Belize champions innovative climate and biodiversity finance solutions at global CBD COP 16 Conference

Published by BBNTEAM at November 5, 2024

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Posted: Tuesday, November 5, 2024. 10:23 pm CST.

By Aaron Humes: Belize is gaining attention for its innovative approaches to funding climate and biodiversity efforts. At the recent Conference of Parties (COP 16) for the Convention on Biological Diversity (CBD) held in Cali, Colombia, Minister of State in the Ministry of Finance, Economic Development & Investment Christopher Coye led important discussions on how valuing natural resources can attract the financial support needed for sustainable initiatives.

The conference highlighted a pressing issue: the need for substantial funding to achieve the Global Biodiversity Framework’s ambitious goals. With biodiversity loss accelerating, experts estimate that around $20 billion annually is necessary to protect ecosystems worldwide. Currently, funding is alarmingly low—only about $400 million.

Minister Coye showcased Belize’s innovative strategies for securing private investment through the careful valuation of natural resources and conservation funding methods. He pointed to Belize’s successful 2021 Blue Bond initiative, which attracted significant private investment for the protection of marine and coastal areas. Additionally, he shared plans for a blended finance approach that will complement this initiative and help secure long-term funding for conservation projects in Belize, aimed for completion in 2025.

During panel discussions with representatives from various international finance and development organizations, Minister Coye emphasized Belize’s commitment to a “nature-positive” and “people-centered” approach. He shared insights on how biodiversity, economic stability, and community well-being are deeply interconnected.

Coye and his fellow panelists from institutions like the Inter-American Development Bank and the Bezos Earth Fund discussed the importance of natural capital valuations—the process of measuring the economic value of ecosystems. They agreed that such valuations are vital for recognizing biodiversity as an asset in financial planning, helping to direct funds toward effective conservation efforts.

Alongside Beverly Wade, Director of the Blue Bond and Finance Permanence Unit, Minister Coye worked with international partners to promote Belize’s model for balancing economic growth with conservation. Their goal is to ensure that natural resources are considered in financial decisions, ultimately attracting funding to protect vital ecosystem services that contribute to economic development and community resilience.

As countries globally look for sustainable financing solutions, Belize’s leadership in utilizing natural capital stands out, setting a benchmark for conservation finance efforts and helping to safeguard vital ecosystems while building resilience to climate change.

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