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The Asian Development Bank (ADB), in partnership with the Global Environment Facility (GEF), has unveiled the inception of the Natural Capital Fund (NCF), a concessional fund aimed at bolstering projects that bolster food security while simultaneously safeguarding and reviving natural capital in ADB's developing member countries (DMCs).
GEF has pledged USD 15 million in support of the NCF. The announcement took place during the Asia-Pacific Natural Capital Forum, hosted on November 7-9. This event was a collaborative effort between ADB and Stanford University's Natural Capital Project. The forum revolved around the discussion and exploration of natural capital assessments that are currently underway in several DMCs. ADB, in association with Stanford University, has been working on introducing natural capital accounting and the Gross Ecosystem Product (GEP) within these countries. ADB Vice-President for Sectors and Themes, Fatima Yasmin, said, "This Natural Capital Forum is very timely and an important opportunity to learn from the natural capital assessments that are underway in several of our DMCs". Carlos Manuel Rodriquez, Chief Executive Officer of GEF, emphasised the significance of natural capital approaches in addressing the prevailing shortcomings within existing economic systems. Rodriquez said, "Natural capital approaches offer a range of innovative tools for addressing the failure of the current and dominant economic systems. The GEF is a solid partner in these exciting and rapidly expanding natural capital applications and innovations in Asia and the Pacific and globally as well." GEF stands as a robust partner in driving the development and expansion of natural capital applications and innovations not only in Asia and the Pacific but also on a global scale. The conference primarily addressed the substantial financial gap in natural capital conservation. The discussions highlighted ADB's broad-scale initiative, the Nature Solutions Finance Hub, focusing on formulating financing models for nature-based solutions. This initiative aims to foster scalable and feasible demonstration projects while centring on pioneering financial approaches. ADB, since its establishment in 1966 and collectively owned by 68 members, is unwavering in its commitment to steering Asia and the Pacific towards prosperity, inclusivity, resilience, and sustainability. Simultaneously, the organization maintains its unyielding focus on eradicating extreme poverty. The introduction of the Natural Capital Fund underlines the joint effort and commitment of ADB and GEF towards nurturing environmentally sustainable practices and embracing novel solutions to preserve natural capital in the Asia-Pacific region. The report encapsulates the collaborative initiative between ADB and GEF and their endeavour to introduce the Natural Capital Fund to promote ecological conservation in the Asia-Pacific region. (ANI)
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