Shafaq News/ On Friday, countries from around the worldreached a last-minute agreement on financing environment preservation, during16th UN Biodiversity Conference (CBD COP16) held at the Food and AgricultureOrganization (FAO) headquarters in Rome.
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.
The plan focuses on halting deforestation, curbing theover-exploitation of resources, and tackling pollution—issues that threatenglobal food security, climate stability, and the survival of one millionendangered species. The agreement aligns with the Kunming-Montreal Agreement made in 2022, whichincludes 23 targets to be achieved by 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.
Looking ahead, the document refers to the 18th COPconference in 2028, where the need for a new fund or adjustments to currentmechanisms will be revisited, aiming to address the concerns of developingnations that view current systems as unfair and difficult to access.
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.
Read More Details
Finally We wish PressBee provided you with enough information of ( COP16 deal secures funding to protect nature )
Also on site :
- Jessica Hecht Reveals the Hardest Part of Being a Tony Nominee (Exclusive)
- '90s Bombshell, 53, Makes Bold Statement About 'Natural Aging'
- Julia Fox's Net Worth in 2025 Proves She's an It Girl