After three days of intense negotiations, both wealthy anddeveloping nations made key concessions, resulting in a landmark agreement thataims to raise billions of dollars to protect nature until 2030.
A central point of contention was the demand from developingnations for the creation of a new biodiversity fund under the authority of COP,as stipulated by the 1992 Convention on Biological Diversity. However, advancednations—led by the European Union, Japan, and Canada—strongly opposed thisproposal. These countries also expressed concerns over the fragmentation ofdevelopment aid, which has been shrinking due to global financial crises andthe US's reduced support since Donald Trump's presidency.
Originally, nations were set to resolve funding issues atthe 16th COP meeting in Cali,but disagreements forced the resumption of talks in Rome.
In a bid to break the deadlock, the Colombian presidencyintroduced a compromise on Friday. This new proposal outlines a roadmap toreform existing financial mechanisms, including improvements to the GlobalEnvironment Facility (GEF) and the Biodiversity Framework Fund (GBFF), atemporary solution established in 2022 with limited funding ($400 million). Theplan suggests that all financial institutions, whether new or existing, wouldultimately fall under the authority of COP.
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