text: *3.3.2. Investments, pricing and taxation*
  
  Tackling biodiversity loss and restoring ecosystems will require significant public and 
  private investments at national and European level. This will mean making the most of 
  all relevant EU programmes and financing instruments. The Commission will strengthen 
  its**biodiversity proofing framework**69,*inter alia*by using in an appropriate way the 
  criteria established under the EU taxonomy, to ensure that EU funding supports 
  biodiversity-friendly investments. 
  
  To meet the needs of this strategy, including investment priorities for Natura 2000 and 
  green infrastructure,**at least €20 billion a year70 should be unlocked for spending on**
  **nature**. This will require mobilising private and public funding at national and EU 
  level71, including through a range of different programmes in the next long-term EU 
  budget. Moreover, as nature restoration will make a major contribution to climate 
  objectives, a significant proportion of the 25% of the EU budget dedicated to climate 
  action will be invested on biodiversity and nature-based solutions. 
  
  Under Invest EU, a dedicated natural-capital and circular-economy initiative will be 
  established to mobilise at least €10 billion over the next 10 years, based on public/private 
  blended finance. Nature and biodiversity is also a priority for the European Green Deal 
  Investment Plan. To help unlock the investment needed, the EU must provide long-term 
  certainty for investors and help embed sustainability in the financial system. The EU 
  **sustainable finance taxonomy**will help guide investment towards a green recovery and 
  the deployment of nature-based solutions. In 2021, the Commission will adopt a 
  delegated act under the Taxonomy Regulation72 to establish a common classification of 
  economic activities that substantially contribute to protecting and restoring biodiversity 
  and ecosystems. This will be further supported by a**Renewed Sustainable Finance**
  **Strategy**later this year which will help ensure that the financial system contributes to 
  mitigating existing and future risks to biodiversity and better reflect how biodiversity 
  loss affects companies’ profitability and long-term prospects73. 