Series: ADB Participation at the 2024 United Nations Biodiversity Conference (CBD COP16) Scaling Up Nature-Positive Investment in Asia and the Pacific 28 October 2024 Finance for nature continues to be significantly below what is required to bend the curve and restore biodiversity at scale. On Finance Day at COP16, this session explored progress in implementing Goal D and Target 19 of the Kunming—Montreal Global Biodiversity Framework for mobilizing finance for nature, particularly the role of partnership in scaling the work among multilateral and bilateral agencies, foundations, and civil society organizations. At the event, the Asian Development Bank (ADB) launched its inaugural Biodiversity and Nature Bond, focusing on nature-based solutions (NBS). Building on the experiences of Green and Blue Bonds, the Biodiversity and Nature Bond will mobilize private capital for investment projects related to nature conservation and mainstreaming biodiversity in production sectors. The event included a keynote presentation from TNC and a panel discussion among partners, including AFD, ADB, and TNC. They are informed on various innovative financing mechanisms and share successes and challenges to mobilize both public and private finance for nature. Developing countries struggle to find financial resources to support biodiversity-focused initiatives, while there is clear evidence that investing in nature can deliver for climate and livelihoods. This session examined new and innovative financing mechanisms and grant resources that can be accessed by the countries, such as the Nature Solutions Finance Hub launched by ADB with partners, and aims to mobilize USD 5 billion by 2030 to reduce the financial gap for biodiversity. Experiences at the country level were also shared, including those of the governments of Fiji and Thailand, to provide their perspectives on the challenges and opportunities and what can be done to fill the funding gap. Fiji representatives also talked about its first Blue Bond issued in 2023, and Thailand representatives talked about its growing interest in green finance. Messages of support were provided by the GEF and CBD secretariat. Program and Learning Materials 28 October 2024 Session / Activity Title Speaker(s) Introduction Duncan Lang, Senior Environment Specialist, ADB Message of Support Recorded Video Message Roberta Casali, Vice President Finance and Risk Management, ADB Message of Support CBD Secretariat, TBC Keynote Address Melissa Garvey, The Nature Conservancy Panel Discussion Moderator: Duncan Lang, ADB Panelists:Sivendra Michael, Permanent Secretary, Ministry of Environment and Climate, FijiJennifer Romero-Torres, Head, Sustainable Finance Practice Team, ADBPattarin Tongsima, ONEP, ThailandAFD (TBC)Melissa Garvey, TNC Questions and Answers Message of Support GEF Secretariat, TBC Closing Remarks Arend Kulenkampff, Director, Sustainability-Linked Sovereign Debt Hub, NatureFinance Disclaimer The views expressed on this website are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. Event Coordinator/s Duncan Lang ADB Organizer/s Climate Change, Resilience, and Environment Cluster Read Also ADB Issues its First Biodiversity and Nature Bond Main Page: ADB Participation at the 2024 United Nations Biodiversity Conference (CBD COP16) COP16 Side Events Topics Environment