MDBs publish first common principles for nature-positive finance
Summary
According to United Nations Environment Programme Finance Initiative (UNEP-FI), nature-positive finance aims to mobilise financial institutions to engage positively with nature.
The European Investment Bank (EIB) and other multilateral development banks (MDBs), last month, published common principles for identifying and tracking nature-positive finance. The announcement was made on nature day of the United Nations COP28 climate change conference in Dubai, United Arab Emirates.
According to United Nations Environment Programme Finance Initiative (UNEP-FI), nature-positive finance aims to mobilise financial institutions to engage positively with nature.
The new common principles aim to mainstream nature in MDB operations and investments in a systematic manner. This is one of the key deliverables from the COP26 Joint MDB Statement on Nature, People and Planet, in which MDBs collectively committed to step up efforts for the protection, restoration, and sustainable use of nature in support of the Kunming-Montreal Global Biodiversity Framework.
Nature plays a critical role in providing resources and services that underpin the achievement of the Sustainable Development Goals and are essential to solving development challenges such as health, jobs and livelihoods, inequality, climate change, food security and fragility, EIB said in a statement.
The common principles will help guide the development and implementation of MDBs’ respective frameworks and internal methodologies for tracking nature-positive finance as they support countries and the private sector in implementing the Kunming-Montreal Global Biodiversity Framework in a systematic manner. The common principles will also facilitate comparability across MDBs in their respective screening and tracking processes.
Related
-
CBN to establish Payment Service Banks to drive financial inclusion
The key objective of the PSBs is to enhance financial inclusion in rural areas by increasing access to deposit products and ...
-
African Development Bank offers FCMB $50 million credit line
The project is expected to improve access to finance for at least 50 enterprises: 29 in the agribusiness and manufacturing ...
-
Access Bank's environmental leadership
In its determined efforts at mitigating the adverse impacts of harmful environmental actions, Access Bank has introduced a ...
Sustainable Development Section Sponsor
-
Access Bank Plc ...Financing the future
Most Popular
- Rise in vaccine-preventable disease outbreaks is a threat, warn WHO, others
- Africa must stop buying what it already has
- AWIEF 2025 mobilising stakeholders to recommit to gender equity
- Finnfund issues EUR 200 mn multi-tranche green and sustainable bonds
- The rise of contemporary African art in a global market
