The World Economic Forum (WEF) has warned that the goal of limiting global warming to 1.5 degrees Celsius is at risk due to energy and cost-of-living challenges. Additionally, the WEF states that the recent decision by the United Nations Biodiversity Conference (CBD COP15) to protect 30% of land and sea falls short in the face of the worsening biodiversity crisis. To address this, a new strategy is needed to increase funding as current funding is not sufficient and slow. The WEF suggests that philanthropic contributions may be the solution as it can provide quick, more risk-tolerant, and values-driven funding with a long-term focus, as opposed to being driven by short-term returns.
The World Economic Forum (WEF) has launched an initiative to unlock $3 trillion per year to invest in climate and nature. The initiative, called the “Nature Action Agenda,” aims to mobilize private-sector investment and redirect public finance towards projects that address the climate and biodiversity crisis.
According to the WEF, the initiative will focus on four key areas: restoring and protecting nature, investing in sustainable infrastructure, promoting sustainable agriculture and forestry, and accelerating the transition to a circular economy.
The WEF estimates that by investing in these areas, it will be possible to create over 380 million jobs and generate trillions of dollars in economic activity. The initiative also aims to reduce greenhouse gas emissions, protect biodiversity, and improve the well-being of people around the world. The WEF has also announced that it will work with a range of partners, including governments, international organizations, and private-sector companies, to implement the Nature Action Agenda. The initiative will also involve the creation of new financial instruments, such as green bonds and nature-based offset credits, to mobilize private-sector investment in climate and nature projects.
The launch of the Nature Action Agenda follows growing calls for increased investment in climate and nature projects in order to address the global climate and biodiversity crisis. The initiative is a significant step towards achieving this goal and demonstrates the WEF’s commitment to promoting sustainable economic growth and protecting the planet.