On Nature Day, high-level climate change champion at the United Nations and President of the International Union for Conservation of Nature (IUCN) Razan Al Mubarak told “Arabia English” that the commitments and agreements signed at COP28 will be supported by financial commitments and metrics to be tracked by stakeholders.
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Financial Commitments and Metrics
The COP28 commitments and agreements have been announced with partner countries on various global climate change issues by the COP28 presidency team in the UAE, and an official confirmed to “Arabia English” that these non-binding commitments will be accountable through financial commitments and tracked through common metrics by entities such as IUCN and affected communities.
Monitoring and Evaluating Actions
Razan Al Mubarak said, “All these actions must be monitored and evaluated… the credibility of the work we do must be addressed and monitored, but in the end, it must also be monitored by the communities that protect nature.” She added that commitments and investments should be designed with the involvement of local communities as part of the solution.
Financing and the Private Sector
Razan Al Mubarak confirmed that it’s not just about governments, but also relates to the political will that is met through financing, with funding coming from bilateral avenues as well as from philanthropy and the private sector.
Nature Day at COP28
United Nations climate conferences celebrate Nature Day and the use of land and oceans on Saturday, aiming to highlight the importance of nature in the adaptation and mitigation of climate change impacts.
Paris Agreement Goals
Nature sustainability and the use of land and oceans are seen as essential aspects of achieving all the goals of the Paris Agreement, according to the United Nations Development Programme. In its COP28 plan, it was mentioned that the conference will focus on achieving climate and nature benefits through a range of financing mechanisms and packages designed in collaboration with local and indigenous peoples to manage and protect natural carbon wetlands and biodiversity sites.
Private Sector Commitments
Today aims to accelerate private sector commitments to positive responsibility frameworks towards nature.
Countries’ Commitments
On Nature Day, 21 countries ratified the “Mangrove Breakthrough” to secure 15 million hectares globally by 2030, and 21 new countries committed to establishing sustainable ocean plans to make half of the world’s oceans sustainably managed by 2030, with new funding of $100 million announced for nature and climate projects, and ministers issued a joint statement on the use of sustainable timber to protect forests and expand high-quality carbon markets by 2025.
Protecting Nature
Razan Al Mubarak said, “It is important to enhance the role of nature in adaptation and resilience,” noting that a commitment of $2.6 billion has been pledged for nature protection.
Calls for Achieving Paris Agreement Goals
On Friday, over 800 personalities from business, finance, philanthropy, politics, academia, and civil society signed a message to COP28 President Sultan Al Jaber, emphasizing the need to achieve a result consistent with the goal of keeping global warming within 1.5 degrees Celsius in response to the global review.
Loss and Damage Fund
On the first day of the climate conference, the COP presidency announced the establishment of a Loss and Damage Fund, a significant development, to assist countries suffering from the impacts of climate change. The host country, the UAE, pledged $100 million to the fund in addition to commitments from Germany, the United States, the United Kingdom, and Japan.
Importance of Forests
The Minister of Environment of Ghana, Samuel Abu Jinapor, emphasized the importance of forests in adapting to climate change, stating that achieving the target of keeping global warming within 1.5 degrees Celsius cannot be accomplished without relying on nature.
Harmful Financing for Nature
According to a report released by the UN Environment Wing at COP28, nearly $7 trillion of public and private financing annually supports activities that directly harm nature – equivalent to 30 times the amount spent annually on nature-based solutions.
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