Biodiversity is about much more than bees and butterflies.
Environmental leaders, finance professionals, politicians, scientists, and other experts converged in Cali, Colombia this week to advance global nature goals at the United Nations Biodiversity Conference (often called COP16 for short). Canadian organizations and leaders have an important role to play, with Canada being home to twenty percent of the world’s freshwater, some of the largest remaining tracts of connected intact forest, and globally significant soil carbon stores. Canada has made significant commitments to nature, as outlined in Canada’s 2030 Nature Strategy: Halting and Reversing Biodiversity Loss in Canada and Nature Accountability Bill.
Biodiversity is pivotal to COP16 – it is, in fact, in the name – but it is easy to chalk biodiversity up to charismatic animals that capture our collective attention. Biodiversity is about much more than bees and butterflies. Biodiversity is about economic prosperity, healthy food systems, climate action, and a whole host of benefits for people and the planet. Nature holds intrinsic value that needs to be respected and safeguarded for its own worth, but at the same time, recognizing the many benefits of biodiversity for human well-being and economic prosperity can help build the case to better care for (and invest in) nature.
Biodiversity is about economic prosperity.
A recent landmark report from the Smart Prosperity Institute and Nature United, Unlocking the Economic Power of Natural Climate Solutions, sheds light on the untapped economic potential of Natural Climate Solutions in Canada. At the same time that these solutions boost biodiversity, they can also help build prosperity, competitiveness, and resilience in Canada’s economy. Through a variety of landscape-specific actions – such as protecting wetlands at risk of conversion, better managing agricultural lands, and restoring forests – Natural Climate Solutions are one of our best bets to immediately reduce emissions while creating local jobs, reducing the costs of doing business, and generating new revenue streams. For example, the restoration of forest cover in Southern Ontario can lead to an increase of $6.50 in GDP for every tree planted, amounting to $12 million annually. Another example is the Aviqtuuq Inuit Protected and Conserved Area (IPCA), led by the Taloyoak Umaruliririgut Association in the Hamlet of Taloyoak, Nunavut. This IPCA has received more than $5 million to invest in a Guardians program and the Niqihaqut cut and wrap facility as pillars of a local conservation economy. The social return on investment for this project, which accounts for social, environmental and economic benefits, is estimated to contribute $8.3 million annually to the local economy.
Biodiversity is about responsible agriculture and healthy food systems.
Our Solution Space the Canadian Alliance for Net-Zero Agri-food (CANZA) is working to foster collaboration and innovation to drive Canada’s agri-food system towards net-zero – and as a land-based sector, this could also have significant positive implications for biodiversity. Regenerative agriculture and climate-smart farming, for example, are part of the bioeconomy, which offers a diverse range of innovative solutions where sustainability, economic prosperity, biodiversity preservation, and climate stability intersect. On October 28 at COP16, Food Day will spotlight the vital role of biodiversity in food security. We will be watching how this day supports countries to advance the implementation of their commitments, taking agri-food systems and actors into account. As our recent The Ag Podcast episode explored, the rise of regenerative agriculture is closely connected to sequestering carbon and better managing agricultural land, seeing them as landscapes. Farmer Chris Perry from The Perry Farm, a fourth-generation family farm in Southern Alberta, articulated how they now keep fields green for ten months of the year, building a healthy biology in the soil that promotes biodiversity and lends itself to healthier ecosystems, food, and people.
Biodiversity is about climate action.
A landmark study estimated the mitigation potential of investing in Natural Climate Solutions in Canada at 78 megatonnes of CO2e annually, the equivalent of approximately 11% reduction in annual emissions in 2021. Natural Climate Solutions such as wetland restoration and the expansion of protected areas are essential alongside other actions to achieve net zero, such as reducing emissions from fossil fuel use. As a complement to reducing fossil fuel use overall, Natural Climate Solutions represent 33% of all potential emissions reductions and can help achieve Canada’s 2030 climate targets. Natural Climate Solutions measure up to other non-Natural Climate Solutions approaches: emissions reductions are substantial and achieved at a comparatively low cost to their technological counterparts. Most are readily scaled and available now.
Biodiversity is about generating a host of benefits for people and the planet.
Biodiversity provides environmental, cultural, and social benefits. Solutions that centre nature and biodiversity enhance Canadians’ well-being, from cleaner water, flood protection and healthy air to recreation in nature, employment, food security, and cultural and spiritual significance. Natural Climate Solutions, for example, are locally-led and regionally-specific, which helps ensure that Indigenous as well as rural and remote communities are leaders and beneficiaries when it comes to these solutions.
Biodiversity requires real investment through conservation finance.
Scaling public and private investment in nature is critical to halt and reverse biodiversity loss, build resilience to climate change, and support community well-being in Canada. At COP16, finance is a key topic, including at the Finance and Biodiversity Pavilion that serves as a central hub at COP16 to discuss the alignment of financial flows with the goals and targets of the Global Biodiversity Framework. On October 26, the World Biodiversity Summit in Cali, hosted by the World Climate Foundation, will explore a range of topics, including how to mobilize the $200 billion per year required to reach 2030 nature goals, as outlined in the Global Biodiversity Framework Target 19. A panel with some of the world’s leaders on nature finance will explore strategies to close the nature funding gap through strategic investments and partnerships. Here at home, our Generate Canada Solution Space the Nature Investment Hub seeks to stimulate a fivefold increase, equivalent to $20 billion, in public, philanthropic and private investment directed toward the conservation, restoration, and sustainable use of nature in Canada, with the goal of closing the current funding gap. Working collaboratively with public, private, philanthropic, and Indigenous leaders they intend to overcome the unique barriers so that Canada can be a true global leader in nature investment.
As COP16 takes place in Cali, Generate Canada has our eyes on the commitments and actions coming out of these global conversations. We are following our partners and colleagues who are reporting from the ground. We applaud everyone who is working hard to advance our nature goals and recognize the connections that go beyond biodiversity – while also celebrating the bees and the butterflies.
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