditions.”

Estimates of how much money is needed vary widely.

Delegates are discussing a proposal for $200 billion a year to be provided to developing countries, but an extra $500 billion could be redirected from subsidies harmful to biodiversity. 

Many business leaders appearing at the conference also want to discuss disclosure rules, so businesses that take biodiversity into account in investment decisions aren’t disadvantaged by those that don’t. Others want to ensure resources are transferred transparently, so third parties can ensure they’re going where they’re supposed to.

Nor is it all about money. Other discussions will involve technology transfer and capacity building to help funding recipients use resources efficiently. 

Overall, the COP15 conference is aimed at producing a deal for the world’s declining biodiversity equivalent to the 2015 Paris Agreement that assigned hard targets for countries to reduce their greenhouse gas emissions. Negotiators are hoping for commitments to preserve 30 per cent of the Earth’s land and water by 2030, as well as plans to stop ecosystem decline by the same date. 

Climate change and biodiversity are closely linked. Scientists have concluded that it will be impossible to hold global warming to 1.5 C without saving at least one-third of the planet. 

The COP15 meetings go on until Monday.  

This report by The Canadian Press was first published Dec. 14, 2022. 

The Canadian Press