Dubai, UAE, 4th, December, 2023
A report which offers a practical roadmap to scale up capital flow into mangrove protection and restoration has been launched at COP28 today.
Developed by The Global Mangrove Alliance and the UN Climate Change High-Level Champions (HLCs), in partnership with Systemiq the Mangrove Breakthrough: Financial Roadmap provides a pathway to achieve the financial goals of the Mangrove Breakthrough which was launched at COP27 and will be highlighted at a COP28 Ministerial on 9 December organized by the COP28 Presidency, the HLCs, the Mangrove Alliance for Climate, and the Global Mangrove Alliance.
H.E. Razan Al Mubarak, UN Climate Change High-Level Champion for COP28, said:
“Unlocking capital at scale for mangroves will be critical. Long term flows of public, private and philanthropic capital are needed to keep healthy mangroves standing, create nature and people-positive businesses and livelihoods, and to regenerate and restore degraded mangroves. Finance providers must step up – but they cannot do so alone. Policymakers, local communities and indigenous people, NGOs and civil society will all also have a vital role to play. This Financial Roadmap offers a guiding hand. Its recommendations are both pragmatic and ambitious, identifying opportunities to convene diverse actors around a shared direction of travel and urgent joint priorities. I call on financial institutions, governments, and partners from NGOs, philanthropy, science, and local communities to collectively drive implementation of the Financial Roadmap.”
Mangroves sequester carbon more effectively than any other terrestrial ecosystem on earth. These ‘blue forests’ defend our coastlines from waves and wind, supporting the resilience of some of the world’s most climate-vulnerable communities. For many in these communities, they are also a vital source of food and livelihoods.
Wendolin Roseo Marquez, Community Traditional Leader, Terrestrial Program Manager and Micronesia Challenge Terrestrial Measures Champion, Micronesia Conservation Trust, said:
“I pledge to be a full supporter of this Financial Roadmap, and to help bring its recommendations to life. As their traditional stewards, communities like mine play a crucial role in securing the future of mangroves, but to succeed will take our collective efforts. I invite you to join me on this journey.”
Despite the extraordinary ecosystem services they provide, mangroves are under threat – half have already been lost. But an estimated $US4 billion in investment between now and 2030 could secure their future.
Pieter van Eijk, Programme Head of Delta’s and Coasts for Wetlands International, said:
“In many places, like Myanmar, Guinea, Guinea-Bissau, Madagascar, and North-East Kalimantan we are losing mangroves at an alarming rate, and with them, coastal defense against climate change for millions of people. We need more governments, philanthropy and the private sector alongside those endorsing the Mangrove Breakthrough to make the Financial Roadmap their own and mobilize resources to drive locally-let action on the ground.”
Jennifer Ring, Sustainable Finance Associate with Systemiq, said:
“With the planet dangerously close to irreversible tipping points, we cannot afford to lose mangroves and the vital ecosystem services they provide. Shifting capital at speed and scale away from traditional, extractive blue economy sectors and towards a mangrove- and ocean-positive economy is not easy. But it is vital, and as this Financial Roadmap shows, it is possible. A new asset class of regenerative, mangrove-positive business models is already emerging. New markets and mechanisms, like blue carbon, are gaining ground, with natural capital investors stepping up to capitalize on this opportunity. Innovative financial instruments, like blended finance funds, nature-based insurance, and blue bonds that can unlock additional sources of investment are building track records. The foundations are in place, but with collective action we can move further and faster. Now is the moment for public, private, and philanthropic capital to come together to create a true step-change in finance for mangroves.”
Jen Morris, CEO, The Nature Conservancy, said:
“To achieve the Paris Agreement and Global Biodiversity Framework targets, we must emphasize the power of collaboration; together, we can create lasting impacts. The Mangrove Breakthrough, initiated at COP27, is our response, reminding us that these challenges require a unified commitment. The Financial Roadmap is more than a document; it’s a compass pointing towards a shared direction where collective efforts need to converge. Today, we call on financial institutions, governments, and partners to join hands and drive the roadmap’s implementation. ”
Cristián Samper, Managing Director and Leader for Nature Solutions at the Bezos Earth Fund, said:
“Mangroves cover just 0.1 percent of the Earth’s surface but punch far above their weight. They provide a triple-win for people, nature, and climate and play an outsized role in fighting our global biodiversity crisis. The Global Mangrove Breakthrough is a clarion call to secure the future of 15 million hectares of mangroves worldwide by 2030, and this financial roadmap is a first step to turning that vision into reality. We are pleased to partner in this effort—beginning with the vital work to connect locally led mangrove projects with funding to grow, replicate, and scale their work.”
Nick Studer, CEO, Oliver Wyman, a business of Marsh McLennan and Interim Chair, the Sustainable Markets Initiative’s Energy Transition Task Force, said:
“My colleagues at Oliver Wyman I are excited to do our part to make the Mangrove Breakthrough a success. Climate change is an existential threat that the global community must tackle together, and the Mangrove Breakthrough is the kind of science-based, measurable intervention at a truly global scale that’s needed. We invite others to join us in protecting and restoring coastal forests and to put energy and resources behind pledges to help save the planet.”
The Financial Roadmap for the Mangrove Breakthrough was made in collaboration with the Financial Services Taskforce of the Sustainable Markets Initiative.
Notes for Editors
1) For the Financial Roadmap see here
2) For information about the Mangrove Breakthrough including the list of endorsers see here
3) For information about the COP28 Mangrove Breakthrough Ministerial see here
4) For general information about global mangroves coverage see here
Arin de Hoog, Senior Communications Officer, Wetlands International
Mob: +31646197329 Email: firstname.lastname@example.org