Tuning back in after being off sick (sorry!) – this weekend at COP28 was an interesting one for EA, with the lesser topics of nature, food and agriculture taking centre-stage. Not ignoring the elephant in the room, a full rundown on the ‘phase-down-phase-out’ debate is coming soon.
Nature, Land Use and Oceans Day (9th December) saw leaders recognise and discuss the importance of integrating nature into climate change decision making. Countries and non-state actors came together to pledge $186.6 million towards the protection of forests, mangroves and the ocean, which came after the United Nations Environment Programme (UNEP) launched a report which highlighted that annually, nearly $7 trillion of public and private finance directly supports nature-harming activities. Putting this into context, this figure is thirty times the amount spent on ‘nature-based solutions’.
Among the specific commitments made on this day, the Mangrove Breakthrough which was formally endorsed by 21 countries, is set to drive the restoration and protection of 15 million hectares of mangroves globally. Speaking about the announcement, Pepe Clarke, WWF Global Oceans Practice Leader, said, “Today’s announcement injects much-needed public and private sector support and finance into the conservation of mangroves. We know that these critical ecosystems provide win-win-win solutions for climate, biodiversity and people.’ He added that ‘their protection and restoration generate excellent return on investment, which is why the Mangrove Breakthrough is such a powerful tool to deliver impact at scale.’
Also on the weekend agenda in Dubai was Food, Agriculture and Water, in particular the UAE Declaration on Agriculture, Food Systems and Climate Action, which has now been endorsed by 152 countries. H.E Mariam bint Mohammed Almheiri, UAE Minister of Climate Change and Environment and COP28 Food Systems Lead believes the foundations have been laid to commit ‘52 countries to transform their food systems, and embedding those commitments in their climate strategies, all the while ensuring they are protecting the livelihoods of those who depend on those sectors.’
On this topic, one particularly exciting announcement close to my heart was the update to the Agriculture Innovation Mission for Climate (AIM4Climate), initially launched at COP26. The initiative is designed to drive innovation in food-smart food systems and agriculture and is enabled and supported by a diverse group of stakeholders across government, private business, academia, and NGOs. The fund announced an increased investment of more than $17 billion, up from $8 billion at COP27. At Earth Active we are excited to see how this initiative evolves; globally, food and farming contribute about a third of anthropogenic greenhouse gas emissions, according to the UN's Food and Agriculture Organization. Through our work with the WWF-Tesco Partnership last year, we highlighted accessible finance options for technological innovations as (unsurprisingly) a key barrier to sustainability in agricultural supply chains. Building international funds to support innovation is a promising first step to implementing greener farming practices and reduced methane emissions.
Stay tuned for updates!
Natasha Jacobs - ESG Consultant, Earth Active
