The role of private money and industry in preserving enough natural ecosystems to keep the planet functioning will be the focus of talks Wednesday at an international conference on biodiversity in Montreal.
While negotiators continue to try to hammer an overall conservation deal, discussions are also scheduled on how global capital flows can be harnessed to work with nature rather than exploit it.
The UN says that in 2019, industries that are eroding biodiversity got money from major investment banks equal to Canada's entire GDP — an estimated $3.5 trillion.They say the money devoted to conservation was $200 billion at most. Federal Environment Minister Steven Guilbeault acknowledged Tuesday that the private sector will have a role to play. Shaughn McArthur, the associate director of government relations for nonprofit group Nature United, said companies are on board with initiatives such as mandatory reporting of the nature-related effects of business activities and are looking for ways to realize their climate promises.
Many business leaders appearing at the conference also want to discuss disclosure rules, so businesses that take biodiversity into account in investment decisions aren't disadvantaged by those that don't. Others want to ensure resources are transferred transparently, so third parties can ensure they're going where they're supposed to.
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