Rome : Representatives from nearly 200 countries reached an agreement on a multi-year financing plan to protect nature and biodiversity during the 16th United Nations Biodiversity Conference (COP16) in Rome.
The agreement was reached on Thursday evening after months of negotiations, following the initial COP16 meeting in Cali, Colombia, which ended without consensus due to disputes over funding mechanisms and the implementation of previous commitments.
Discussions at the Rome conference focused on the implementation of the Global Biodiversity Framework and financing issues, particularly the distribution of financial support to developing nations.
In 2022, participating countries had committed to achieving 23 biodiversity targets by 2030, including the protection of at least 30% of the world’s land and marine areas. However, data from the United Nations Environment Programme (UNEP) indicates that only 17.6% of land and 8.4% of marine areas are currently under protection.
Under the newly adopted agreement, industrialised nations will provide approximately $20 billion annually, starting this year, to support global biodiversity conservation efforts. The consensus was reached after three days of negotiations, receiving broad support from conference participants.
The meeting also served as a preparatory step for the upcoming climate summit scheduled to take place in Brazil in November.
