The importance of financing nature-based solutions in addressing climate crises has been underscored significantly following discussions at COP27 in Egypt and further recognition during COP28 in Dubai.
These discussions delved into the pivotal role these solutions can play in averting climate crises. Globally, protection-related nature-based solutions represent approximately 80% of the additional land area needed by 2030 but require only 20% of additional finance.
Scientifically grounded, nature-based solutions are not only more cost-effective but also have greater impacts on ecosystem protection and environmental conservation. Key nature-based solutions include reforestation, afforestation, and land restoration, all of which significantly contribute to slowing down climate change and enhancing resilience.
According to Ms. Inger Andersen, nature-based solutions are severely underfunded, receiving only US$200 billion globally annually, less than a third of the required amount by 2030 to meet climate, biodiversity, and land degradation goals. Furthermore, these solutions face significant challenges from the annual flow of US$7 trillion in nature-negative finance from harmful subsidies and investments.
The intricate complexity of the natural world, shaped over billions of years, cannot be replaced by technology. Therefore, there is a strong emphasis on nature conservation as a major pathway toward forging sustainable solutions to the triple planetary crisis.
During a side event at the United Nations Environment Assembly (UNEA), the Convention on Science and Business Policy Forum shed light on the challenges hindering the effective implementation of nature-based solutions.
The keynote speaker, Mama Rachel Ruto, stressed the need for increased financial support for nature-based solutions and emphasized the importance of collaboration among science, policy, and business sectors to leverage research, innovation, and entrepreneurship for transformative change and environmental objectives.
Mama Ruto, accompanied by delegates, launched a new initiative to grow and nurture 500 million trees by 2032 in Karura Forest. This initiative is a significant contribution to Kenya’s national objective of achieving 30% tree cover by 2030.
In addition to mitigating the climate crisis, these solutions are crucial for restoring biodiversity, enhancing food security, and creating employment opportunities, thereby improving livelihoods and overall health.
