A Second Attempt at Securing $200 Billion for Nature Conservation

A Second Attempt at Solutions

Countries are gathering in Rome this week for a crucial meeting aimed at securing the $200 billion per year needed to preserve global biodiversity. This follows a landmark agreement in 2022 to halt nature loss by 2030, known as the Kunming-Montreal Global Biodiversity Framework. However, the October 2023 meeting in Cali, Colombia, failed to reach an agreement on how to finance this ambitious goal.

One of the key challenges is determining who should contribute financially. Poorer nations argue that wealthier countries and companies in the Global North, who are responsible for a significant portion of biodiversity loss, should bear the brunt of the financial burden. Meanwhile, richer countries advocate for increased contributions from middle-income countries and sovereign wealth funds.

With the reluctance to provide grants, alternative funding sources are being explored, including development bank loans, domestic resources, and private sector involvement. Additionally, discussions will focus on redirecting $500 billion in annual subsidies and incentives that currently harm nature towards nature-friendly activities.

Another critical issue is the management of the funds. While Europe supports using the existing Global Biodiversity Framework Fund managed by the Global Environment Facility (GEF), countries like the Democratic Republic of Congo and Brazil favor a new system with greater control.

The success of the Rome meeting is crucial for global biodiversity conservation efforts. Failure to reach an agreement could jeopardize Brazil's plans to integrate nature into climate change initiatives at the upcoming global climate talks in Belem in November.

With the United States not being a party to the U.N. Convention on Biological Diversity, the recent policy changes implemented by the Trump administration could negatively impact the willingness of other countries to contribute financially and support nature-friendly policies.

The stakes are high in Rome. As Oscar Soria, co-CEO of The Common Initiative, emphasizes, "This could be a historic moment, if they choose ambition." The question remains whether countries will rise above political tensions and fight for the future of biodiversity or let this opportunity slip away.