Exploring the potential of territorial funds to achieve equitable and inclusive direct climate and biodiversity finance

Indigenous Peoples (IP), local communities (LC), and Afro-descendants (AD) need to play crucial roles if countries are to achieve our 2030 global nature, biodiversity, and climate goals. An estimated 2.5 billion IP, LC, and AD hold customary rights and use half of the remaining forests and biodiversity, which are key for providing critical ecosystem services to sustain human well-being (WRI 2024). At least 36 per cent of the world’s remaining intact forest landscapes are within IP’s lands (Fa et al. 2020). IP, LC, and AD safeguard knowledge and practices that can contribute to avoiding biodiversity loss and building resilience to climate change impacts (Dawson et al. 2020; Phuong Phan et al. 2021). However, despite the effectiveness in stewarding nature, developing solutions, and implementing strategies, less donor funding is being disbursed to IP, LC, and ADs in comparison to other climate and environmental measures. Drawing on the author’s work in research and philanthropy, this essay reflects on the potential of emerging territorial funding mechanisms for promoting equitable and effective direct biodiversity and climate finance outcomes. Territorial funds can contribute to addressing barriers and challenges to direct funding. In the face of unfavourable scenarios that question the future of international climate frameworks, territorial funds have the potential to strengthen the governance of tropical forest systems and the organisations underpinning the efforts to mitigate and adapt to the detrimental effects of climate change.

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