Finance for nature continues to be significantly below what is required to bend the curve and restore biodiversity at scale.  On Finance Day at COP16 this session will look to explore progress in implementation of Goal D and Target 19 of the Kunming – Montreal Global Biodiversity Framework for mobilizing finance for nature and particularly the role of partnerships in scaling the work among multilateral and bilateral agencies, foundations, and civil society organizations.   At the event, the Asian Development Bank (ADB) will launch the first bank's Nature and Biodiversity Bond, a thematic bond focusing on Nature based Solutions.   Building on the experiences of Green and Blue Bonds, the Nature and Biodiversity Bond will mobilize private capital for investment projects related to nature conservation and mainstreaming biodiversity in production sectors.  The event will also include a panel discussion among different partners, including speakers from AFD, GEF and TNC.  They will inform on variety of different innovative financing mechanisms and share successes and challenges to mobilize both public and private finance for nature. Developing countries continue to struggle to find financial resources to support biodiversity focused initiatives even when there is clear evidence that investing in nature can deliver for climate and livelihoods. This session will therefore look to examine new and innovative financing mechanisms and grant resources that can be accessed by the countries, such as the Nature Solutions Finance Hub that was launched by ADB with partners and aims to mobilize USD 5 billion by 2030 to reduce the financial gap for biodiversity. Experiences at the country level will also be shared, including by the government of China and the Philippines to provide their perspectives on the challenges and opportunities, and what can be done further to fill the funding gap. GBF Target (s) This event is specifically focused on Goal D and Target 19 of the GBF on scaling up nature positive finance. The session will also look to cover Target 18 on incentives and subsidies for activities harmful to biodiversity and Targets 14 and 15 on policies, regulations, planning and disclosure are also relevant to this event. Target Audience This side event as proposed on the Finance Day at COP16 and will contribute to the discussion and explore this topic in detail. It is critical that there is strong engagement with the finance sector to address the continuing biodiversity loss. The event will be of value to Parties, international organizations, civil society the private sector, particularly other financial institutions. Participants will learn about the overall situation analysis with respect to funding for nature and will then be given some examples of the innovative finance mechanisms that have been deployed to date and the opportunities that may be available to tap into these. Program Time  Segment Speakers / Details  1.15   Introduction  Ms. Yoko Watanabe, Director Environment, Climate Change Department, ADB  1.25  Announcement  Launch of ADB Thematic Biodiversity Bond  1.35  Keynote Presentation   The Nature Conservancy 'Financing Nature: Closing the Global Biodiversity Financing Gap - An   Update'  2.00 Panel Discussion  Moderator: ADB  Panelists: AFD Philippines Government Global Environment Facility People's Republic of China Government The Nature Conservancy  2.40 Closing Remarks NatureFinance