19 November 2020

Public Finance for a Nature-Positive Recovery


Nature is the underpinning of our societies, health, and economies—but right now, it’s in danger. The United Nations’ Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) recently warned that we are exploiting nature more rapidly than it can renew itself.  Meanwhile, research from the World Economic Forum (WEF) shows that around half gross world product is highly or moderately dependent on nature.

As the world grapples with both the health and financial impacts of the COVID-19 pandemic, we have an opportunity—and a responsibility—to ensure that nature is an integral part of business, banking, and rebuilding decisions.

Last week, I had the pleasure of speaking at the first-ever global gathering of Public Development Banks, during which all 450 banks issued a joint declaration in which they committed to address biodiversity loss. In addition, the International Development Finance Club released a position paper on biodiversity. These are big steps in the right direction. And with a few key shifts, PDBs can play an outsized role in driving a nature-positive recovery.