COP28: Nature, Land Use, and Oceans

During Nature Day, $186 million was pledged towards forests, mangroves and the ocean. This funding built on the $2.5 billion mobilised to protect and restore nature during COP28's World Climate Action Summit on 2 December 2023.

Joint Statement on Climate, Nature and People

The COP28 Joint Statement on Climate, Nature and People was announced between the COP28 Presidency and the People’s Republic of China, as President of the Convention on Biological Diversity. This was endorsed by 18 countries who lead climate, nature and biodiversity partnerships. The aim of the joint statement is to align action on nature and ensure continuity between COP28 and Biodiversity COP 2024. In relation to nature based solutions, the Joint Statement seeks to:

1. Foster more aligned planning and implementation;
2. Scale finance and investments;
3. Ensure effective representation and participation of indigenous peoples;
4. Promote a whole-of-society approach; and
5. Encourage coherence across data sources and data collection.

Nature positive finance

Multilateral Development Banks (MDBs), including the European Investment Bank, published the first set of common principles for scaling and improving nature positive finance. The principles which were first promised in Glasgow, will help to guide the development and implementation of MDB’s respective frameworks and methodologies for supporting countries and the private sector in implementing the GBF in a systematic manner.

The Forest Carbon Results and Credits roadmap was launched by 15 governments and outlined a plan to scale investment in forest carbon results and credits, emphasizing the significant potential of Forest Carbon markets to scale payments for climate and environmental services.

Mangroves

The UAE and Indonesia’s Mangrove Alliance for Climate (MAC) which now has 37 members, drives global momentum to protect the world’s mangroves. Germany announced a new collaboration with the UAE, focusing on sustainably managing mangroves in African countries. In addition, 21 countries formally endorsed the Mangrove Breakthrough which aims to restore and protect 15 million hectares of mangroves globally by 2030, through $4 billion of finance.

Oceans

The High-Level Ocean Panel for a Sustainable Ocean Economy, now 18 countries representing 50 percent of the world’s coastlines, announced the membership of the Organization of American States, working in collaboration to achieve a 100 percent sustainable ocean economy.

Over 150 businesses and financial institutions announced plans to set climate and nature targets. Under various frameworks, businesses agreed to increase investments in nature-based solutions and to begin assessing and disclosing their nature-related risks and opportunities through the Taskforce on Nature-related Financial Disclosures framework.

Nature and Climate: an indivisible global emergency

Nature and climate are inextricably interlinked; we need to protect nature to address climate change. Forests, oceans and mangroves act as huge carbon stores and ecosystems, whilst mangroves also protect coasts from erosion and flooding. Burning fossil fuels results in rising temperatures which in turn damages ecosystems and reduces their ability to store carbon. Deforestation strips our earth of one of its most effective carbon stores. Nature must be considered when addressing these issues, for example planting non-native trees as a response to deforestation, can promote monoculture plantations that risk damaging biodiversity further.

The urgent need to prioritise, protect and restore biodiversity is crucial to tackling the climate crisis. The commitments made in the dual nature-climate agenda at COP28 demonstrate this is being understood and considered more seriously by countries. Businesses should consider nature-based solutions as they address the climate emergency.

Other news

• Canada plans to introduce legislation which would hold the government accountable for making progress towards meeting its commitments on nature and biodiversity.
• The 2030 Shipping Pact for People and Nature was launched which outlines measures to reduce the speed of global ships by 25% by 2030 to address biodiversity and pollution.
• A Joint Statement from 17 countries called for the use of sustainable wood in construction.
• Brazilian President Lula da Silva and the COP28 Presidency announced a two year partnership to mobilize new resources and political support for nature on the road to COP30.

Jane Southworth, Partner, comments:

“The world is coming to realise that the protection of nature is a necessity in terms of our ability to address the challenge of climate change. All countries are going to have to look at the way they use both land and water resources and look to build nature into their climate mitigation strategies. It was therefore great to see recognition of the role played by nature in mitigating climate change on Day 10 of COP 28 under the theme of Nature, Land use and Oceans.”