Where the money goes, so goes the biodiversity

Dear Stubborn Optimist,

Christiana has often said “where the money goes, so go the emissions.” This week, nations are grappling with the other side of the coin: where the money goes, so goes the biodiversity.

With nature our best friend when it comes to addressing the climate crisis, thanks to its extraordinary buffering capacities, the COP16 biodiversity talks happening in Cali, Colombia this week are critical. And yet nations are struggling to agree how to fund the vital global goal of halting and reversing nature loss.?

Today, as capital shifts inexorably away from fossil fuels to renewable energy—clean energy investment is set to reach almost double the amount going to fossil fuels in 2024 —the opposite is true for nature. Far more finance flows towards the drivers of nature loss than towards efforts to regenerate and protect nature. In addition, around $2.6 trillion is spent each year on subsidies or incentives that unintentionally encourage unsustainable production or carbon-intensive consumption, the depletion of natural resources, or the degradation of global ecosystems.?

In Cali, nations need to agree on finding at least $2 billion annually to help implement the Global Biodiversity Framework , but the negotiations appear gridlocked around the ‘fair share’ required from developed nations, mirroring the long standing challenge developing nations have on climate financing. One proposal, made by a group of African nations, to impose a 1% levy on returns from products made using genetic data sourced from nature , is facing heavy opposition from pharmaceutical and agricultural companies.?

The fact the New Collective Quantified Goal on climate finance, and funding to implement the Global Biodiversity Framework are negotiated in separate fora at separate times as if they are separate from one another remains a key opportunity for reform, as eloquently described by Christiana on the recent Rio Trio podcast . There she suggests that we could consider a structure based on Planetary Boundaries rather than on the three Rio Conventions, as improvements in one area inevitably benefit the others. It's all interconnected and interwoven.?

Recognising this interdependency, leaders—representing business, finance, science, civil society, Indigenous Peoples, and youth—have written to President Petro of Colombia and President Lula of Brazil, the hosts of COP16 and COP30, urging them to help drive a year of united global action on climate, nature and food systems.

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This week: Global Optimism's roving reporters Irene Suarez Perez and Freya Newman update us on the ins and outs from the COP16 negotiating rooms and conference halls. Also joining us is special guest Monica Medina , former Assistant Secretary of State for Oceans and International Environmental Affairs, an Arnhold Distinguished Fellow at Conservation International national, and the first U.S. Special Envoy for Biodiversity and Water Resources, who helps us make sense of what’s at stake and why this COP is so critical. Wherever you get your podcasts, Thursday, October 31st.?

Next week: Keeping with the biodiversity theme, our hosts chat with Tony Goldner , Executive Director of the Taskforce on Nature-related Financial Disclosures (TNFD) , on the role that accounting mechanisms can play in saving the world. This will be essential listening for businesses and investors grappling with integrating nature into their climate disclosures, targets and strategies. Tune in on Thursday , November 7th.?

In case you missed it: Our Rewilding the World episode sees Christiana Figueres and Tom Rivett-Carnac in conversation with green investment pioneer and author Ben Goldsmith for an insightful discussion about rewilding and its global impact, followed by a full episode of Ben's own podcast Rewilding The World ? featuring Stephen Fry. Hear about how rewilding has the potential to reshape ecosystems worldwide, and the critical role grassroots community projects play in this movement.

IN OTHER NEWS

As early voting in the U.S. for the November 5th election has commenced, people around the world—the climate community especially—are keeping close tabs on the final race. The polls currently have both candidates neck and neck, a reminder that any outcome is possible.?

Many U.S. citizens in the South East of the country are still grappling with the aftermath of the recent hurricanes. Meteorologist and storm chaser Jaclyn Whittal has been forecasting and reporting on the most extreme weather across North America for over a decade. Her recent documentary , featuring Christiana, gives an insight into what it’s like on the ground, and makes clear the connection between hurricanes and climate change.?

Meanwhile, an historic drought in Ecuador has been driving brutal 14 hour blackouts as water levels plummet. Hydropower, which provides 70% of the country’s electricity, is a clean energy source from an emissions perspective, but it depends on artificially altering a river’s natural flow, which often has disastrous effects on local biodiversity.

Interconnected solutions to our global problems will ultimately require us to get to the roots of the system that’s no longer serving most people’s needs and organise for change from there: the most difficult part of the work we all need to do.?

This year’s The Earthshot Prize winners will be announced in Cape Town, South Africa on November 6th. We have no doubt that the stories and solutions offered by the winners, along with those of the other finalists, will serve as a much needed source of inspiration for cultivating deep and positive change, no matter the obstacles in our way.??

Thank you so much for reading our newsletter.

With stubborn optimism,

The Outrage + Optimism team

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