Latest News
MDBs publish first common principles for nature-positive finance
News Highlight
According to United Nations Environment Programme Finance Initiative (UNEP-FI), nature-positive finance aims to mobilise financial institutions to engage positively with nature.
The European Investment Bank (EIB) and other multilateral development banks (MDBs), last month, published common principles for identifying and tracking nature-positive finance. The announcement was made on nature day of the United Nations COP28 climate change conference in Dubai, United Arab Emirates.
According to United Nations Environment Programme Finance Initiative (UNEP-FI), nature-positive finance aims to mobilise financial institutions to engage positively with nature.
The new common principles aim to mainstream nature in MDB operations and investments in a systematic manner. This is one of the key deliverables from the COP26 Joint MDB Statement on Nature, People and Planet, in which MDBs collectively committed to step up efforts for the protection, restoration, and sustainable use of nature in support of the Kunming-Montreal Global Biodiversity Framework.
Nature plays a critical role in providing resources and services that underpin the achievement of the Sustainable Development Goals and are essential to solving development challenges such as health, jobs and livelihoods, inequality, climate change, food security and fragility, EIB said in a statement.
The common principles will help guide the development and implementation of MDBs’ respective frameworks and internal methodologies for tracking nature-positive finance as they support countries and the private sector in implementing the Kunming-Montreal Global Biodiversity Framework in a systematic manner. The common principles will also facilitate comparability across MDBs in their respective screening and tracking processes.
Related News
Latest Blogs
- Access Holdings and African art renaissance
- NMDPRA should balance local content with market competition
- Why ‘T-Pain’ should be Tinubu's least worry
- Access Bank Project 111 providing a lifeline for women battling fibroids
- How Nigeria can boost maritime financing
Most Popular News
- Kenya’s KCB Bank signs €230mn deal to support SMEs, youth and women
- AfDB has invested $1.44bn to support infrastructure development in Nigeria
- FG proposes N47.9 trillion for 2025 budget
- Unpaid care work prevents 708m women from participating in labour market
- Airtel Africa records broad growth in half year results
- UK budget to drive wealth and talent exodus from Britain - investor