COP28 Nature, Land Use and Oceans Day Yields Over 186 Million in Climate Action Commitments
Leaders participating in COP28’s Nature, Land Use, and Ocean Day have collectively endorsed commitments and pledges exceeding $186 million to advance climate action and fortify efforts in protecting and restoring nature. The announcements, covering key areas such as forests, mangroves, landscape restoration, nature finance, and the ocean, emphasize the critical importance of near-term action on nature in achieving the objectives of the Paris Agreement.
Razan Al Mubarak, the UN Climate Change High-Level Champion for COP28, emphasized the integral role of protecting and restoring nature, land, and the ocean in fulfilling the Paris Agreement’s goals. Stressing collaboration, especially with indigenous peoples and local communities overseeing these critical assets, Al Mubarak highlighted the widespread support demonstrated during Nature, Land Use, and Ocean Day at COP28.
The day saw, over $186 million in new financing for nature and climate initiatives related to forests, mangroves, and the ocean was announced. This funding adds to the $2.5 billion mobilized during COP28’s World Climate Action Summit on December 2nd.
The commitments made during COP28’s Nature, Land Use, and Ocean Day build upon the goals established at COP26, including halting and reversing deforestation by 2030 and adopting the Global Biodiversity Framework to protect 30 percent of the land and ocean by 2030. These ambitious objectives rely on investment in and leadership from indigenous communities, responsible for safeguarding 80 percent of global biodiversity.
A key policy outcome of the event is the joint statement between the COP28 Presidency and the Convention on Biological Diversity (CBD), endorsed by 18 countries leading climate, nature, and biodiversity partnerships. This statement marks a commitment to coordinate and implement nature and climate strategies simultaneously.
The COP28 announcements also include membership expansions in initiatives like the Mangrove Alliance for Climate (MAC), Mangrove Breakthrough, and the High-Level Ocean Panel for a Sustainable Ocean Economy. Additionally, countries launched the Forest Carbon Results and Credits roadmap, emphasizing Forest Carbon markets’ potential to scale payments for climate and environmental services.
Over 150 businesses and financial institutions announced plans to set climate and nature targets under the Science-Based Target Network and Science-Based Target International’s Forest Land and Agriculture frameworks. Brazilian President Lula da Silva and the COP28 Presidency revealed a two-year partnership to mobilize resources and political support for nature leading up to COP30 in Belém.
These commitments demonstrate significant progress in aligning global efforts towards nature-positive climate action, emphasizing the interconnectedness of climate and nature preservation.