FfB: Aligning financial flows with the Global Biodiversity Framework
On 23 April, The Finance for Biodiversity (FfB) Foundation released the paper 'Aligning Financial Flows with the Global Biodiversity Framework: Translating Ambition into Implementation', outlining key recommendations on how governments can align financial flows with the GBF. The policy paper was published during the webinar 'Finance and the Global Biodiversity Framework: Navigating the road to COP16'.
Crafted in collaboration with leading financial institutions, this document outlines key actions governments can take to align financial flows with the Kunming-Montreal Global Biodiversity Framework (GBF). The role of the private sector in addressing biodiversity loss should be clearly articulated in National Biodiversity Strategies and Action Plans (NBSAPs), which countries must submit ahead of COP16, and National Biodiversity Finance Plans (NBFPs).
Key recommendations
The four key recommendations that are addressed in the paper are:
- Require companies and financial institutions to assess, monitor, and disclose their nature-related risks, impacts, dependencies, and opportunities
- Mandate Nature Transition Plans based on sectoral transformation pathways, and foster collaborative commitments
- Actions from central banks and supervisors
- Create economic incentives for businesses and financial institutions to maximise the mobilisation of private finance.
The FfB Foundation recognises that countries may be at different stages of development and that there is a no one size fits all approach, so how the measures are implemented will vary according to national circumstances.