‘Climate finance is not charity, it is an investment. Climate action is not optional, it’s an imperative.’ These are the words spoken by the UN Secretary General António Guterres at the UNFCCC COP29 happening in Baku, Azerbaijan from 11 to 22 November 2024.
António Guterres, UN Secretary-General (Photo: UN Climate Change – Kiara Worth) CC BY-NC-SA 2.0 on Flicker-COP29
Climate finance as emphasized by Guterres, is a strategic investment for our future but more importantly it can be achieved in so many ways. As global leaders gather to address the climate crises, this compelling speech urges leaders, corporations, and institutions to treat climate action not as an act of charity, but as a necessary investment in the future.
Initiatives like the Interreg Euro-MED ARTEMIS project (see what we do), will contribute to these strategic ambitions through the Payment for Ecosystem Services (PES) schemes, particularly in the conservation of seagrass meadows. PES schemes are also a way of investment as it creates financial incentives for protecting and restoring ecosystems.
”PES schemes are increasingly being used worldwide as a mechanism to increase financial support for restoration, conservation and sustainable activities by connecting Ecosystem Services (ES) providers and buyers – says Arnaud Terrisse from Plan Bleu, a Regional Activity Centre of UNEP/MAP and Lead Partner of the ARTEMIS project-. At ARTEMIS, we are ready to contribute to the challenge of connecting nature with finance through the understanding of the Market Based Instruments (MBI) to address economic incentives that encourage individuals, businesses and organizations to invest in Ecosystem Services (ES)”.
Seagrass meadows play a vital role in mitigating climate change
Seagrass meadows play a vital role in mitigating climate change as it sequestrates significant amount of carbon in the sea while also supporting fishery and tourism sectors.
Through 4 Mediterranean sites in Spain, Greece and two in Italy of seagrass meadows restoration, the ARTEMIS project aligns with Guterres’ COP29 call to leverage market mechanisms for achieving climate goals. This initiative combines climate change mitigation through blue carbon sequestration with sustainable conservation efforts, ensuring long-term ecosystem viability. This strategy can only succeed by raising stakeholder awareness about the value of seagrass meadows and building a compelling case for both public and private investment in their restoration. This is possible through ecosystem service assessments and active stakeholder engagement.
All these activities are currently under evaluation, and we will provide you with updates. Meanwhile, We have started the first monitoring activities along the coasts of Sardinia and Crete!
