BNDES/IDFC Workshop: How to mainstream Nature based Solutions within IDFC and NDBs business
It is widely recognized that Nature-based Solutions, if properly and effectively implemented, can provide over one-third of the cost-effective climate mitigation needed between now and 2030 to stabilize warming to below 2 °C (PNAS, 2017). However, much less attention has been given to the role that nature can play in helping people adapt to the adverse impacts of climate change
At both the international and national levels, financial mobilization to invest in Nature-based Solutions for Adaptation remain limited and insufficient.
In fact, the promotion of Nature-based Solutions for Adaptation at scale faces 3 main obstacles:
- The concept of Nature-based Solutions for Adaptation (alternatively known as Ecosystem-based Adaptation or EbA) is an evolving concept that has been in development for more than 10 years and there have been multiple interpretations of how the concept is applied, which has caused confusion. There is a need to build a common understanding on how to use nature to reduce vulnerability to climate change and increase awareness among those in charge of public policies, public and private expertise providers, public and private financiers (investors, banks, etc.) etc. It is thus necessary to deliver information on competences and capacity building at larger scales.
- There are still scientific and technical uncertainties with respect to the solutions proposed versus different climate risks and hazards. It is necessary to identify which Nature-based Solutions are the most appropriate with respect to the different categories of climate issues and measure their efficacy in combination with other solutions; and
- The concept still needs to be proofed at scale over time. Pilot projects can provide useful guidance on emerging best practices to embed those successful methodologies and approaches in larger scale operations to ensuring a smooth mainstreaming within the portfolios of the concerned actors.
IDFC as a club of the biggest National Development Banks may play a role in supporting the scaling up of Nature-based Solutions for Adaptation within their constituency. IDFC may also engage their clients (financial intermediaries and other direct finance clients) in doing more.
The workshop is the first step of this engagement. Organized back-to-back to the next IDFC Steering Group Meeting, it aims the following objectives:
- To build a common understanding and framework for applying Nature-based Solutions with the aim of reducing vulnerability to climate change
- To exchange on the updated scientific knowledge on Nature-based Solutions for Adaptation,
- To take stock on the international agenda and on past and current operations,
- To discuss the role IDFC and NDBs may play in cooperation with the main stakeholders (Governments, Cities and local governments, public and private sectors, including financial intermediaries, International donors, NGOs) to foster and mainstream Nature-based Solutions for Adaptation
- To elaborate and develop an initiative to proof the concept at a large scale.