Finance played a key and at times fractious role at COP15, with discussions centring on how much money developed countries will send to developing countries to address biodiversity loss. It was requested that the Global Environment Facility set up a Special Trust Fund – the GBF Fund – to support the implementation of the Global Biodiversity Framework. The fund would complement existing support and scale up financing to ensure the timely implementation of the GBF with adequate, predictable and timely flow of funds. Resource mobilisation will prove crucial to the successful implementation of the financial commitments agreed to at COP15. Targets 13 addresses issues around the fair and equitable sharing of benefits that arise from the utilisation of genetic resources, allocation and accumulation of resources and financing. Target 19 deals with the challenge of financing, and how to substantially and progressively increase the level of financial resources from all sources, in an effective, timely and easily accessible manner, to implement national biodiversity strategies and action plans, and to mobilise at least $200 billion per annum by 2030.
Climate change is also having an impact on biodiversity in Ireland. The Environmental Protection Agency estimates that the economic value of our ecosystem services is around €2.6 billion but that the rate of habitat degradation and loss of biodiversity is accelerating across Europe, including in Ireland. Ireland needs to improve its data collection methods when it comes to biodiversity and to monitor the impact of climate change in this context to protect both our natural resources and our economy. Our natural capital and ecosystems should also be assigned value in our national accounting systems.
The decline of nature, biodiversity and insects, and the impacts, are starkly outlined in a series of international reports from the Intergovernmental Panel on Climate Change. The impact on Ireland is clear from reports from the EPA on water quality, air quality, biodiversity and emissions. Government must treat these reports as an impetus to implement a complete shift in policy away from business as usual and towards transition and adaptation. This requires immediate action and immediate investment. Although initially costly, the returns and dividend we will reap from the investment is significant. It will put Ireland on the pathway to meet 2030 and 2050 targets. It is clear that the 4th National Biodiversity Action Plan must incorporate the monitoring framework to protect our biodiversity and support progress to meet the targets set out in the Global Biodiversity Framework. Implementation of the relevant measures and actions to reach the GBF targets will determine whether or not Government values our biodiversity and whether the recommendations of the Citizens Assembly on Biodiversity Loss will inform the policy process.
Harmful environmental subsidies
Ireland continues to allocate substantial resources to harmful fossil fuel subsidies, €2.2 billion in 2020 and €2.8 billion in 2019. Between 2012 and 2016, €4 billion per annum in taxation was forgone through potentially environmentally damaging subsidies. €2.5 billion went in direct subsidies and preferential tax treatment supporting fossil fuel activities in Ireland and a further €1.6 billion supported other potentially environmentally damaging activities in the Agriculture, Transport and Fisheries sectors. A study by the ESRI found that budgetary cost of these subsidies was over six times higher than the entire carbon tax revenue of the Government in 2017. The value of environmental subsidies is substantial. By ending environmentally damaging tax breaks and investing this money in people, communities and regions that will be most affected by climate adaptation, Government can help to ensure a Just Transition. It also increases the fiscal space available to government in terms of climate policy and protecting biodiversity.
Ireland faces significant challenges in meeting current waste targets, with food waste across the entire supply chain has been calculated to be over 770,000 tonnes in 2020. The challenge to reduce this amount to the target level of 50% is significant. Irish households threw away an estimated 241,000 tonnes of food (31% of total) in 2020. This includes food waste collected in kerbside collections, which is equivalent to about 130 kg of food waste per household or 48 kg per person Food waste costs the average Irish household about €60 per month or €700 per year. That’s an annual national cost of €1.29 billion.
It is clear, in order to make progress on biodiversity, nationally and internationally, immediate implementation of policy is key to ensure the 2030 targets do not fall the way of other environmental targets and are missed by a substantial margin.