This is the decisive decade for humanity — we must halve emissions, reverse biodiversity loss and enhance resilience. Financial institutions and corporations play a critical role, with over 450 financial institutions and 7,000 corporations in the Race to Zero committed to net zero targets.
Nevertheless, this is not enough. We need more finance and business leaders to see nature as a critical ally in net zero delivery. Tropical deforestation linked to commodity production alone accounts for 8% of all CO2 emissions. We need collective action to halt deforestation today.
At a London Climate Action Week event on 29 June, hosted by the UN Climate Change High-Level Champions, speakers highlighted the need and opportunities for private sector breakthroughs, the action delivered to date and the tools required to reach a net zero, nature positive future.
Speakers included Brazilian Indigenous activist, Txai Suruí, joint director of the Potsdam Institute for Climate Impact Research, Johan Rockström and CEO of Schroders, Peter Harrison.
Rockström said if it weren’t for nature we’d already have crossed 1.5C, but stated we are already in the danger zone on natural sinks like forests and oceans. CEO of Storebrand Asset Management, Jan Erik Saugestad underlined that, “biodiversity is key for economic and financial growth.”
“We have to point fingers but also work with the 400 companies listed on the Brazilian stock exchange to engage with them on deforestation,” said Partner & Head of ESG at JGP, José Pugas.
Vice chair of the Glasgow Financial Alliance for Net Zero (GFANZ), Mary Shapiro urged for an “urgent focus on forests and nature” and reminded delegates that over half of the world’s GDP is moderately or highly dependent on nature and its services.
The event also discussed new analysis, commissioned by the UN Climate Change High-Level Champions, which found a five-fold increase in companies committed to net-zero from the forest, land and agriculture sectors — the second highest emitting industry after energy.
Closing the event, U
Watch the event below:
At this moment, it’s critical for businesses to embrace nature-based solutions alongside technological ones, to ensure a credible and impactful path to net-zero, says Maria Mendiluce, CEO, We Mean Business Coalition.
Preserving nature is a key element in the world’s effort both to mitigate and adapt to climate change, and it also happens to be good for business. But new findings show that much of the private sector continues to lag far behind in tackling deforestation and protecting biodiversity.
Here’s why investment by G20 economies in nature-based solutions needs to double by mid-century to help prevent an environmental crisis.
Natural climate solutions are the key for the Race to Zero and the Race to Resilience. They can take us beyond net zero, to actually achieve drawdown. With all of the cascading benefits to people and the planet, it is clear that climate finance should support nature-based climate solutions, says Mamta Mehra, Senior Fellow, Land Use & Research Program Officer & Chad Frischmann, Senior Director, Drawdown Solutions, Project Drawdown
