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From EcoWatch
- The COP16 biodiversity summit in Cali, Colombia, ended without a consensus on how to raise $200 billion a year in funding for conservation by 2030, which is a crucial step in implementing the 2022 Kunming-Montreal Global Biodiversity Framework (GBF).
- The lack of progress on funding for nature conservation is a major concern, as it will hold back efforts to halt and reverse nature loss by 2030, and the consequences for all countries will be immense if not addressed.
- The summit did have some successes, including the establishment of a representative body for Indigenous Peoples and a worldwide tax on companies that profit from genetic data derived from nature.
- The failure to agree on funding for nature conservation highlights the urgent need for countries to make substantial new contributions to the GBF Fund, with the current total of approximately $400 million far short of the goal of $30 billion by 2030.
The COP16 biodiversity summit in Cali, Colombia, ended in disappointment this weekend, with countries failing to determine how to raise $200 billion a year in funding for conservation by 2030, reported Reuters.
Originally intended as a check-in on countries’ progress with meeting the goals of the 2022 Kunming-Montreal Global Biodiversity Framework (GBF), COP16 went into overtime Saturday as nations scrambled to reach a consensus while delegates dwindled along with hopes for a decisive conclusion.
“I am both saddened and enraged by the non-outcome of COP16,” said Shilps Gautam, carbon removal financing firm Opna’s chief executive, as Reuters reported. “The wild thing about the nature financing discussions is that the numbers discussed are already a pittance.”
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