$20 Billion Tracker
A Summary Of Commitments Toward Reaching the International Biodiversity Finance Goal in Target 19 of the Kunming-Montreal Global Biodiversity Framework
As of November 1, 2024
Prepared By
Campaign for Nature (CfN), Conservation International (CI) , The Nature Conservancy (TNC), Wildlife Conservation Society (WCS) and WWF
This report provides a summary of publicly announced commitments of international finance for biodiversity from governments, philanthropists, corporations and investors as well as multi-donor funding mechanisms and initiatives.
More than any other issue, the successful implementation of the Kunming-Montreal Global Biodiversity Framework (the “KMGBF”) will depend on whether the world meets its financing targets. The most imminent target is the commitment from developed countries to deliver at least $20 billion in international biodiversity finance to developing countries by 2025*, as defined in Target 19a of the KMGBF. The purpose of this summary is to report what has been committed for international biodiversity funding to help track progress toward meeting this target.
This summary only includes commitments of international finance for biodiversity that have been publicly announced since 2020 and does not include domestic funding commitments or commitments to align public and private financial flows or reduce or end harmful subsidies that are called for in the goals and targets of the KMGBF. The totals reported here are counted independently of past funding levels and do not reflect funding commitments that haven’t been publicly announced, ongoing funding that may not be publicly announced, or undisclosed portions of announced joint mechanisms and initiatives that are in addition to disclosed commitments. Many of the commitments and multi-donor initiatives included in this report have not provided complete and detailed information and thus have the potential to be double counted. What we provide below is our best estimate based on the information available from public announcements as of November 1, 2024. These commitments have not been reported in aggregate anywhere else to date.
This report is updated as new information becomes available and we welcome additions, clarifications, and corrections.**
*And at least $30 billion per year by 2030.
** This version updates a prior version dated October 18, 2024 and includes commitments to the Global Biodiversity Framework Fund announced at COP16. All figures below are in USD$ at average exchange rates for the week ending October 11, 2024.
Introduction
Summary of Commitments
To date, we have tracked publicly announced international biodiversity finance commitments that total $8.2 billion annually, which represents 41% of the $20 billion target:
The start dates of the funding announcements vary, from 2021 to 2025, and the terms also vary, from annual to five years, seven years, and, in some cases, 10 or more years. We have used best estimates to translate aggregate commitments into average annual amounts during the term of the KMGBF. However, there is uncertainty about funding levels prior to the dates the commitments take effect, whether commitments for periods shorter than the KMGBF will continue through the term of the KMGBF, and the extent of annual variability within aggregate commitments over the term of those commitments.
This Tracker Compared to Other Assessments
It is important to note that the totals reported in this tracker will be different from what is reported as international biodiversity finance by the OECD in their annual reports. The OECD provides the most consistent, comprehensive and timely reporting of historical international biodiversity finance available and their latest report, with data for 2022, was published in September 2024. The amounts in this tracker will differ from, and have been historically lower than, the amounts reported by the OECD for a number of reasons***:
The OECD reports historical amounts based on project-level funding reported to it by bilateral, multilateral and philanthropic funders, as opposed to the forward pledges reported in this tracker.
Not all countries and other funding providers have made publicly announced commitments, so any funding they provide is not accounted for in this tracker but will be reported by the OECD.
Funding providers use different definitions of what counts as biodiversity finance in their pledges compared to what they report to the OECD. For example, the biodiversity portion of projects with other primary goals (like humanitarian aid) - so-called “mainstreaming” of biodiversity - is typically not counted in countries’ pledges but constitutes a large portion of the biodiversity funding reported by the OECD.
Government pledges in this tracker may or may not include their commitments to multilateral funders and they may use different definitions of what counts than what is actually reported by multilateral funders to the OECD.
*** For 2022, the OECD reported total international biodiversity finance of $15.4 billion, consisting of $12.8 billion of public finance, $0.7 billion from philanthropic sources and $1.8 billion from private sources mobilized by public funding.
Commitments Since COP15
We estimate that commitments totalling the equivalent of $224 million annually have been made since the KMGBF was agreed to at COP15 in December 2022. These commitments are indicated with asterisks below. Many of the commitments to the Global Biodiversity Framework Fund are likely included in countries’ overall biodiversity commitments, so the total of $224 million may includes some double-counting.
Government Commitments
The following governments have made specific, publicly announced international biodiversity finance commitments:
In addition to the amounts above, Belgium, Finland, the Republic of Korea, and Sweden have made undisclosed commitments to one or more of the joint mechanisms and initiatives described below.
As we expect many of the government funding commitments to largely overlap with the announced multi-donor joint mechanisms and initiatives listed below, we have not included those mechanisms and initiatives to avoid double counting, though we expect some portion of those amounts will add to this total if and when more details about the sources of funding for them are disclosed.
The amounts above also do not include unannounced, ongoing biodiversity Official Development Assistance (ODA) from donor countries. For context, ODA from public sources reported by the OECD totaled $12.8 billion in 2022, including $5.9 billion of funding with a principal goal of biodiversity and $6.9 billion of funding with a significant (but not principal) goal of biodiversity.
Philanthropic Commitments
The following philanthropists have made specific, publicly announced international biodiversity finance commitments:
In addition to the amounts above, eight foundations have made undisclosed commitments to the IPLC Pledge and two foundations have made undisclosed commitments to the Global Fund for Coral Reefs. These joint initiatives are listed below.
The amounts above do not include ongoing philanthropic international biodiversity funding from other foundations and individuals. For comparison, the OECD reported $700 million of international biodiversity funding from philanthropic sources in 2022.
Corporate and Investor Commitments
The following companies and investors have made specific, publicly announced international biodiversity finance commitments (1):
Other Commitments
There are also a number of other efforts currently underway to generate more resources for biodiversity that are not included in the amounts above because they either: 1) don’t yet provide enough details to be sure of their specific amounts; 2) are fundraising goals that are not currently backed by formal pledges; or 3) are pledges that don’t translate into quantifiable funding for biodiversity. We list below those we are aware of.
Thirteen financial institutions and agribusiness companies are supporting the $4.2 billion Innovative Finance for the Amazon, Cerrado and Chaco (IFACC) Initiative described below with undisclosed individual commitments. Over 25 companies are supporting the LEAF Coalition described below with undisclosed individual commitments. An undisclosed number of private investors are supporting the Global Forest Finance Pledge described below.
At COP27, Southbridge Investments announced its intention to raise a $2 billion fund to finance locally led restoration and reforestation projects in Africa and Dutch development finance institution FMO announced its commitment to build a forestry portfolio of at least €500 million by 2030.
The Natural Capital Investing Alliance has announced a combined $10 billion fundraising target among its members to make investments in natural capital.
Thirty financial institutions with $8.7 trillion of global assets have pledged to eliminate investments in activities linked to deforestation and 103 financial institutions representing €14.7 trillion in assets have signed the Finance for Biodiversity pledge to protect and restore biodiversity through their finance activities and investments.
The Green Climate Fund has invested $1.5 billion in forests and land use and $800 million in ecosystems and ecosystem services but has not announced a specific commitment for biodiversity funding going forward.
Joint Mechanisms and Initiatives
We have tracked the following joint funding mechanisms between governments and the private sector and other joint initiatives. An undisclosed portion of these initiatives will be funded by the underlying commitments reported above so it is not possible to add the totals here to the amounts above due to the potential for double counting. We will need more detailed disclosure of the sources of funds for these initiatives to include them (or portions of them) in an accurate total for international biodiversity funding that avoids double counting.
| Donor | Commitment | Annual ($MM) | Total ($MM) |
|---|---|---|---|
| Bezos Earth Fund | Restore nature, protect food systems | $200 | $2,000 |
| Group of 11 Foundations | Protecting our Planet Challenge | $500 | $5,000 |
| Group of 13 Climate Philanthropies | Forests, People, Climate collaborative | $156 | $780 |
| Total | $856 | $7,780 |
| Company/Investor | Commitment | Annual ($MM) | Total ($MM) |
|---|---|---|---|
| Apple* | Expanded Restore Fund | $57 | $400 |
| Astra Zeneca | AZ Forest tree planting program | $57 | $400 |
| Climate Asset Management*2 | Natural Capital and Nature Based Carbon Strategies | $160 | $800 |
| Kering and L’OCCITANE | Climate Fund for Nature | $31 | $153 |
| Kering | Regenerative Fund for Nature | $1 | $5 |
| L’Oreal | L’Oreal Fund for Nature Regeneration | $5 | $55 |
| Mirova | LDN, ASO, AGRI3 Funds | $84 | $420 |
| New Forests | African Forestry Impact Platform | $40 | $200 |
| Sky | Sky Ocean Ventures Fund | $7 | $33 |
| SWEN Capital Partners | Blue Ocean Fund | $33 | $164 |
| Unilever | Climate and Nature Fund | $100 | $1,000 |
| Various3 | Barbados $150 MM Debt Conversion | $2 | $40 |
| Various3 | Belize $553 MM Debt Conversion | $4 | $107 |
| Various*3 | Ecuador $1.6 B Debt Conversion | $12 | $323 |
| Various*3 | Gabon $500 MM Debt Conversion | $5 | $125 |
| Various*4 | 8 biodiversity credit schemes | $1 | $8 |
| Total | $599 | $4,234 |
* 50% of Apple Restore Fund and $30 million annually from Climate Asset Management counted in totals since KMGBF agreed in December 2022 based on new and prior announcements.
3 Annual amounts for debt conversions include amounts available to fund conservation over the term of the debt (which range from 15-20 years) and do not include contributions to endowments intended to provide annual funding beyond the term of the debt.
4 Status and terms of pledges are undisclosed and therefore uncertain. Annual amount is an estimate based on the total disclosed.
| Mechanism/Initiative | Funders | Annual ($MM) | Total ($MM) |
|---|---|---|---|
| Climate Investment Funds’ Nature, Climate & People Investment Platform | Italy, Spain, Sweden, UK | $70 | $350 |
| Community Land Rights and Conservation Finance Initiative (CLARIFI) | Bezos Earth Fund, Germany | $3 | $30 |
| Global Forest Finance Pledge1 | 12 gov’ts, 30 private sector | $3,840 | $19,200 |
| Congo Basin Pledge2 | 11 gov’ts, Bezos, CAFI, &Green | $300 | $1,500 |
| IPLC Pledge2 | 5 gov’ts, 17 foundations | $340 | $1,700 |
| Global Fund for Coral Reefs | GCF, 4 gov’ts, 2 foundations | $23 | $225 |
| IFACC Initiative3 | 13 companies | $840 | $4,200 |
| LEAF Coalition | 4 gov’ts, over 25 companies | $300 | $1,500 |
| Legacy Landscapes Fund | 2 gov’ts, 4 foundations | $14 | $356 |
| Nature+ Accelerator Fund | GEF | $1 | $8 |
| Total | $5,090 | $25,869 |
Sector |
Annual Commitment ($ Billion) |
|---|---|
| Governments | $6.7 |
| Philanthropists | $0.9 |
| Corporations & Investors | $0.6 |
| Total | $8.2 |
2 Denmark’s annual commitment amount is included in the total column since their commitment is on an annual basis and does not include a timeframe.
3 France, Germany and the Netherlands have announced annual international biodiversity funding goals to be achieved by 2025 and have not announced multi-year commitments. We expect their funding to continue in the years prior and subsequent to 2025, though the funding levels are unknown, so we have not attempted to estimate aggregate amounts in the total column for these two countries.
4 Includes biodiversity focal area amounts only, which account for 36% of total $5.33 billion GEF-8 replenishment. Other GEF focal area spending will likely include biodiversity co-benefits but we do not attempt to quantify them in this report.
5 Japan’s announced commitment to GEF-8 is included in the GEF total and not included here.
6 Norway has indicated it intends to increase its current level of nature finance of 3.5 NOK per year but has not announced a specific amount so we are using their current levels of bilateral finance here.
7 A 5-year term is assumed here since no term was disclosed.
8 The US’s announced commitment to GEF-8 is included in the GEF total and not included here. The amount here does not include the previously reported $9 billion U.S. forest commitment due to the uncertainty of its approval by the U.S. Congress.
9 9Note totals are adjusted for double counting, including by assuming commitments by Canada, Denmark, France, Germany, Japan, Norway, Spain and the UK include their commitments to the Global Biodiversity Framework Fund and commitments by Australia, Canada, Denmark, France, Germany, the Netherlands, Spain and the UK include the biodiversity portion of their total contributions to GEF-8.
2The amounts for the Congo Basin Pledge and the IPLC Pledge are included in the Global Forest Finance Pledge.
3Annual amount assumes total pledge is disbursed over five years.