COP16 deal secures funding to protect nature
After three days of intense negotiations, both wealthy and developing nations made key concessions, resulting in a landmark agreement that aims to raise billions of dollars to protect nature until 2030.
The plan focuses on halting deforestation, curbing the over-exploitation of resources, and tackling pollution—issues that threaten global food security, climate stability, and the survival of one million endangered species. The agreement aligns with the Kunming-Montreal Agreement made in 2022, which includes 23 targets to be achieved by 2030.
A central point of contention was the demand from developing nations for the creation of a new biodiversity fund under the authority of COP, as stipulated by the 1992 Convention on Biological Diversity. However, advanced nations—led by the European Union, Japan, and Canada—strongly opposed this proposal. These countries also expressed concerns over the fragmentation of development aid, which has been shrinking due to global financial crises and the US's reduced support since Donald Trump's presidency.
Looking ahead, the document refers to the 18th COP conference in 2028, where the need for a new fund or adjustments to current mechanisms will be revisited, aiming to address the concerns of developing nations that view current systems as unfair and difficult to access.
Originally, nations were set to resolve funding issues at the 16th COP meeting in Cali, but disagreements forced the resumption of talks in Rome.
In a bid to break the deadlock, the Colombian presidency introduced a compromise on Friday. This new proposal outlines a roadmap to reform existing financial mechanisms, including improvements to the Global Environment Facility (GEF) and the Biodiversity Framework Fund (GBFF), a temporary solution established in 2022 with limited funding ($400 million). The plan suggests that all financial institutions, whether new or existing, would ultimately fall under the authority of COP.
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