Context:
State of Finance for Nature 2023 Report was released by UN Environment Programme recently.
State of Finance for Nature 2023 Report – Key Highlights:
- Tracks public and private finance flows to Nature based Solutions (NbS) to tackle global challenges related to biodiversity loss, land degradation and climate change.
- 1st time estimated global scale of public and private nature-negative finance.
- Current finance flows to NbS: Around US$200 billion which is only one third of NbS finance needed by 2030.
- Nature-negative finance flows: Estimated at almost US$7 trillion per year.
- Future investment needs: To meet Rio Convention targets finance flows to NbS must almost triple from current levels to reach US$542 billion per year by 2030.
Nature-negative financial flows refer to finance flows for activities that could potentially have a negative effect on nature like fossil fuel subsidies.
About Nature based Solutions (NbS):
- Actions to protect, sustainably manage, and restore natural and modified ecosystems that address societal challenges effectively and adaptively, simultaneously benefiting people and nature.
- Examples – Reforestation and Afforestation, Wetland Restoration, Green Infrastructure etc.
United Nations Environment Programme (UNEP):
- It is leading environmental authority in United Nations system.
- Genesis – Founded in 1972 following UN Conference on the Human Environment
- Objectives – To contribute to the building of a culture of peace, the eradication of poverty, sustainable development, and intercultural dialogue through education, the sciences, culture, communication, and information.
- Mandate – To find solutions to triple planetary crisis i.e., climate change, nature and biodiversity loss, and pollution and waste.
- Members – 193 (including India)
- Other Reports – Adaptation Gap Report 2023, Emission Gap report, The Global Environment Outlook, Frontiers, Invest into Healthy Planet.
- Headquarters – Nairobi, Kenya.
Source: UNEP
Previous Year Question
Consider the following activities:
1. Spreading finely ground basalt rock on farmlands extensively
2. Increasing the alkalinity of oceans by adding lime
3. Capturing carbon dioxide released by various industries and pumping it into abandoned subterranean mines in the form of carbonated waters
How many of the above activities are often considered and discussed for carbon capture and sequestration?
[UPSC Civil Services Exam – 2023 Prelims]
(a) Only one
(b) Only two
(c) All three
(d) None
Answer: (c)
