UNDP’s Insurance and Risk Finance Facility at UN CBD COP16

The 16th meeting of the Conference of the Parties (COP) to the Convention on Biological Diversity (CBD)

Official website: https://www.cop16colombia.com

Catastrophic biodiversity loss and environmental degradation underpin the most pressing global threats to humanity, including food insecurity, pandemics and the climate crisis. Biodiversity loss and ecosystem degradation could cost the global economy upwards of $5 trillion, and developing countries are particularly vulnerable. Countries like Madagascar, Togo, and Vietnam face annual GDP declines of 4.2%, 3.4%, and 2.8%, respectively, due to nature loss. Nature’s decline is a huge material risk to the financial sector which is why it is critical to develop financial instruments and insurance solutions that prioritise nature-positive outcomes and the implementation of the Kunming-Montreal Global Biodiversity Framework.

Join UNDP’s Insurance and Risk Finance Facility (IRFF) at COP16 in Cali for a series of discussions showcasing how insurance can play a critical role in enabling nature-based solutions - from building ocean resilience and reducing human wildlife conflict to promoting conservation efforts that safeguard farmers’ livelihoods.

How Can Insurance Protect Global Biodiversity? Solutions Showcase

Date: Friday, October 25, 9:00-10:00 am | Zone and Pavilion: Blue Zone, Finance and Biodiversity Pavilion, Valle del Pacifico Events Center

The recently adopted Kunming-Montreal Global Biodiversity demands urgent action to halt and reverse biodiversity loss by 2030, but to do so we need financial instruments that align to a nature-positive economy. This event will convene representatives across the insurance and development sectors to showcase four scalable insurance products that are enabling nature-based solutions and protecting global biodiversity across Latin America.  

Results presentation of the Biodiversity insurance innovation challenge

Date: Friday, October 25, 3:00-4:00 pm | Zone and Pavilion: Green Zone, Hotel Spiwak 

In this session, Fasecolda, UNDP-IRFF and Biofin will announce the winners of the Insurance innovation challenge to protect investments in biodiversity in Colombia. The insurance industry, NGOs and the development sector have put forward creative insurance products focused on nature-based solutions, payments for environmental services, habitat banks, protected areas, ecotourism, restoration systems, marine biodiversity, protection of natural capital, green solutions in the agricultural sector and green credit systems. 

Future proofing development: Revolutionizing Natures Role in Global Financial Resilience

Date: Saturday, October 26, 5:00-6:30 pm | Zone and Pavilion: Blue Zone, UN Colombia Pavilion, Valle del Pacifico Events Center

Nature and biodiversity underpin all life on earth, support billions of livelihoods and drive more than half of the global economy. However, the impacts of the climate crisis and environmental degradation threaten the foundations of life on our planet as well as our financial systems, which are highly exposed to nature and biodiversity-related risks. Join UNDP and BIOFIN to explore how insurance and risk transfer solutions can future-proof development by supporting nature-based solutions that build financial resilience to rising risks.

The Ocean-Climate Nexus

Date: Monday, October 28, 10:45-11:45 am | Zone and Pavilion: Blue Zone, CAF Pavilion

This session will highlight the importance of integrating coastal resilience and ocean-based solutions to address these intertwined challenges. It will showcase ORRAA’s Coastal Risk Index (CRI) as a ground-breaking tool for building coastal resilience and the Ocean Breakthroughs roadmap for leveraging ocean potential to achieve global climate and biodiversity goals.

Development Bank of Latin America and the Caribbean (CAF) Panel discussion: Innovative financial mechanisms

Date: Wednesday, October 30, 9:30-10:30 am | Zone and Pavilion: CAF Pavilion

Relevant Resources:

• Parametric Insurance to Build Financial Resilience
• Insuring Nature to Reduce Risks
• Insuring Natural Capital: Protecting People, Ecosystems and Biodiversity
• Reducing vulnerability in coastal communities with coral reef insurance