EIB Announces New Measures to Address Biodiversity Loss
EIB Announces New Measures to Address Biodiversity Loss Lexology
European Investment Bank (EIB) Develops Methodology to Assess Nature-Related Risks
On September 20, 2023, the European Investment Bank (EIB) announced its commitment to addressing biodiversity loss and climate change threats by developing a methodology to assess its clients’ exposure to nature-related impacts and risks. This announcement was made during the United Nations General Assembly held in New York between September 18-22, 2023.
EIB’s Commitment to Sustainable Development Goals (SDGs)
- The EIB recognizes the urgent threats posed by climate change to biodiversity and ecosystems.
- The Bank is implementing measures to assess and manage these risks, which will shape future investments and support for biodiversity.
- The EIB’s Vice President, Ambroise Fayolle, unveiled the “nature-positive” framework, emphasizing the importance of supporting investments that protect biodiversity and manage risks associated with threats to nature and biodiversity.
Biodiversity Risk Screening System
- The EIB is developing a biodiversity risk screening system to understand and manage the financial risks associated with biodiversity loss and ecosystem degradation.
- This system will evaluate financial risks within the EIB’s portfolio and at the counterparty level.
- It is expected to be finalized in 2024, with implementation for EIB counterparties scheduled to commence in 2025.
Collaboration with Multilateral Development Banks (MDBs)
The EIB has announced its intention to collaborate with Multilateral Development Banks (MDBs) to shape its approach to the impact its projects have on biodiversity. This collaboration builds on the “Joint MDB Statement on Nature, People, and Planet” adopted by numerous MDBs in 2021, demonstrating their commitment to nature conservation and managing risks associated with biodiversity loss in EIB projects.
Taking the Temperature: EIB’s Previous Initiatives
The EIB’s recent steps build on its earlier joint announcement with the European Commission to provide €18 billion in funding for climate-related projects, including an initiative to reverse deforestation. The EIB is also working with the European Commission to enhance public and private investment in strategic net-zero technology projects within the InvestEU Program.
MDBs’ Role in Combating Climate Change and Biodiversity Loss
Multilateral Development Banks (MDBs) play a crucial role in combating climate change and biodiversity loss. To achieve these goals, MDBs need to:
- Identify, track, and maximize the potential of nature-positive investments.
- Assess nature-related risks and approaches.
- Identify opportunities for valuing nature in economic planning and decision making.
U.S. Treasury Secretary Janet Yellen has urged the World Bank to be “bolder and more imaginative” in its operational approach to tackling global challenges such as climate change.
SDGs, Targets, and Indicators
|SDG 13: Climate Action||Target 13.2: Integrate climate change measures into national policies, strategies, and planning||Indicator not mentioned in the article|
|SDG 15: Life on Land||Target 15.1: Ensure the conservation, restoration, and sustainable use of terrestrial and inland freshwater ecosystems and their services||Biodiversity risk screening system developed by the EIB|
|SDG 17: Partnerships for the Goals||Target 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources||Collaboration between the EIB and Multilateral Development Banks (MDBs)|
1. Which SDGs are addressed or connected to the issues highlighted in the article?
The SDGs addressed or connected to the issues highlighted in the article are SDG 13: Climate Action, SDG 15: Life on Land, and SDG 17: Partnerships for the Goals.
2. What specific targets under those SDGs can be identified based on the article’s content?
Based on the article’s content, the specific targets identified are:
– Target 13.2: Integrate climate change measures into national policies, strategies, and planning.
– Target 15.1: Ensure the conservation, restoration, and sustainable use of terrestrial and inland freshwater ecosystems and their services.
– Target 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
The article mentions a biodiversity risk screening system being developed by the EIB to assess and manage financial risks associated with biodiversity loss and ecosystem degradation. This can be considered as an indicator to measure progress towards Target 15.1 under SDG 15: Life on Land. However, no specific indicators are mentioned or implied in the article for Target 13.2 under SDG 13: Climate Action or Target 17.16 under SDG 17: Partnerships for the Goals.
Note: The article does not provide extensive information on the specific targets and indicators, so the analysis is based on the limited information provided.
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