EIB Announces New Measures to Address Biodiversity Loss | JD Supra

European Investment Bank 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 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.
• Expected completion of the system is in 2024, with implementation for EIB counterparties scheduled to begin in 2025.

Collaboration with Multilateral Development Banks (MDBs)

• The EIB intends to collaborate with MDBs to shape its approach to assessing the impact of its projects on biodiversity.
• In 2021, MDBs collectively adopted the “Joint MDB Statement on Nature, People, and Planet” to demonstrate their commitment to nature conservation.
• The collective effort aims to protect and support nature while managing the risks associated with biodiversity loss in EIB projects.

Continued Efforts in Climate-Related Funding and Net-Zero Technology Projects

The steps taken by the EIB align with its joint announcement with the European Commission in providing €18 billion in funding for climate-related projects, including initiatives to reverse deforestation. The EIB is actively 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

MDBs play a crucial role in addressing climate change and biodiversity loss. To achieve these goals, MDBs need to:

1. Identify, track, and maximize the potential of nature-positive investments.
2. Assess nature-related risks and approaches.
3. 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 like climate change.

SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 13: Climate Action
• SDG 15: Life on Land
• SDG 17: Partnerships for the Goals

The issues highlighted in the article are connected to climate action, biodiversity loss, and the need for partnerships to address these challenges.

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 13.2: Integrate climate change measures into national policies, strategies, and planning
• Target 15.5: Take urgent and significant action to reduce degradation of natural habitats
• Target 17.16: Enhance the global partnership for sustainable development

The article mentions the European Investment Bank’s commitment to addressing biodiversity loss, climate change, and nature-related risks. This aligns with the targets of integrating climate change measures, reducing habitat degradation, and enhancing global partnerships for sustainable development.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

No specific indicators are mentioned in the article that can be used to measure progress towards the identified targets. However, the article does mention that the European Investment Bank is developing a biodiversity risk screening system to evaluate financial risks associated with biodiversity loss and ecosystem degradation. This system could potentially serve as an indicator to measure progress towards reducing habitat degradation (Target 15.5).

4. SDGs, Targets, and Indicators

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Source: jdsupra.com

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