Resident Coordinator's Remarks at Sustainability Forum Special Talk on Investment in Nature and Biodiversity

Your Excellency Minister Varawut Silpa-archa,

Khun Weerasak,

Business leaders, colleagues, and friends,

It is an honor to join you at the Sustainability Forum 2023, which is bringing together business leaders as champions in this area.

Your collective knowledge and expertise reflect the depth of understanding, commitment, and ambition that each of you bring to bear on your businesses to embed sustainability, while being forward leaning in responding to challenging global trends.

I commend you for championing climate action. We now need to devote the same attention to nature and biodiversity.

Our efforts need to be directed not only towards net zero emissions targets, but also towards “no net loss” in the biological diversity of genetics, species, and ecosystems. This means our impacts on biodiversity should be offset to neutralize or minimize them. In fact, we should be aiming to put back more than we take from nature, as land and oceans absorb more than half of all GHGs.

The Sufficiency Economy Philosophy, BCG model, and 13th National Economic and Social Development Plan, together with the SDGs, serve as useful roadmaps.

At the same time, the Bangkok Goals adopted at the recent APEC Summit, provide new impetus to take this agenda forward regionally.

We can capitalize on this momentum in ambition by scaling up nature-based solutions in line with the just-concluded COP27 on climate action and the upcoming COP15 on biodiversity.

These two global summits, coming in quick succession, is no coincidence. Their timing signifies that climate action and biodiversity are intrinsically linked and require concerted approaches.

Let me also mention that, as we speak, representatives of governments, business and other stakeholders are meeting to forge the first steps toward a legally binding agreement on plastic pollution led by United Nations Environment Assembly.

Your Excellency, Thailand has the policies and will soon have the legislative framework to better conserve, protect and restore biodiversity.

The government can leverage these to accelerate progress in partnerships with the private sector. During my consultations with business leaders, they have made three actionable recommendations.

One, a consistent whole-of-government approach can streamline enabling mechanisms and improve pathways of collaboration.

Two, the government could prioritize geography-based approaches in protecting habitats that can incentivize reforestation on private land and community-centered protection of biodiversity hotspots in support of localized action.

Three, the private sector’s engagement with local communities can help government in raising awareness of environmental issues, boosting capacity, and creating nature-based income-generation opportunities.

Members of the Global Compact Network in Thailand have already taken the lead on climate by committing to achieving carbon neutrality by 2050. As of last year, the GCNT reduced its carbon emissions by 8 million tons annually, amounting to nearly 2% of Thailand’s GHGs.

Just as the private sector has been championing climate action, it can also lead as champions of nature.

In a precedent-setting global first, GCNT members have recently committed to helping protect 30% of land and marine areas nationwide in alignment with the UN Convention on Biological Diversity.

Many of the prominent business leaders here today, stress that biodiversity protection must lie at the heart of business decisions and are adopting nature-based practices accordingly.

This commitment is highly encouraging. However, to achieve positive change we need to set nature related targets under the leadership of the Government.

To that end, partnerships with international companies can foster exchange of ideas, technologies, and best practices, in line with the Bangkok Goals for transformative results.

Similarly, domestic financing will be critical to unlock additional resources to support no net loss in biodiversity alongside carbon neutrality.

The finance sector globally is recognizing the importance of biodiversity. Nature-related financial risks are increasingly affecting bottom lines as it is not something that can be managed away.

Yet according to a recent survey of signatories to the UN Principles for Responsible Banking, only 15% of banks identified biodiversity as an impact area. To stay ahead of this curve, bankers, asset managers and investors in Thailand need to take a central role in green finance.

Setting a minimum threshold for green lending and investment, which we understand some banks and investors have already created for internal business operations, will enable us to fast-track the transformation.

Our analysis suggests that an initial threshold of just over 6% for green lending and investment could enable the country to meet its green infrastructure requirements and contribute to transformative environmental outcomes.

At the same time, nature-related financial disclosures need to be integrated into the ESG framework and reflected in the One Report as investments in nature will continue to pay dividends for generations.

Our strategy at the UN focuses on bringing stakeholders together to raise the understanding and ambition to invest in biodiversity.

We have been working with the government and private sector to introduce and scale up sustainable practices and promote the creative economy in line with the BCG model.

UNEP is assisting the government with sustainable rice production to enhance biodiversity in paddy fields while maintaining yields, mitigating environmental impacts, and reducing GHGs. Analysis suggests that boosting organic rice production by just 10% in the country would result in returns of more than $400 million over 15 years.

In another initiative, led by UNESCO and supported by Expedia, more than 500 large and medium-sized hotels nationwide have signed the Sustainable Travel Pledge. They plan to soon eliminate single-use plastics and promote sustainable local products at popular tourist destinations as part of the creative economy.

Thailand has great potential to harness its creative economy for the preservation of nature, which primarily employs young people and will support green jobs and much-needed innovation.

Our transformative partnerships also extend to local communities around biodiversity hotspots for sustainable management of ecosystems.

These communities have been prioritizing ecologically responsible practices, with the UN lending support nationwide.

For instance, UNDP had provided technical expertise to local communities to protect three endangered species – the eastern sarus crane, the spoon-billed sandpiper, and the water lily.

One of these undertakings between conservationists, officials, and local people, protects wetland habitats in organically cultivated rice paddies in Buriram province, where farmers are compensated for hosting reintroduced sarus cranes in their fields.

This is an example of symbiotic coexistence between people and wildlife, which has enabled the eastern sarus cranes to be brought back from extinction in Thailand.

Equally important are closer partnerships with enterprising individuals, especially youth, who are nature champions.

Many young people are devoting their time, energy, and money to preserve conservation hotspots, help protect habitats and save endangered species.

In doing so, they are providing a citizen-driven model for biodiversity protection, which will be key in future to complement government and private sector efforts.

For instance, young Akha people in the mountains of northern Thailand have led a grassroots initiative to preserve local plant species and sustain ethnic agricultural practices. They have also built cooperation among villagers to monitor and contain human-caused wildfires, which are a seasonal problem in the area.

In closing, I would like to stress that ample biodiversity on land and underwater is critical to our societies and economies. However, the value of healthy ecosystems goes well beyond the economic price tag we place on them.

The goal of no net biodiversity loss is a multi-generational challenge. Its success will require a whole-of-society approach that recognizes the importance of nature and builds the capacity to protect it.

Through the collective actions of the government, private sector, civil society, and individuals we can save endangered species, protect habitats, and preserve nature for generations to come and our own well-being today.

Thank you.