Today's Edition
MAITHAM AL ANBARI (DUBAI)
Climate change and its devastating effects on natural habitats and species have been among the critical issues addressed by COP28, as rising temperatures, changing rainfall patterns, extreme weather events, and ocean acidification critically affect biodiversity, not to mention human activities.
On the sidelines of COP28, Aletihad met with Akanksha Khatri, Head of Nature and Biodiversity at the World Economic Forum (WEF), to talk about the world’s challenges and assess the progress made, especially in the backdrop of several pledges by many countries during the ongoing global climate conference.“It’s been one full year since the world agreed to the Kunming-Montreal Global Biodiversity Framework.
Since then, the momentum for and action for nature has only been rising. An increasing number of businesses are looking at frameworks such as the Taskforce for Nature-related Financial Disclosures to understand their impacts and dependencies and accordingly be ready to set science-based targets for nature,” Khatri said.
The Kunming-Montreal Global Biodiversity Framework, adopted in 2022, consists of 23 action-oriented global targets to be achieved by 2030 and four long-term goals by 2050. Khatri observed that what was once considered a conservation issue, confined to the forests, is now reflected in every aspect people work or do businesses.
“So what’s important for us to recognise is that nature is not a silo,” Khatri explained. “Nature is what cuts across all the work that we do, not just from a society’s point of view or a moral imperative, but also an economic point of view. The World Economic Forum’s research identifies that more than half the world’s GDP is at risk of disruption if we do not take action on nature today,” she added.
COP28 and Beyond Net Zero
Khatri mentioned the efforts exerted in COP28 as a great start to protect biodiversity. “We are standing today at the UNFCCC COP28, where it’s fabulous to see that we are starting to talk beyond net zero. We want to look at an economy which is net zero and nature positive. Many countries will start looking at their national plans to meet the biodiversity targets in the coming year.”
The WEF official expressed hope that people across the world would ensure that these plans are anchored in science, enjoy wide support and reflect the beliefs and values of indigenous people and local communities, asserting the importance of promoting “a vision for a new nature-positive economy”.
2023: The Hottest Year Ever
Khatri mentioned the World Meteorological Organisation’s statement that 2023 is supposed to be the hottest year ever on the planet, warning that the road is long before meeting the goals agreed in the Paris Agreement or the Kunming Montreal Global Biodiversity Framework Agreement.
However, Khatri said that the urgency has never been higher, and the demand and request from people, consumers and employees has never been more robust. "We have only one planet. If we have to meet our targets with a 2030 and a 2050 timeline, our decisions today will determine our future tomorrow."
Step in the Right Direction
Khatri described the amount of money pledged in the COP28 to combat climate change and to hold nature degradation as a step in the right direction, urging more public-private partnerships to bring capital from the public sector, from the Global North, capital from the private sector, as well as philanthropic capital which she said “can pivot the way our economy and society is currently working, which is not in harmony with nature”.
“If we pivot today, use the money which has been pledged today to catalyse more capital and shift the way our economy operates, I have hope, I have faith that we can get to the future and meet the targets which have been agreed in the Paris Agreement,” Khatri added.
