Context:
Recently, the second extended session of COP16 in Rome ended after the suspension of the initial session in Cali, Colombia last year.
More on the news:
- A finalised Monitoring Framework will allow the international community to increase transparency on the global effort to address the nature crisis.
- At COP16 in Rome, governments reached an agreement on a strategy to raise funds to protect biodiversity and meet the targets of the Kunming-Montreal Global Biodiversity Framework (KMGBF).
Key Highlights of COP16:
Cali Fund and Financial Strategy for Biodiversity Protection: During the resumed session of COP16, the Cali Fund was launched to promote the fair and equitable sharing of benefits from the use of Digital Sequence Information (DSI) on genetic resources.
- The Fund aims to leverage contributions from private sector entities that commercially use genetic data to raise funds for the implementation of the Kunming-Montreal Global Biodiversity Framework (KMGBF).
- At least 50% of the Fund’s resources will be allocated to supporting indigenous peoples and local communities who play a key role in biodiversity conservation.
At the same time, governments agreed on a strategy to raise the funds needed to close the global biodiversity finance gap.
The Governments pledged to mobilize at least 200 billion USD annually by 2030, with 20 billion USD coming from international flows by 2025.
This includes commitments to improve existing financial instruments and establish permanent arrangements for the financial mechanism under Articles 21 and 39 of the Convention on Biological Diversity.
The Global Environment Facility (GEF) has already allocated over $3 billion in support of biodiversity goals, leveraging an additional $22 billion, including $1.9 billion from the private sector.
The first global assessment of biodiversity commitments will take place at COP17, where governments will evaluate whether they are on track to meet the 2030 targets.
- COP17 is to be held in Armenia in 2026.
Key Decisions at COP16:
- Resource Mobilization Strategy: The strategy includes public finance from national governments, private sector contributions, and innovative financing mechanisms like blended finance and multilateral development banks.
- Global Monitoring Framework: A robust monitoring system was established to track progress towards the 23 targets and 4 goals of the KMGBF.
- Inclusion of Non-Governmental Commitments: COP16 also agreed on including commitments from various non-governmental actors, such as youth, indigenous peoples, and the private sector, in the review mechanism.