June 2009: The World Bank’s Environment Department has published a report titled “Convenient Solutions to an Inconvenient Truth: Ecosystem-based Approaches to Climate Change,” which sets out an argument for including ecosystem-based approaches to mitigation and adaptation as a third and essential pillar in national strategies to address climate change.

Such ecosystem-based strategies can offer cost-effective, proven and sustainable solutions contributing to, and complementing, other national and regional adaptation strategies. The report notes that three of the world’s greatest challenges over the coming decades will be biodiversity loss, climate change and water shortages. It underscores that promoting further integration of ecosystem-based approaches into climate change responses and national adaptation strategies will require access to greater sources of funding, including capitalizing on opportunities to protect natural ecosystems as part of major energy and infrastructure projects. The report reviews the Bank’s experience in promoting market-based financing mechanisms and instruments to expand the reach of the carbon market. New initiatives and investment funds, such as the Forest Carbon Partnership Facility, the Forest Investment Program and the Pilot Program for Climate Resilience, are highlighted as new opportunities to better protect natural capital, benefit communities and use cost-effective green technology to address the challenges of climate change. [Report Website (English and French Versions)]