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The European Investment Bank (EIB) and fellow Multilateral Development Banks (MDBs) have published common principles for identifying and tracking nature-positive finance.
The announcement made on Sunday came on nature day of the United Nations COP28 climate change conference in Dubai, United Arab Emirates.
In a statement issued on Sunday, the common principles aimed to increase nature-positive finance by mainstreaming nature in MDB operations and investments in a systematic manner.
Nature was believed to play a critical role in providing resources and services that underpin the achievement of the Sustainable Development Goals and were essential to solving development challenges such as health, jobs and livelihoods, inequality, climate change, food security and fragility.
“The common principles will help guide the development and implementation of multilateral development banks’ respective frameworks and internal methodologies for tracking nature-positive finance as they support countries and the private sector in implementing the Kunming-Montreal Global Biodiversity Framework in a systematic manner.
“The common principles will also facilitate comparability across multilateral development banks in their respective screening and tracking processes.
They will enable the EIB to better assess whether its finance is expected to deliver a meaningful and measurable positive contribution,” according to the statement.
EIB Vice-President Ambroise Fayolle, in his comment on the announcement stated that scaling up nature positive finance was key to solving the climate change, biodiversity loss and pollution crises.
“With the common principles for tracking nature-positive finance, MDBs are implementing a key deliverable from their joint statement on nature. At the EIB, from 2024 onwards, we will be integrating the common principles into our existing environmental sustainability tracking methodology.
“In doing so, we are committed to working with countries and the private sector to scale up nature positive investments worldwide,” Fayolle said.
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