Hope for nature

Biodiversity and climate change are closely linked. Healthy ecosystems provide carbon sinks for greenhouse gas emissions and decrease the risk of environmental disasters. Actions to halt and reverse the trend of biodiversity loss will also help to stabilise the climate. Similarly, reducing industrial emissions will spare nature from further impact of global warming.

Protecting biodiversity and addressing climate change are, therefore, complementary processes for preserving a livable planet. The year 2022 was disastrous in terms of climate change and nature loss, but environmental diplomacy delivered important outcomes on these issues at two international conferences: the COP15 Meeting of the UN Convention of Biological Diversity in Montreal in December and the COP27 meeting of the UN climate convention in Sharm El Sheikh in November, whose outcomes have the potential to steer the world towards a transformed relationship with the natural world.

COP15, originally planned for 2020 in Kunming, China, was delayed due to Covid-19 restrictions and later relocated to Montreal under the Chinese presidency. The Kunming-Montreal global biodiversity framework aims to halt and reverse nature loss by 2030 through a combination of policy measures and action plans. The new framework commits governments to protect 30 per cent of earth's land, oceans, coastal areas, and inland waters. Currently only 17pc of land and 10pc of marine areas are under protection.

Insufficient financing has been a major hindrance to realising global environmental goals. To fill the biodiversity funding gap, countries agreed to mobilise $200 billion per year both from public and private sources. In addition, a special window of international financial flows from developed countries to developing countries is to channel $20bn per year by 2025 and $30bn by 2030 to assist poor and vulnerable nations.

COP15 also pledged to cut global food waste by half. Currently 1.3 billion tons of food is wasted, emitting GHG and costing $2.6 trillion to the world economy. At COP27, a renewed focus on adaptation led to significant progress in this area. Natural disasters add to the misery of developing countries who bear the brunt of the slow onset-impact of global warming on their societies and economies. Adaptation to climate change is, therefore, a priority for the Global South. At COP27, nations agreed to develop the 'global goal on adaptation', also deciding to prepare a report on doubling the adaptation finance for consideration at COP28 in Dubai in December 2023.

Another significant outcome was the establishment of the 'loss and damage fund' to compensate developing countries. Provision of financial support to vulnerable nations continues to be a sticking point in climate negotiations, eroding trust between rich and poor nations. Current financial arrangements for adaptation are too insignificant to be impactful.

Climate costs are rising by the day, and implementation pathways of climate and environmental agreements are stuck in a gridlock. While the loss and damage fund will take time to deliver meaningful support, the symbolic value of its establishment will help reduce the trust gap between developed and developing countries. A transition committee of 24 member states will work out modalities for operationalising the fund. This will include setting up a mechanism to receive financial contributions from major carbon-emitting countries, devising a formula to determine the level and scale of such contributions, and a methodology for disbursement to countries affec ted by climate change.

On the sidelines of COP27, the African Cities Water Adap ta t ion Platform, led by the World Resource Institute, launched an initiative with other partners with the aim of channelling $5bn towards urban water resilience solutions in 100 African cities by 2032. Africa's growing urban population will multiply demand for water in coming decades. In South Asia, water stress is already a serious concern.

Biodiversity and climate change are two sides of the same coin. Decisions made at these UN conventions will strengthen multilateralism and provide impetus to global efforts for sustainable development as the world approaches midpoint mark in implementing the 2030 agenda.

But only if they receive the requisite political support to maintain the momentum generated by these agreements. For this purpose, UN Secretary General António Guterres has convened a special climate summit alongside the summit on SDGs in September in New York.