The World Bank Group’s mission is to end poverty on a livable planet. With more than 50 percent of global GDP—$44 trillion in economic resources—dependent on nature, it is critical to understand the economic impact of biodiversity to achieve this mission.
Taking a Dynamic Approach
Nature is everywhere, not just in national parks. The World Bank’s vision for biodiversity includes four dynamic ideas:
Beyond the 30x30 Agenda: Integrating Nature Everywhere
While the Global Biodiversity Framework's 30x30 Agenda aims to protect 30 percent of land and sea by 2030, the remaining 70 percent—where nature is interwoven with human activity—cannot be overlooked. This is evident in the urban wetlands of Kigali, Rwanda. The city has restored previously degraded areas to transform them into an ecopark, benefiting nature while bringing economic benefits as an engine of increasing land prices, recreation, and tourism.
Expanding Partnerships for Biodiversity
In the same way we must look for nature beyond national parks, we must build relationships beyond traditional partners. Adding finance ministries, central banks, the private sector, civil society and local communities to our work with environmental ministries forges inclusive partnerships. This allows World Bank resources to get closer to micro and small businesses at the forefront of job creation.
Mobilizing Finance for Nature
Mobilizing finance enables the World Bank to facilitate deals combining international grants with domestic budgets, further unlocking Bank resources to fund large-scale projects that benefit nature, jobs and GDP. Achieving success with the $14 billion currently invested in the environment also means breaking down barriers so finance flows where it is needed most.
The Importance of Data and Analytics
Natural capital accounting is pivotal for including nature in government balance sheets so it can inform high-level decision-making. The Global Program on Sustainability transfers expertise to ministries and statistical agencies to integrate natural capital accounting into policy and planning. Investors also need tools for better decision making; hence, the Sovereign ESG Data Portal brings indicators and analytical tools to investors who realize the benefits of a high-impact approach.
Ideas in Action
Ghana’s Muni Lagoon faces threats like coastal erosion and pollution but is being restored in partnership with PROBLUE. Just 60 km from Accra, it hosts almost 20 species of migratory birds and three species of endangered marine turtles. The lagoon supports a local fishing community whose livelihood depends on its biodiversity.
Substantiating conservation's value adds understanding; for instance, Zambia sees significant employment from protected areas where travel and tourism fuel incomes. However, increased wildlife populations have led to human-wildlife conflicts resulting in crop losses near national parks.
The Global Wildlife Program addresses these challenges by working with governments and community leaders on strategies ensuring both humans and wildlife prosper together.
As a policy matter, the World Bank aims to deepen understanding of biodiversity as crucial in decision making by increasing funding from domestic budgets, private sectors, and international finance. Currently less than 1 percent of domestic budgets are allocated to renewable natural resources; better data could demonstrate natural capital's economic value leading to increased investment.
Biodiversity is Indispensable
Understanding biodiversity's economic value is indispensable in ending poverty on a livable planet. By recognizing connections between nature and poverty, strategic investments aim for maximum impact across society through partnerships mobilizing finance for large-scale projects benefiting both nature and economies while leveraging data analytics at all levels.
With biodiversity at decision-making centers, we can build a future where nature thrives alongside declining poverty rates shared prosperity.