The world must double funding for nature to tackle climate, biodiversity and land degradation. This was stated in a United Nations report on Thursday.
The report comes as representatives from nearly 200 countries prepare to meet in Montreal next week to strike a new global biodiversity treaty.
The second ‘State of Finance for Nature’ report published by the UN Environment Program (UNEP) says investment must increase to $384 billion per year by 2025. That’s more than double the current figure of $154 billion per year.
According to the report, $484 billion in annual funding will be needed for nature-based solutions to address challenges such as limiting global warming to below 1.5 degrees Celsius by 2030, halting biodiversity loss, achieving land degradation neutrality and more.
UNEAF Executive Director Inger Andersen said ‘As we transition to net-zero emissions by 2050, we must also reorient all human activities to reduce pressure on the natural world we all depend on.’
The report also states that governments currently provide 83 percent of funding for nature-based solutions. However, financing will be limited by the challenges associated with conflict, debt and poverty, and the private sector must therefore significantly increase investment from the current $26 billion a year.
Funding for sustainable agriculture and peatland restoration is needed to limit long-term global warming to 1.5 degrees Celsius, as phasing out coal and decarbonizing the energy sector will not be enough on their own, the UN report said.