Top environmental delegates worked late into the night on Thursday to seal critical negotiations and pave the way to secure $200 billion a year for biodiversity protection by 2030.
The gavel came down with no objections at the extended UN Biodiversity talks in Rome, held at the UN Food and Agriculture Organisation office.
The room erupted in applause as the summit concluded, following stalled negotiations at Cop16 in Colombia, which failed to reach a resolution by the end of 2024.
Experts say the progress comes at a critical time for environmental negotiations as global political uncertainty hangs over climate funding.
"The US pulling funding internationally not only from environment initiatives but development funding more broadly, including the defunding and shutting down of USAID, is very unhelpful and certainly hinders progress on biodiversity and climate issues." Audrey Wagner, a researcher who led Oxford University's delegation to Cop16, told The National.
However, those at the conference understood the urgency of the task at hand - to prevent further biodiversity loss at a time when it's estimated that one million of the world’s species teeter on the brink of extinction.
Speaking to the media in the early hours of Friday morning, Cop16 President Susana Muhamad, emphasised the importance of what she has called a historic moment for biodiversity, saying: "We are seeing so much political change globally, where actually fragmentation, and conflict is increasing."
Ms Muhamad, who until recently held the post of minister of environment in Columbia, added that the gathering had "sent a light of hope, that still the common good, the environment, the protection of life and the capacity to come together for something bigger than each national interest is possible."
Putting a price on nature
Three years ago, 196 countries agreed to halt and reverse biodiversity loss by 2030 under the Kunming-Montreal Global Biodiversity Framework.
The framework includes the closing of the biodiversity finance gap, which stands at $700 billion per year.
Among the 23 targets to be achieved by 2030 include 30 per cent conservation of land, sea and inland waters, 30 per cent restoration of degraded ecosystems, and halving the introduction of invasive species.
This week, the Cop16 parties agreed on a way forward in terms of getting the funds mobilised with a view to close the global biodiversity finance gap to tackle the issue of biodiversity loss.
Nature groups have applauded the Cop presidency for delivering a hard-fought resolution this week on biodiversity finance.
Efraim Gomez, Global Policy Director at WWF International, has warned, however, that this necessary step is not sufficient, and it is now that the hard work starts.
While his colleague Lin Li, senior director for Global Policy and Advocacy at WWF International, shared that "What’s left now is still an urgent need to mobilise funding from all sources – public, private, domestic and philanthropic – to ensure we reach the $200 billion a year committed by 2030.”
In a bid to accelerate these efforts, parties also called for an international dialogue between Environment and Finance Ministers from both developed and developing nations.
Another notable achievement hailed as a success was the establishment of the Cali Fund, which was first agreed upon in Colombia during the first part of the conference.
The fund is designed to harness critical financial resources from companies using digitally sequenced genetic data. While it has yet to receive contributions, the fund marks a significant victory for Indigenous Peoples and local communities, who are set to receive 50 per cent of its resources to support local biodiversity initiatives.
Upcoming UN talks
Next on the UN climate agenda, is the UNFCCC Cop30, in Belem, Brazil. Taking place in November, this will be the first Cop to be held in the Amazon. Cop30 is the meeting of the conference of parties under the United Nations Framework on Climate Change Conference. It is tasked with supporting the global response to the threat of climate change.
The UNCCD (United Nations Convention to Combat Desertification) Cop17, will be held in Mongolia in 2026.
The next Convention on Biological Diversity, Cop17, will be held in Armenia in 2026.
