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CLIMATE CHANGE

COP16: Global biodiversity framework secures landmark $200 billion annual funding commitment

November 2, 2024 • 2 min read

November 02, 2024

By Samuel Ogunsona

The Conference of the Parties (COP) has adopted a landmark decision to mobilize at least $200 billion annually by 2030 to support the implementation of the Kunming-Montreal Global Biodiversity Framework.

This commitment aims to address the alarming loss of biodiversity and its devastating impact on human well-being.

The COP, convened under the Convention on Biological Diversity (CBD), brought together representatives from over 190 countries to address the pressing issue of biodiversity loss.

The revised resource mobilization strategy for 2025-2030 outlines measures to increase financial resources from all sources, including domestic, international, public, and private sectors.

Developed countries pledged to enhance their efforts to provide biodiversity-related international financial resources, targeting at least $20 billion annually by 2025 and $30 billion by 2030.

Additionally, the COP established a dedicated global financing instrument for biodiversity to receive, disburse, mobilize, and articulate funding from all sources.

The decision also emphasizes improved access to financial resources for indigenous peoples, local communities, women, and youth, as well as enhanced transparency and accountability in biodiversity finance. Furthermore, it strengthens coordination and complementarity across the biodiversity finance landscape.

Elizabeth Maruma Mrema, Executive Secretary of the CBD, noted, “This landmark commitment demonstrates the global community’s recognition of the urgency to address biodiversity loss. We must work together to ensure the effective implementation of the Kunming-Montreal Global Biodiversity Framework.”

Marco Lambertini, Director-General of the World Wildlife Fund, added, “The private sector has a critical role to play in supporting biodiversity conservation. We welcome this commitment and look forward to collaborating with governments and other stakeholders.”

The COP will review the implementation of the resource mobilization strategy at its next meeting. The Subsidiary Body on Implementation will address key issues, including reviewing opportunities to strengthen tracking of biodiversity finance, assessing the effectiveness of the Global Environment Facility, and considering the desirable modalities of the best possible instrument on biodiversity finance.