COP16: Will financial roadblocks continue to hinder conservation efforts?

  • November 12, 2024
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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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

COP16: Will financial roadblocks continue to hinder conservation efforts? Environment