Photo by IISD/ENB | Mike Muzurakis
COP28 ended with the adoption of the First global stocktake outcome, where nature and ecosystems are widely recognised for their vital role for effective and sustainable climate action. In the outcome document, Parties are invited to preserve and restore oceans and coastal ecosystems and scale up ocean-based mitigation action and are urged to use ecosystem-based adaptation and nature-based solutions, including through protection of marine and coastal ecosystems.
IPBC flagship event and announcements
The flagship IPBC event at COP28 on “Blue Carbon Coastal Wetlands in Climate Action: Taking Stock of Nature-Based Solutions in Practice”, co-organised in partnership with the Pew Charitable Trusts and the Ocean and Climate Platform, featured interventions from eight IPBC country Partners – Australia, Costa Rica, Fiji, France, Papua New Guinea, Seychelles, United Kingdom, and the United States – who showcased their respective experiences in progressively integrating blue carbon into national climate action. A recording of this side event is available here.
In Dubai, Japan officially announced they have joined the IPBC as latest Partner.
Some of the IPBC Partners’ activities were also showcased at COP28, including the announcement of 4 new projects to conserve and restore blue carbon ecosystems in the Indo-Pacific supported by the Blue Carbon Accelerator Fund (BCAF); a high-level side event in the French Pavilion about the High Level Ambition Group (HILAG); and the hosting of a blue carbon technical dialogue of the Global Ocean Decade Programme for Blue Carbon (GO-BC) in the Ocean Decade + OceanX Pavilion.
Australia and Blue Praxis launched the online Blue Carbon Foundations course, with a panel discussion featuring Blue Carbon Foundations alumni from the recent Indonesian training cohort. The course is free and available at www.bluefoundations.org.
Overall, almost 30 side events covering blue carbon and the role of coastal wetlands in climate action were organised and co-organised by IPBC Partners at COP28. The full list is available on the IPBC Calendar.
Announcements made on Nature, Land Use, and Oceans Day (9 December)
COP28’s Nature, Land Use and Ocean Day saw countries and non-state actors come together in support of nature-based climate action. USD 186.6 million of new financing for nature and climate towards forests, mangroves, and the ocean was announced. These commitments build on those made during COP28’s World Climate Action Summit (WCAS) on 2 December, where $2.5 billion was mobilized to protect and restore nature.
Multilateral development banks (MDBs), including the European Bank for Reconstruction and Development (EBRD), have agreed on a set of common principles for tracking nature-positive finance, which are expected to help guide the development and implementation of their respective technical frameworks and internal methodologies. Signatory MDBs include the EBRD, the Asian Development Bank (ADB), the African Development Bank (AfDB), the Asian Infrastructure Investment Bank (AIIB), the Caribbean Development Bank, the European Investment Bank (EIB), the Inter-American Investment Bank Group (IDB), the Islamic Development Bank (IsDB) and the World Bank Group.
18 Countries endorsed the COP 28 COP28 Joint Statement on Climate, Nature and People, uniting for nature and placing it at the center of climate action. With voluntary partnerships, initiatives and coalitions, signatories will meet regularly to demonstrate and review the collective progress.
18 national governments part of the High Level Panel for a Sustainable Ocean Economy (Ocean Panel) and the Secretariat of the Organization of American States signed onto a joint declaration that recognises the urgent need to sustainably manage 100% of the ocean under national jurisdictions. They also urge countries around the world to join in committing to safeguard the long-term health and resilience of the ocean.
Focus on Mangroves
Political momentum has never been higher to realize mangroves’ massive potential as a carbon sink, protect coastlines, provide habitats, and support local livelihoods.
In a pivotal step forward, #COP28 makes significant progress towards achieving global protection and restoration of #mangroves by securing support from over 40 new governments for the #MangroveBreakthrough. 📣
COP28 UAE’s Nature, Land Use and Ocean Day saw countries and non-state actors make commitments to the conservation and restoration of 15 million hectares of mangroves by 2030 intending to reach USD 4 billion of sustainable finance.
The event also saw a formal partnership announced between the Mangrove Alliance for Climate and the Mangrove Breakthrough. This will mean 49 governments (representing around 60% of the world’s mangroves) as well as over 50 non-state actors are supporting the Mangrove Breakthrough targets to halt mangrove destruction by 2030.