UN Biodiversity Conference In Rome Focuses On Funding

A cormorant gets a running start to take off from the calm waters of Northeast Harbor, Maine, at sunrise on Oct. 21, 2024. (AP Photo/Robert F. Bukaty, File)

An annual United Nations conference on biodiversity that was cut short last year due to time constraints is set to resume in Rome with a primary focus on financial matters. The conference aims to address how to allocate existing pledges and raise additional funds to safeguard plant and animal life on Earth.

The previous talks in Colombia, known as COP16, resulted in significant outcomes, including an agreement requiring companies benefiting from genetic resources to share the benefits and empowering Indigenous peoples and local communities in conservation efforts. However, the conference was unable to complete all its objectives within the allocated two weeks.

The discussions in Colombia followed the landmark COP15 accord in Montreal, which outlined measures to protect biodiversity, such as placing 30% of the planet and degraded ecosystems under protection by 2030, known as the Global Biodiversity Framework.

The financial target is to reach $20 billion annually by 2025 and $30 billion by 2030. As of November, only $383 million had been pledged by 12 nations or sub-nations. The participants will explore the establishment of a global financing instrument for biodiversity to effectively distribute raised funds and focus on increasing financial contributions.

Previous COP16 talks in Colombia emphasized sharing benefits from genetic resources.

UN biodiversity conference in Rome to address financial allocation and raising funds.

Montreal's COP15 set goals to protect biodiversity, including placing 30% of the planet under protection by 2030.

Financial target: $20 billion annually by 2025 and $30 billion by 2030.

Challenges in meeting financial goals highlighted at COP16 talks.

73% decline in global wildlife populations over the past 50 years.

Deforestation in biodiverse regions impacts air quality, water resources, and climate regulation.

Importance of equitable fund distribution for conservation efforts.

Experts highlighted the contentious nature of financial discussions at the COP16 talks, emphasizing the importance of collecting and distributing funds equitably to support conservation efforts effectively. Despite challenges in meeting financial goals, there is optimism for reaching agreements on critical issues to protect life amidst climate change and biodiversity crises.

A recent report revealed a 73% decline in global wildlife populations over the past 50 years, underscoring the essential role of biodiversity in sustaining livelihoods and ecosystems. Deforestation in biodiverse regions like the Amazon and the Congo Basin has far-reaching impacts on air quality, water resources, food systems, and climate regulation worldwide.

The conference in Rome aims to address these pressing challenges and work towards securing adequate funding to preserve biodiversity and combat environmental degradation.