Germany to allocate €1 billion annually for biodiversity financing

Close cooperation in climate action planning is necessary, Steffi Lemke, Germany's Minister for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection, said at an event within COP29.

Report quotes her as saying that, starting next year, Germany will annually allocate €1 billion for biodiversity financing as part of its climate financing commitments.

"We are working with the European Bank for Reconstruction and Development to create a financing window for private investments in natural solutions. The German Ministry of Environment will allocate €8 million for these purposes. We are creating financial incentives for investments. We need clear solutions to coordinate climate action and biodiversity protection," she said.