Financial sector ‘critical’ to stemming biodiversity loss, says Thérèse Coffey

theguardian.com:

The financial sector must be encouraged to invest in nature conservation for the world to meet this decade’s UN biodiversity targets, the UK environment secretary has said.

Thérèse Coffey, speaking at an event at Lancaster House in London to mobilise private finance after Cop15, said the private sector had a critical role to play in meeting this decade’s deal to halt the destruction of Earth’s ecosystems.

The agreement includes a target to scale global funding for nature to $200bn (£167bn) a year by the end of the decade, with companies and financial institutions expected to play a significant part.

Environment ministers, philanthropic organisations and Indigenous leaders met alongside chief executives and representatives of financial institutions at the event hosted by the UK government on Friday to discuss the next steps after the Cop15 biodiversity agreement. It was followed by a reception at Buckingham Palace with King Charles.

Companies and investors are being urged to do more to meet biodiversity and climate goals, as a failure to do so has been highlighted by the World Economic Forum as a rising threat to global prosperity.

“The framework is global. We will play our role [mobilising finance] but it’s critical that it’s not always the usual players. It’s critical that we get businesses and financiers to be a key element of this, partly because a lot of nature-based solutions will meet biodiversity targets, as well as reduce emissions,” Coffey said.

The environment secretary said tthe private sector and conservationists were meeting at an early stage to help avoid some of the pitfalls of carbon markets and make sure business action on nature was meaningful.

The insurance company Aviva recently donated £38m to conservation