A new international fund backed by wealthy nations will invest at least $500 million in protecting nature across developing countries.
The fund, known as the Climate Investment Fund (CIF), and one of the world’s largest multilateral climate financing instruments, is also expected to give indigenous people a bigger role in conserving their environment and tackling climate change.
Recall that the CIF launched its “Nature, People, and Climate” (NPC) program on Wednesday at a major United Nations (UN) environment conference in Stockholm.
The NPC, backed by Italy and Sweden and with a target of raising $500 million by November, is expected to provide finance and expertise to initiatives that conserve wildlife, plants and forests, promote sustainable agriculture and food supplies, and enable people to cope with rising seas and extreme weather.
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Reacting, Matilda Ernkrans, Sweden’s international development minister said that the nature-based solutions help reduce emissions, support communities adapting to a changing climate and protect biodiversity.
According to her, improving the conservation and management of natural areas, such as parks, oceans, forests and wildernesses, is seen as crucial to safeguarding the ecosystems on which humans depend and to limiting global warming to internationally agreed on targets.
The new NPC program is also expected to invest in efforts to expand approaches like carbon storage, mangrove restoration, and climate resilience in small island developing states, sub-Saharan Africa and forested countries around the globe.
Story was adapted from Arab News.
