True leadership is needed today – from the public, private and philanthropic sectors – to redefine how we take nature into account. We need a new equation that recognizes the full potential of nature as a public good infrastructure from which everyone can benefit. New innovative ideas and scalable projects are gaining visibility from a myriad of sources, including indigenous peoples and youth, and leaders now need to encourage these projects and support implementation.

Context:

For the first since the Paris agreement was adopted, COP28’s UAE Consensus provided an implementation framework and funding mechanisms to keep 1.5°C within reach and built momentum towards a new architecture for climate finance. Among its shortcomings, however, was any accounting for the many benefits that nature provides as our most precious infrastructure, including for global well-being, food systems and health as well as climate mitigation and adaptation.

This matters because many countries in the Global South are often rich in these resources, but also the most vulnerable to climate change and environmental degradation. We need a new equation that recognizes the full potential of nature as a public good infrastructure from which everyone can benefit. New innovative ideas and scalable projects are gaining visibility from a myriad of sources, including indigenous peoples and youth, and leaders now need to encourage these projects and support implementation.

The way forward:

Studies show that nature-based solutions can help achieve 37% of the emission reduction needed by 2030 to remain aligned with the Paris Agreement objective, and limit the rise in global temperatures to 2ºC. However, multistakeholder engagement and cross-sector leadership remain a key challenge, with clear scaling efforts required. A collaborative approach between public, private and philanthropic sectors towards ‘putting nature first’ will be expected to safeguard the sustainability and resilience of our planet. Now, more than ever, is the time to align efforts and incentivize a balanced approach to global environmental challenges.

Leadership angles:

• What can we do to put the right price on nature?

• What are the solutions that can be scaled?

• What governance and incentives do we need to create?

• How do we move beyond ESG and build new transformative models and partnerships?

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