Finish Minister calls for Priority Financing to NBS

Posted on 22 November 2022

The Minister of Environment and Climate Change in the Government of Finland has guided that its not true that there is no Climate funding, rather, the available funds are not being directed to the right places.

Hon Maria Ohisalo was speaking at a side event organized by WWF Finland, Uganda, Kenya and Cameroon on Unlocking the Power of Nature Based Solutions; Financing Adaptation.

The impacts of climate change are already evident all over the world. Floods in Pakistan, food crisis in Africa and record-breaking drought in Europe – none of the world’s economies is safe, but it is obvious that poor countries will be hit the hardest. The concerns of the most vulnerable countries are taken very seriously. It is important to reduce emissions fast - if we do not succeed in mitigating climate change, the costs of the climate crisis will rise exponentially and this is what makes NBS financing critical,” she said.

Ms Ohisalo added that We must get out of COP27 with something that is more than what we got in Glasgow last year.
“We are living with the effects of climate change. Unfortunately, while we have many projects to address this looming crisis, most of them are voluntary. We therefore need actions from the political level. We need coherence in policy formulation and good will. That must be delivered by COP27”, she guided.

Hon Eng Collins Nzovu stressed the need for the negotiators to come up with resolutions that ensure that communities benefit from the COPs by advancing resolutions that benefit people and nature.

“These resolutions should not be left in the COP host countries but rather mainstreamed in all global and national institutions for operationalization” he added.

“Issues of adaptation financing have been a challenge in the global south. At this COP27, we are emphasizing that this should not be a subject of negotiation any more but rather a mandate by all countries and financial institutions that subscribe to COP. The financing however should not come of loans but grants and compensation for loss and damage to nature and people’s livelihoods”, says WWF Uganda Country Simon Peter Weredwong.

WWF Uganda used the session to showcase the Nature based solutions being rolled out in the Albertine Graben and the gaps that need to be addressed with further financing.

Minister of Environment and Climate Change in the Government of Finland, Hon Maria Ohisalo (center) pose for a group photograph with participants at COP27