COP16 suspended without agreement on new fund for nature protection

Another breakthrough was the formation of a global fund that aims to benefit communities by sharing revenue from digitally-sequenced genetic resources used in fields like medicine and cosmetics, though contributions to this fund are voluntary.

The conference’s main goal was to assess progress on the 2022 Kunming-Montreal Global Biodiversity Framework (KM-GBF), which set targets to protect 30% of global land and sea areas and restore 30% of degraded ecosystems by 2030. However, a funding divide surfaced, with wealthier nations resistant to increased contributions, while developing countries emphasised their need for more support to meet biodiversity targets.

The conference saw pushback from nations such as Canada, Japan, and EU members, who opposed calls from developing countries to establish a separate fund for biodiversity beyond the Global Environment Facility (GEF).
Currently, around $400 million has been pledged to the Global Biodiversity Framework Fund (GBFF), though environmental advocates warn that amount is insufficient to halt biodiversity loss.

Conservation International’s Patricia Zurita emphasised the urgency: “Nature is on life support, and delaying stronger financial commitments puts our future at risk.” However, she praised the inclusion of indigenous communities in decision-making as a critical step forward.

Crystal Davis of the World Resources Institute echoed this sentiment, noting the voluntary nature of company contributions to the new genetic resource fund and urging corporate responsibility. She emphasised that indigenous and local communities now hold a more formal role in protecting vital ecosystems.

Mega-diverse nations like India, Peru, and Thailand submitted action plans to meet COP15 goals, though roughly 150 countries, including Brazil, have yet to present their plans. As global biodiversity remains under threat, stakeholders stress the need for accelerated action to meet international commitments.

(With inputs from PTI)

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