October 2024
It’s plain that national nature targets won’t be met without clear duties on polluting industries to reduce their impact on nature and help pay for restoration. Read the case for national Nature Positive Pathways and a polluter pays Nature Recovery Obligation here.
Equally plain is that international nature targets under the Global Biodiversity Framework (GBF) won’t be met without public and private finance from rich countries and corporations to help fund nature recovery around the world. Target 19 of the GBF commits to raise US$ 20 billion per year from rich countries to support global biodiversity by 2025. We are nowhere near.
One way to get this funding flowing is payments for “Digital Sequence Information”—the genetic data derived from plants and animals, which can be used by companies for research, pharmaceuticals, or agriculture. In the past, this valuable data has been taken freely and monetised by wealthy countries and companies. That’s inequitable and it’s unsustainable.
The approach to DSI is likely to be one of the key issues debated at COP16 biodiversity talks in Colombia this month, alongside implementing national commitments. Mary Creagh, the UK Nature Minister, will formally support the COP presidency in championing an ambitious outcome on DSI.
The UK could help secure a successful negotiation by committing to develop a DSI business levy, which would be paid directly into international nature finance. As always, success in international diplomacy is a mix of charismatic leadership, determination and domestic implementation. A strong platform of action at home could lend the UK the authority and the example that Ministers need to help secure a deal.
Ahead of COP, the UK could reinforce its claim to domestic leadership by signalling that the Government’s new Environmental Improvement Plan (EIP) will set a model for implementing the GBF targets. In the past, just like the current EIP, many countries’ action plans for delivering global nature targets (NBSAPs) have been as hard to pin down as a cloud of mayflies. They have lacked specific, measurable and timebound actions, and the evidence they’ll add up to success. The new EIP should:
The EIP process could also pave the way for action on DSI, supporting the UK’s delivery of a fair share of international nature finance. Ahead of the talks in Columbia, the Minister could pledge that the EIP review will set a process in motion for fair financial contributions for major economic sectors at home and abroad.
At home, businesses that pollute or profit from nature should make a major financial contribution to a Nature Recovery Fund. The future of wildlife depends on creating a network of bigger, better and joined up wildlife habitats. Past approaches to polluter pays have been effective but sporadic: think of the Aggregates Levy, the Plastic Bag Levy, or the Water Restoration Fund. The EIP should commit to an economy-wide Nature Recovery Obligation.
When that profit is made from exploitation of nature in other countries, though, it is clear that the financial resources should be directed toward restoring nature around the world, especially in ways that benefit indigenous communities. Steve Reed, the Environment Secretary, was adamant in the run up to the election that the private sector must play its part for nature and that applies just as much to international biodiversity as it does at home.
New legislation should be introduced, establishing a UK levy on key economic sectors that benefit from biodiversity genetic information—pharmaceuticals, chemicals, agri-food and biotech. The funds raised should be paid directly into international nature finance, helping to fill the gap to the target of $20billion a year.
If the Minister can commit to an EIP to end species decline by 2030, and a plan for a domestic DSI payment for ecosystems services to complement the UK public funding for international nature finance, it would surely put the UK at the forefront of international action for nature once again.
Richard Benwell is Chief Executive at Wildlife and Countryside Link. Follow @WCL_News
The opinions expressed in this blog are the authors and not necessarily those of the wider Link membership.
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