Valerie Hickey, the World Bank’s Global Director for Environment, Natural Resources and Blue Economy, emphasized the critical role of nature preservation in preventing global economic losses estimated at $2.7 trillion annually by 2030, equivalent to 2.3% each year.
Speaking to the Emirates News Agency (WAM) during COP28 in Dubai, Hickey highlighted the potential for low-income countries to suffer a 10 percent GDP loss annually by 2030, should essential ecosystem services like forests, fisheries, and pollinators face collapse.
Hickey underscored the alarming rate at which nature is declining, outpacing its ability to renew itself, thus threatening developmental progress and disproportionately affecting low-income nations.
She pointed out that the loss of nature is central to major developmental challenges, including health, livelihoods, inequality, climate change, food security, fragility, and energy. Without immediate action, the consequences could be devastating.
The World Bank sees nature as not only a critical element for environmental preservation but also as a key factor in designing more efficient economic production systems and infrastructure. Hickey stressed the World Bank’s commitment to integrating Nature-Based Solutions (NBS) in its projects.
These solutions aim to protect nature while supporting development and assisting countries in climate change mitigation and adaptation.
Highlighting the importance of nature for climate, Hickey noted that NBS is vital for both climate mitigation and adaptation. The World Bank’s Climate Change Action Plan acknowledges the significance of NBS in terrestrial, coastal, and marine areas for achieving the Paris Agreement goals, building climate resilience, and delivering benefits for human well-being and biodiversity.
Hickey pointed out that research indicates NBS could account for about 37 percent of the cost-effective climate mitigation needed by 2030 to meet the Paris Agreement targets. She emphasized that NBS are not only effective for climate change response but also address biodiversity loss and land degradation efficiently.
Moreover, the Global Director reiterated the value of NBS in tackling key global challenges such as food and water security, disaster risk, human health, and climate change.
She emphasized that initiatives like mangrove restoration and sustainable fisheries and aquaculture practices are integral to the World Bank’s Blue Economy approach, which aims to assist client countries.
“These solutions ensure that ocean resources are used in an integrated and sustainable way and preserve ocean health,” she concluded.
