At the recent COP16 biodiversity conference in Rome, countries reached a pivotal agreement to mobilize $200 billion annually by 2030 to protect and restore nature. This commitment aims to address the rapid decline in global biodiversity and aligns withthe Kunming-Montreal Global Biodiversity Framework’s goals.
Key financial commitments include raising $20 billion annually for conservation efforts in developing nations by 2025, increasing to $30 billion by 2030. The establishment of the ‘Cali Fund’ will facilitate contributions from industries benefiting from biodiversity to its conservation.
Despite these advancements, some critics argue that the agreement lacks urgency and concrete measures, highlighting the need for immediate action as a million species face extinction.
Overall, the COP16 agreement represents a significant step toward implementing the Kunming-Montreal Global Biodiversity Framework, aiming to halt and reverse biodiversity loss by 2030.
