Fair share of biodiversity finance: Only two countries fully committed, says new report
By Samuel Ogunsona
A New report from a leading international affairs Think Tank, ODI-Global, has revealed that only two countries have fully committed to the fair share of the biodiversity finance adopted in 2022.
December 2022, during the Convention of Biodiversity (CBD) conference in Montreal, Canada, the countries that are Party to the United Nation Biodiversity convention adopted the Kunming-Montreal Global Biodiversity Framework to tackle biodiversity loss. Under this framework, nations agree to a list of specific targets, one of which is to provide at least $20 billion a year to developing countries by 2025, increasing to at least $30 billion a year by 2030.
Despite developed countries committing to these targets, a new research as shown that only Norway and Sweden have paid their fair share of the biodiversity finance while majority of developed countries were not providing even half of their fair share.
Analysis has also shown that 23 of the 28 developed countries are currently paying less than half of what have pledged.
ODI is a global affairs Think Thank established in 1960 with its mission to inspire people to act on injustice, inequality through collaborative research and ideas that matter for people and the planet.
It does this through research, convening and influencing, to lead new thinking and future agendas to deliver transformational change.
However, The United Nations Biodiversity Conference (COP15) ended with an historical landmark of agreements to guide global action on nature through to 2030.
The Global Biodiversity Framework at COP15 consists of four overarching global goals to protect nature, including: halting human-induced extinction of threatened species and reducing the rate of extinction of all species tenfold by 2050.
More so, the countdown to COP16 has begun which will be held in Cali, Colombia, from Oct. 21 to Nov. 1, 2024.
It aim to pore over the implementation of financial resources, capacity building, technical and scientific cooperation, and access to and transfer of technology which are part of the Biodiversity Plan Goal D.
