Countries adopt multibillion fund for biodiversity – 08/25/2023 – Environment

Environmental leaders from 185 countries gathered this Thursday (24) in Vancouver, Canada, to adopt a multi-billion dollar fund to support global conservation. The UN (United Nations) highlighted that contributions are needed to help protect 30% of land and coastal areas by 2030.

The meeting comes eight months after governments agreed on the Kunming-Montreal Global Biodiversity Framework – which some have called the Paris Agreement for Nature, in reference to the historic 2015 UN pact to tackle climate change.

One of the 23 goals is to help mobilize the public and private sectors to channel US$200 billion a year (about R$977 billion) to conservation initiatives by 2030. The goal is for developed countries to contribute at least US$20 billion (R$97 billion) every year until 2025.

“We’re off to a good start,” said David Cooper, Acting Executive Secretary of the United Nations Convention on Biological Diversity. “We are now asking for further commitments from countries and other sources so that the first projects under the new fund can be launched next year.”

So far, the fund has fallen short of the $200 million needed to become fully operational by December, as required by the World Bank as trustee. Canada said on Thursday it would invest C$200 million ($147 million) and Britain said it would contribute 10 million pounds ($13 million).

The fund launched on Thursday is managed under the Global Environment Facility (GEF), a mechanism established under the United Nations Convention on Biological Diversity and the United Nations Framework Convention on Climate Change. Climate Action, which has provided more than $23 billion to thousands of projects over the past 30 years.

Least developed countries and small island states will be prioritized and receive more than a third of the funds, with a target of up to 20% going to projects led by indigenous peoples and local communities, the GEF said in a statement.