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CLIMATE CHANGE

COP16: Nigeria, 19 other global south countries unite to demand action on nature finance

October 30, 2024 • 2 min read

October 30, 2024

By Samuel Ogunsona

Ministers from 20 countries in the Global South have joined forces to push for urgent action on nature finance.

The Ministerial Alliance for Ambition on Nature Finance, an intergovernmental group of ministers, seeks to achieve the ambitious targets set in the Kunming-Montreal Global Biodiversity Framework (GBF), including protecting at least 30% of the planet by 2030.

The Ministerial Alliance for Ambition on Nature Finance brings together ministers from the following countries (Burkina Faso, Cambodia, Cameroon, Côte d’Ivoire, Dominica, Ethiopia, The Gambia, Grenada, Guinea, Liberia, Madagascar, Nigeria, St. Kitts and Nevis, Samoa, Sierra Leone, Somalia, South Sudan, Togo, Vanuatu and Zambia)

The GBF, adopted in December 2022, outlines a comprehensive plan to halt and reverse biodiversity loss. However, the ministers express deep concern over the crippling biodiversity crisis and the insufficient funding to address it.

They emphasize that the emphasis must now shift from commitments to action, with a focus on urgently transforming economies to respect and protect nature.

The ministers urge developed countries to deliver on their financial commitments, specifically on $20 billion annually by 2025 and $30 billion annually by 2030

According to the alliance,these funds are crucial for driving protection, restoration, and sustainable management policies in Global South countries and catalyzing additional funding from national treasuries and the private sector.

However, the ministers make key demands of urgent international funding for biodiversity, the establishment of a ministerial working group to achieve finance targets and also the improvement reporting on international biodiversity finance

The current lack of transparency and timeliness in reporting finance flows hinders the ability to track progress. The ministers call for accurate and up-to-date information on funding, particularly for projects focused on biodiversity.

The Ministerial Alliance for Ambition on Nature Finance serves as a powerful reminder of the importance of collective action and accountability.