Mobilizing finance for climate and biodiversity in primary forests
Wednesday, 20 November 2024
16:00-17:15 (UTC+4)
COP29 Forest Pavilion, UN Climate Change Conference (Blue Zone, C4, Zone E)
Baku, Azerbaijan
ONLINE STREAMING
As the world races to meet climate and biodiversity goals, primary forests including intact forest landscapes emerge as essential ecosystems offering unparalleled value. Not only do they act as significant carbon sinks, but they are also biodiversity hotspots that support countless species and provide ecosystem services vital to human communities. Despite this, financing mechanisms traditionally separate climate and biodiversity goals, risking inefficiencies and missed opportunities.
At UNCBD COP16 in Cali, discussions emphasized the need for an integrated approach to forest financing. Now, at UNFCCC COP29 in Baku, we are setting the stage for a paradigm shift that brings together climate and biodiversity finance with the aim of creating a unified, resilient funding landscape for primary forest conservation. This event will explore innovative tools, such as carbon credits and biodiversity credits, and evaluate multilateral, bilateral, and private financing options.
By connecting stakeholders from across sectors—including government, science, and finance—this session will provide a roadmap from Cali to Baku to Belem, illustrating how a holistic approach to forest financing can meet both climate and biodiversity targets. The discussion will prepare the ground for COP30 in Belem, where integrated financing models can be further scaled and operationalized.
As part of the COP29 series of events of the Collaborative Partnership on Forests, the event is led by the International Union for Conservation of Nature, the Global Environment Facility, the United Nations Forum on Forests Secretariat, and the Food and Agriculture Organization of the United Nations.
Key takeaways
- Understanding dual-benefit financing: Attendees will gain insights into how integrated financing tools, such as carbon and biodiversity credits, can provide simultaneous support for climate and biodiversity objectives.
- Role of multilateral and bilateral funding: Discussions will illuminate the contributions and alignment strategies of major players like GEF, the Green Climate Fund, and bilateral donors such as United Kingdom, Germany, Norway and Canada. Emphasis will be placed on the importance of coordination across sectors to maximize impact.
- New pathways for private sector engagement: By examining innovative funding structures, such as blended finance and ecosystem service payments, participants will understand how private investment can be attracted to primary forest conservation, providing sustainable, long-term financing options.
- Roadmap to COP30: The session will offer strategic recommendations and a collaborative roadmap leading up to COP30 in Belem, underscoring a continued, unified approach to forest financing that addresses both biodiversity and climate imperatives.
Agenda
Welcoming remarks
Moderator: Chetan Kumar
Global Head, Forest and Grasslands
International Union for Conservation of Nature
Juliette Biao
Director
United Nations Forum on Forest Secretariat
Opening remarks
Stewart Maginnis
Deputy Director General
International Union for Conservation of Nature
H.E Nilda Borges da Mata
Minister of Environment
São Tomé and Príncipe
Monique Frison
Director General
Trade, Economics, and Industry Branch
Department of Natural Resources Canada
Panel discussion – Integrating biodiversity and carbon financing
Nicolas Schaefstoss
Head of Division International Finance
Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection
Germany
Dorji Wangdi
Principal Forestry Officer
Department of Forests and Park Services
Ministry of Energy and Natural Resources, Bhutan
Tore Langhelle
Senior Adviser
Norway’s International Climate and Forest Initiative
Norway
Amy Duchelle
Senior Forestry Officer, Team Leader Forests and Climate Forestry Division, Food and Agriculture Organization of the United Nations
Audience Q&A
Closing session
Pascal Martinez
Forests and Wildlife Lead and Senior Climate Change Specialist
Global Environment Facility
Bridging nature and climate through protection of primary forests with high ecological integrity
FAO technical brief
This brief focuses on the important role of primary forests in meeting climate and biodiversity goals. It also explains science-based principles relevant to policy pathways for protecting, restoring, and sustainably managing these forests.
