High Impact Initiative: Nature Driving Economic Transformation

Date: 17 September 2023
Location: Conference Room 4, UNHQ, New York, United States of America
Time: 11:45 – 13:15 EDT
Overview
This gathering will take place during the SDG Action Weekend of the SDG Summit at the 78th UN General Assembly session.
One of twelve high impact initiatives, led by UN-system organizations, is called Nature Driving Economic Transformation: Leveraging the power of biodiversity and nature to drive equitable economic progress. It will take place on September 17 from 11:45 to 13:15 EDT and will highlight specific programmatic offerings and initiatives to support Member States’ efforts to achieve the Sustainable Development Goals (SDG).
The Kunming-Montreal Global Biodiversity Framework, which was ratified by 193 parties in 2022, attests to the ability of nature to spur economic change. Delivery of this Framework can spur more action in support of important SDGs because it is based on principles of sustainable use, equity and access, and benefit sharing that leaves no one behind.
The main goal of this initiative is to help nations make fundamental changes to their economic policies so that they priorities equity, resilience, and sustainability. The launch of a group of champion nations dedicated to the sustainable use of biodiversity will show effective change pathways for a wide range of contexts.

There are 3 pillars of the Initiative-
1. Advocacy
2. Environmental-economic accounting frameworks
3. Concrete action
1. In order to fully utilize the value and potential of nature to spur economic and social transformation, advocacy must be made using experience, science, and evidence.
2. National economic development plans need to adopt scalable environmental-economic accounting frameworks that quantify and value nature’s contribution to our economies because we cannot manage what we cannot quantify. Effective risk-informed strategies that are based on inclusive, socially just, and equitable governance will receive more attention.
3. Based on these metrics, specific actions must be taken in the areas of financing, institutional reform, and national leadership. In nations that have shown commitment through their policies and supportive environment, significant new investment from a variety of sources is required. The UN Common Approach to Biodiversity and Nature-Based Solutions will be made available through this High Impact Initiative, which will take advantage of UN reform and related commitments from the entire UN system, in order to support national leadership in their economic transition.

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