October 29, 2024
By Samuel Ogunsona
Ministers from nine countries gathered at the CBD COP16 conference in Cali on October 28, 2024, to address the critical role of forests in combating climate change and promoting biodiversity.
The event was convened by the Government of Colombia and the Forest and Climate Leaders’ Partnership.
Forest ecosystems support two-thirds of global biodiversity and store 861 gigatons of carbon, equivalent to a century of global fossil fuel emissions.
These ecosystems are vital in tackling climate change, desertification, and biodiversity loss.
The ministers recognized the significance of Paragraph 33 of the UAE Consensus from COP28, which aims to halt and reverse deforestation by 2030 and align Paris Agreement implementation with the Kunming-Montreal Global Biodiversity Framework.
To meet global commitments, the event highlighted the need to scale finance from all sources. The Global Biodiversity Framework aims to mobilize $200 billion annually, with $30 billion coming from international finance, to protect nature and address climate change.
Discussions focused on developing a Tropical Forest Forever Facility ahead of COP30 and creating investment-ready Country Packages for Forests, Climate, and Nature.
Global experts explored innovative financial mechanisms, including debt-related financial instruments, to support greater credit enhancement for debt and nature transactions. This would help unlock systemic barriers to increasing fiscal space to invest in nature.
The event emphasized the importance of connecting the three Rio Conventions: the UN Framework Convention on Climate Change, the Convention on Biological Diversity, and the United Nations Convention to Combat Desertification.
This connection would support increased efficiency of resource allocation and contribute to sustainable development.
