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Wildfire-Resilient Landscapes Network launched in partnership with Circular Bioeconomy Alliance and the Commonwealth Secretariat
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New network launched at a reception attended by His Majesty King Charles III, ahead of COP28 in Dubai, UAE
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Joint initiative between the Circular Bioeconomy Alliance and the Commonwealth Secretariat brings together indigenous and scientific knowledge on wildfires to create resilient landscapes
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Planned initiatives include action on the ground via Living Labs, and the development of innovative financial tools with the finance industry.
The Wildfire-Resilient Landscapes Network was launched at a reception attended by His Majesty King Charles III, on 30 November ahead of the start of COP28, in Dubai.
The network brings together indigenous and scientific knowledge to develop Living Labs that demonstrate how to create resilient landscapes to deal with the increasing problem of wildfires in fire-prone areas of the world. The initiative will work with the finance industry to develop innovative financial tools (for example around emerging Nature markets) that can generate the necessary investments to support the transition to resilient landscapes. The founding of the network was inspired by The King’s interest in linking Australia’s indigenous fire experts with Canadian experts to share best practices following Canada’s horrific fire season.
Climate change is resulting in unprecedented wildfires, as fire suppression has reached its limits. The world is witnessing escalating human casualties and serious health impacts, as well as huge economic losses, increased greenhouse gas emissions, and catastrophic loss of the natural world. This summer we witnessed extreme wildfire events, with Canada now experiencing its most severe wildfire season on record. More than 18.5 million hectares of land has been burned (as of 2nd October) and this has resulted in emissions of more than 2.2 billion tons of CO2 eq, likely tripling the annual greenhouse emissions of Canada’s entire economy.
Innovative financial tools are also needed to play a catalytic role. Currently, the costs related to wildfire prevention and landscape management come from public subsidies, which are insufficient to deal with the scale of the problem faced globally. Private-public partnerships and private finance are crucial for deploying investments at scale to harness new technologies and create a new model for designing resistant and resilient landscapes. In this context, carbon and possibly also the future biodiversity markets provide an interesting opportunity for private finance.
Read more on biodiversity funds: Defending nature – biodiversity funds promise end to the extinction crisis
The savanna fire management programme across northern Australia is a good example of how indigenous knowledge can be the basis for new financial tools that generate income for Indigenous communities, while supporting resilient landscapes through carbon markets.
The new Network will be established under the Circular Bioeconomy Alliance (CBA). The CBA, of which Lombard Odier is a founding member, aims to drive transformational change to a climate and nature positive economy by connecting investors to sustainable investable solutions. The network is coordinated through a partnership with the FIRE-RES project, the CBA and the Commonwealth Secretariat.
Commonwealth Secretary-General, the Rt Hon Patricia Scotland KC said: “The Commonwealth looks forward to contributing to this timely collaboration on wildfire resilience. Our climate work is rooted in knowledge sharing – from helping vulnerable countries unlock critical access to climate finance to climate-related capacity development and the promotion of climate-resilient and sustainable land management.”
Marc Palahí, Chief Nature Officer at holistiQ and CEO of the Circular Bioeconomy Alliance, said: “We are honoured to host this network which will build on the success of our Living Labs and connect the dots between science, indigenous knowledge and the financial sector to enable a holistic approach to creating wildfire-resilient landscapes. As leaders gather to agree climate action at COP28, the start of this collaborative endeavour will facilitate vital progress on the ground that works to embed resilience, while contributing to nature protection as well as climate adaptation and mitigation efforts.”
About the CBA
The Circular Bioeconomy Alliance initiative was established in 2020 by His Majesty King Charles III, when Prince of Wales. The CBA provides funding, expertise, and know-how to facilitate projects designed to accelerate the transition to a circular bioeconomy that is climate neutral, inclusive and prospers in harmony with nature.
About Lombard Odier
Lombard Odier is a global wealth and asset manager with a strong focus on sustainable investing. For over 225 years and through more than 40 financial crises, the Group has aligned itself with the long-term interests of private and institutional clients. It has a strong balance sheet with a CET1 ratio of 30% and a Fitch rating of AA-.
Structured as an independent partnership, Lombard Odier is solely owned by its Managing Partners. This governance model allows the Bank to remain completely client-focussed and innovative at the highest level in the organisation.
Lombard Odier is an investment house that provides a comprehensive offering of discretionary and advisory portfolio management, wealth services and custody. Asset management services are offered through Lombard Odier Investment Managers (LOIM). The Group has created cutting-edge banking technology, which is also leveraged by other Swiss and European-based private banks and financial institutions.
The Group had total client assets of CHF 308 billion at 30 June 2023. Headquartered in Geneva since 1796, at end-December the Group had 26 offices in 20 jurisdictions and employed 2,790 people.
For more information: www.lombardodier.com
About FIRE-RES
FIRE-RES is an international research and innovation project that works towards developing holistic and integrated fire management strategies to efficiently and effectively address the problem of Extreme Wildfires. The FIRE-RES consortium is formed by researchers, emergency-response bodies, technological companies, industry and civil society from 13 countries, linking to broader networks in science and disaster reduction management. The Forest Science and Technology Centre of Catalonia, Spain, coordinates the FIRE-RES project, which is funded under the European Union’s H2020 research and innovation programme.
About the Commonwealth
The Commonwealth is a voluntary association of 56 countries and home to 2.5 billion people, including advanced economies and developing countries. The Commonwealth Secretariat’s experts provide technical support to vulnerable member countries and facilitate knowledge-sharing about solutions to some of the world’s most pressing issues. The Secretariat helps countries tackle climate change and adapt to its worst impacts, by unlocking access to climate finance. The Commonwealth’s Living Lands Charter seeks to address challenges such as climate change, biodiversity loss and land degradation or desertification, through concerted, coordinated, and integrated action.
Important information
This document is issued by Bank Lombard Odier & Co Ltd or an entity of the Group (hereinafter “Lombard Odier”). It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a document. This document was not prepared by the Financial Research Department of Lombard Odier.
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