COP16: Will financial roadblocks continue to hinder conservation efforts?

COP16: Will financial roadblocks continue to hinder conservation efforts?

Sub: Env

Sec: Int conventions

Context:

• The 16th Conference of the Parties (COP16) to the U.N. Convention on Biological Diversity took place in Cali, Colombia.
• Main focus: Negotiating measures to halt and reverse biodiversity loss by 2030.
• Key challenge: Disagreements on financial responsibilities for implementing the proposed measures.

Highlights of COP16:

1. Inclusive Decision-Making
   • Established a permanent body for Indigenous people and local communities to ensure their input in biodiversity decisions.
   • Recognized the role of people of African descent in conserving biodiversity, aiming to integrate their traditional knowledge.
2. Biodiversity Funding (Cali Fund)
   • New framework requiring major corporations (e.g., pharmaceutical, biotech sectors) to share profits derived from genetic resources.
   • Companies must contribute 1% of revenue or 1% of profits, potentially exceeding $1 billion annually.
   • 50% of the fund will go to Indigenous communities for conservation efforts.
   • Contributions are voluntary, but this step aims to promote equitable benefit-sharing.
3. Biodiversity Defence:
   • New guidelines for managing invasive alien species through improved databases, trade regulations, and e-commerce coordination.
   • Emphasis on international cooperation and capacity-building for developing nations.
4. Momentum for Ocean Conservation
   • Upgraded process for identifying Ecologically or Biologically Significant Marine Areas (EBSAs) to protect critical ocean habitats.
5. One Health Approach
   • Established a Global Action Plan focusing on ecosystem, animal, and human health.
   • Aims to address shared drivers of biodiversity loss and poor health (e.g., deforestation, climate change).
   • Encourages collaboration among health professionals, conservationists, and policymakers.
6. Cautious Innovation (Synthetic Biology)
   • Discussed the potential and risks of bioengineered species for ecosystem restoration.
   • Agreed on the need for regulatory frameworks to balance innovation with ecosystem protection.

Challenges at COP16:

1. Financial Shortfall:
   • Disagreement on funding mechanisms for the Kunming-Montreal Global Biodiversity Framework (GBF), which aims to secure $700 billion annually by 2030.
   • Pledges at COP16 only reached $163 million, far below the target.
   • Developed nations resisted a dedicated global fund for conservation, leading to stalled discussions.
2. Monitoring and Implementation Issues
   • Limited progress on implementing the GBF due to inadequate monitoring frameworks.
   • Only 44 out of 196 countries submitted updated National Biodiversity Strategies and Action Plans (NBSAPs).
   • Lack of a mandatory enforcement mechanism could undermine the 2030 targets.

India’s Role at COP16:

• India presented its updated NBSAP, aiming to halt and reverse biodiversity loss by 2030, and achieve harmonious coexistence with nature by 2050.
• Key focus areas:
  • 23 national biodiversity targets with a transformative approach.
  • Emphasis on inter-agency cooperation, financial solutions, and community involvement.
  • Prioritizes restoring degraded ecosystems, protecting wetlands, and sustainable marine management.

Source: TH