Greenpeace has welcomed a deal to provide funding to halt biodiversity loss, agreed at the resumed COP16 biodiversity summit in Rome, but said that the agreement needs to be followed with actions.
“This is a helpful move in maintaining trust that the nature finance gap can be closed, but it’s only one side of the coin, and we urgently need to see the other side too: money on the table,” commented An Lambrechts, head of Greenpeace’s COP16 delegation.
Lambrechts was commenting after COP16 countries outlined a five-year plan to mobilise financial resources following the failure to reach a consensus at the original summit in Cali, Colombia, last year.
The goal of the agreement is to mobilise at least $200 billion per year by 2030, including $20 billion annually in international financial flows by 2025, rising to $30 billion by 2030. This will be sourced from public funding, private sector contributions, philanthropic investments, and blended finance.
‘Collective effort’
“These days of work in Rome have demonstrated the commitment of the Parties to advance the implementation of the Global Biodiversity Framework,” commented Susana Muhamad, COP16 President. “The COP16 presidency recognises the collective effort to reach consensus of key issues that were left pending in Cali.
“We appreciate the willingness of all countries and the Secretariat of the Convention for their dedication to continue strengthening the global biodiversity agenda.”
Generating finance
Urgent actions, according to Greenpeace’s Lambrechts, should include “rapid delivery of US$20 billion per year of public funding as of this year and Cali Fund contributions from Big Pharma and Big Ag that amount to at least 1% of their revenues. The processes reached here in Rome will also need to eliminate subsidies that harm nature and lead to new, transparent, equitable and just ways to generate finance.”
Elsewhere, Laura Caicedo, campaigns coordinator at Greenpeace Colombia, said that it is now “crucial” that countries in the Global North “honour their commitments and translate today’s decisions into real funding to protect biodiversity in Latin America and the world. This progress would send a positive signal ahead of COP30 in Brazil.
“The current crisis demands action, not promises. The effective mobilisation of these resources is essential to tackle environmental challenges with real solutions.” Read more here.
