A/HRC/54/31 under the United Nations Framework Convention on Climate Change and the KunmingMontreal Global Biodiversity Framework adopted at the fifteenth meeting of the Conference of the Parties to the Convention on Biological Diversity. 6. The Special Rapporteur emphasizes that green financing has an important human rights dimension. 6 The processes and associated finance to achieve the climate and biodiversity targets could have significant negative impacts on Indigenous Peoples unless the protection of their internationally recognized human rights is defined as central to successfully achieving those goals. In addition, as economic transition requires large amounts of financial flows, nature credit markets have been considered important tools to mobilize the financial resources needed to meet international environmental targets, such as the reduction in greenhouse gases and other conservation and green economy initiatives. Securing a “just transition” inclusive of respect for human rights should address the social and environmental interventions and safeguards needed to protect the rights and livelihoods of Indigenous Peoples when economies shift to sustainable development practices to combat climate change and biodiversity loss. This will ensure that those who are most affected by environmental harm do not bear the costs of the transition and that they participate in the formation of policy solutions. 7. The purpose of the present report is not to condemn or deter the financing of green projects and green market strategies but to ensure that Governments and other financial actors take all precautions to ensure their support for the much-needed transition to a green economy and that climate change action does not perpetuate the violations and abuses currently plaguing extractive and other fossil fuel-related projects. The Special Rapporteur aims to remind Governments and other financial actors enabling the transition that many green projects and nature-based solutions are likely to occur on Indigenous lands, 7 whether or not the land rights of Indigenous Peoples are recognized by the State, and human rights due diligence should therefore be undertaken from the outset, using a human rights-based approach that acknowledges their collective rights to land and right to self-determination. 8. The present report is not an exhaustive study of the implications of green finance for Indigenous Peoples. It reflects on the international obligations of States and the duty of their public and private financial partners to respect the right of Indigenous Peoples to selfdetermination in any green project occurring on or near their lands and territories, and seeks to shift mindsets to consider Indigenous Peoples as a gauge for project sustainability rather than a risk to financial investment. In the report, the Special Rapporteur looks specifically at addressing Indigenous issues from the outset of any project, prior to the decision to fund, and provides recommendations for financing mechanisms to strengthen governance and accountability structures in order to reduce negative impacts on the rights of Indigenous Peoples and facilitate their access to economic opportunities and global markets. The report also presents good practices, particularly in terms of providing direct financing to Indigenous-led conservation initiatives and renewable energy projects. B. Indigenous Peoples and green finance 9. The Paris Agreement adopted at the twenty-first Conference of the Parties to the United Nations Framework Convention on Climate Change in 2015 represented a landmark moment for climate financing, as it clearly established the need for financial flows to align with climate goals and called for developed countries to mobilize $100 billion per year to address the needs of developing countries for climate-induced loss and damage. Since then, climate action has been considered a strategic priority for most financial institutions. 6 7 GE.23-13366 See recent communications related to fossil fuels and other extractive energy projects: AUS 3/2022, CAN 2/2022, BRA 4/2022, SWE 2/2022, BWA 3/2021 and NAM 2/2021, available from https://spcommreports.ohchr.org/Tmsearch/TMDocuments. According to a recent study, 54 per cent of energy transition mineral and metals projects are located on or nearby the lands of Indigenous Peoples. See John R. Owen and others, “Energy transition minerals and their intersection with land-connected peoples”, Nature Sustainability, vol. 6, No. 2 (February 2023). 3