The United Nations’ annual biodiversity conference returns to Rome this Tuesday to continue discussions that couldn’t be completed last year. A key focus will be how to effectively spend the committed funds and find new financial sources to help protect the Earth’s diverse plant and animal life.
Last November in Colombia, during the COP16 talks, important agreements were made, such as requiring companies that benefit from natural genetic resources, like those used in medications derived from rainforest plants, to share their gains. Additionally, measures were taken to amplify the voices of Indigenous peoples and local communities in conservation efforts. However, two weeks were not sufficient to finalize all necessary discussions.
After the COP15 agreement in Montreal in 2022, which aimed to protect global biodiversity through various measures, the focus of the meeting in Colombia shifted to actionable plans and financial strategies to implement these goals. Unfortunately, the previous meeting lost quorum, leading to unfinished business that includes critical financial decisions.
The goal to achieve a biodiversity fund of $20 billion a year by 2025 — and $30 billion by 2030 — seems far out of reach. To date, only $383 million has been pledged by twelve nations, including Austria, Canada, and Germany. Finding ways to distribute this financing effectively remains a contentious topic.
The push for a “global financing instrument for biodiversity” is on the table, but many experts express skepticism about substantially increasing financial contributions. Oscar Soria of The Common Initiative highlighted that current funding sources are dwindling, leading to a grim outlook on meeting financial targets.
Colombia’s former environment minister and COP16 president, Susana Muhamad, remains optimistic, believing that even amidst geopolitical conflicts, a consensus can be achieved on crucial points regarding the planet’s health. Reports indicate that global wildlife populations have plummeted by an average of 73% over the past 50 years, underscoring the urgency of tackling climate change and biodiversity loss.
It’s essential that the discussions in Rome not only outline funding but also consider the implications of biodiversity loss across continents. Our connection to nature is vital for our food systems, clean air, and overall well-being.
As the conference unfolds, it remains to be seen whether the urgent call for action will lead to meaningful agreements and financial commitments to safeguard Earth’s invaluable ecosystems for future generations.
