COP29 will launch with looming funding gap

Sub: Env

Sec: Int Conventions

Context:

At the recent COP16 U.N. biodiversity summit in Cali, Colombia, wealthy nations struggled to commit the necessary funds for global conservation, shifting the focus towards private financing to address the funding shortfall.

Funding Challenges and Goals:

Annual Funding Target: The goal was to mobilize $200 billion annually for conservation by 2030, including $30 billion directly from wealthy nations.
This funding was pledged two years ago under the Kunming-Montreal Global Biodiversity Framework to support initiatives like sustainable agriculture and wildlife protection.
Lack of Consensus: Negotiations extended past the planned end date of November 2, resulting in no agreement on funding strategies. As delegations began to leave, there was no longer a quorum for a consensus.

Context of Biodiversity Crisis:

Threats to Nature: Human activities, including farming, mining, and urban development, have put approximately one million plant and animal species at risk of extinction. Climate change exacerbates these challenges by altering weather patterns and increasing temperatures.

Economic Trends and Government Funding:

Declining Foreign Aid: Developed nations, including Germany, the Netherlands, France, and the U.K., have reduced their foreign aid budgets, leading to a decrease in government development funds for nature conservation abroad—from $4.6 billion in 2015 to $3.8 billion in 2022.
COP16 Contributions: During the summit, U.N. Secretary-General Antonio Guterres called for substantial new contributions to the Global Biodiversity Framework Fund. Nations pledged $163 million, totalling around $400 million—well short of the $30 billion target.