A/HRC/54/31 Biodiversity Framework32 and could provide an important opportunity to ensure direct access to financing for Indigenous Peoples. 25. Considering the scale of the financial need for green transition, the World Bank is in the process of expanding the engagement of private sector finance,33 which will present some challenges as corporations are under less scrutiny and, in most cases, either do not have or do not follow internal policies for Indigenous Peoples. On the contrary, they may actively seek to avoid triggering the application of safeguarding policies. As such, there is even less clarity as to responsibilities, monitoring and grievance mechanisms in private sector financing. 26. Private sector financial actors include not only corporations and investment banks involved in the extraction of energy transition minerals and other renewable energy projects, but also private conservation organizations, acting as intermediaries to allocate large funds for the creation of conservation areas that may lead to violations of the rights of Indigenous Peoples, as detailed in the Special Rapporteur’s 2022 report on protected areas.34 The boards of directors of large conservation organizations are usually comprised of representatives of high-profile academic, political and corporate entities and capital management firms, and there is minimal Indigenous representation. In recent years, large conservation organizations have started to develop policies on stakeholder engagement that are more respectful of the rights of Indigenous Peoples, following reports of violations by entities funded by them.35 27. Other private actors, such as certifying companies in the context of the carbon market and projects for reducing emissions from deforestation and forest degradation in developing countries and additional forest-related activities that protect the climate (REDD-plus), may not be considered as financial actors, but bear a significant role in enabling financial flows to projects with potentially negative impacts on Indigenous Peoples. It is important to have oversight on such actors, considering their influence on green finance. Retail traders are businesses that purchase carbon credits directly from the supplier, bundle those credits into portfolios and sell them to the end buyers, typically with some commission. End buyers are companies committed to offsetting part or all of their greenhouse gas emissions. Private sector standards, guidelines and grievance mechanisms often do not meet international human rights standards with respect to Indigenous Peoples. 28. Philanthropic funders are another model for development financing. The Bezos Earth Fund was created in 2020 by Amazon founder and Chief Executive, Jeff Bezos, with a commitment of $10 billion in disbursed grants over the next decade to focus on conserving and restoring nature, the future of food, environmental justice, decarbonizing energy and industry, economics, next technologies and data monitoring and accountability. Private funders have more flexibility in their operational requirements and can channel direct support to Indigenous Peoples, especially in countries with weak recognition of and weak institutional capacity to deal with the rights of Indigenous Peoples. 36 29. Perhaps more important than the question of who is involved in the allocation and administration of climate finance is the question of who is excluded: those who are experiencing the greatest impacts of climate change, namely Indigenous Peoples, particularly those in the Global South. At best, climate-related funds have included Indigenous Peoples as stakeholders to be consulted, but they are not given decision-making power or meaningful opportunities for participation.37 32 33 34 35 36 37 8 See CBD/COP/DEC/15/7, paras. 29–30. See https://www.nrdc.org/sites/default/files/mediauploads/wbg_evolution_roadmap_paper_december_18_2022.pdf. A/77/238. See, for example, World Wildlife Fund, “Statements of principles and environmental and social safeguards” (2023), pp. 34–36, available from https://wwfint.awsassets.panda.org/downloads/essf_sops__download_all_documents_english_1.pdf. See Charapa Consult, Directing Funds to Rights. Principles, Standards and Modalities for Supporting Indigenous Peoples’ Tenure Rights and Forest Guardianship. See submission by Indigenous Environmental Network. GE.23-13366