Kering, GSK and Holcim have become the first companies to publicly adopt validated science-based targets for nature, following participation in the Science Based Targets Network’s (SBTN) year-long pilot. According to SBTN, French luxury goods group Kering has adopted targets for both freshwater and land, while GSK and Holcim have adopted targets for freshwater. Other pilot companies with validated targets have until 10 January to publicly adopt them. The SBTN has also said it will publish a corporate target tracker on its website in early 2025, to provide transparency on targets set.
The World Bank and Inter-American Development Bank have presented guidelines for a new use-of-proceeds bond to finance activities that have a positive impact in the Amazon region. “Amazonia bonds” are intended to be a sub-label of the green, social and sustainability bond market, and the guidelines set out project selection criteria, measures to mitigate environmental and social risk, and impact indicators. The two multilateral development banks will hold dialogues with Indigenous communities over the next few months to ensure that the guidelines are fit for purpose.
The European Investment Bank (EIB) has announced a collaboration with WWF to mobilise early-stage funding for nature-based solutions (NbS). The four-year partnership will focus on ecosystem restoration projects linked to sectors such as agriculture, energy, and urban resilience “which will harness the power of nature to strengthen climate adaptation in Europe”. EIB vice-president Ambroise Fayolle said: “Europe’s adaptation to climate change lags far behind what is needed. We want to support more nature-based-solution projects to restore and protect biodiversity and strengthen the climate resilience of our society.”
The Nature Conservancy and WWF US, along with other conservation organisations, have formed a coalition to scale sovereign debt conversions to promote climate and conservation outcomes. More than $850 million has been unlocked for conservation via five debt-for-nature swaps since 2016. The group aims to develop minimum standards for projects, develop a shared pipeline of projects, work to expand the amount of capital available for credit enhancement as part of the swaps, and co-ordinate policy efforts. It is looking for additional members.
The French government has announced a €5 million contribution to the Global Biodiversity Framework Fund, created to support the implementation of the Kunming-Montreal Global Biodiversity Framework following its launch at COP15. The announcement was made by the minister for ecological transition, climate and risk prevention Agnès Pannier-Runacher. France’s minister of the economy Antoine Armand said the country wished to show its support to the multilateral institutions that contribute to the implementation of the Global Biodiversity Framework, describing it as a “historic and innovative agreement for the defence of nature”.