As COP16 negotiations resume, experts stress that the fight for biodiversity conservation cannot be separated from the push for adequate biodiversity finance. Without financial commitments, the pledges made under the Kunming-Montreal Biodiversity Framework risk becoming unfulfilled promises.
For decades, the world has ignored the impending crises of climate change and biodiversity loss. Current statistics paint a dire picture: approximately 1 million animal and plant species are at risk of extinction, with many facing threats in the coming decades. By 2100, climate change could lead to the loss of more than half of Africa’s bird and mammal species, a 20-30% reduction in lake productivity, and a significant decline in plant species across the continent.
Human activity has dramatically altered three-quarters of the Earth’s land, and the oceans are facing even greater challenges. Oceans are warmer, more acidic, and more polluted than ever before, and have absorbed vast amounts of carbon dioxide, leading to oxygen depletion. The damage to ecosystems goes beyond animal and plant life – it is deeply tied to human well-being. The degradation of ecosystems already affects vital resources such as clean air, water, food, and carbon sequestration.
Biodiversity and ecosystem services underpin 55% of global GDP, and 20% of countries face the risk of ecosystem collapse due to declining biodiversity. Without urgent action, the world is heading toward a point of no return, where ecosystems will no longer be able to sustain life.
The Financial Challenge to Save Biodiversity
Experts highlight that addressing biodiversity loss requires an increase in investment, with estimates ranging from $500 billion to $900 billion annually for nature protection. A recent OECD analysis found global biodiversity finance amounts to $78-91 billion per year, covering public, private, domestic, and international sources. However, governments are still spending approximately $500 billion annually on activities harmful to biodiversity—five to six times more than the total spent on conservation efforts. The actual financial flows harmful to biodiversity are likely even greater. In short, the world is not only failing to invest in biodiversity recovery, but is actively funding its destruction.
In 2022, 196 countries committed to halting and reversing biodiversity loss by 2030 under the Kunming-Montreal Global Biodiversity Framework. This agreement outlines four long-term goals for 2050 and 23 global targets for action by 2030, including the pivotal commitment to protect at least 30% of the world’s land, inland water, and coastal and marine areas by 2030—a goal known as “30 by 30.”
However, meeting these goals requires substantial financial backing. Governments have pledged to reduce harmful subsidies by $500 billion annually and increase financial resources for biodiversity to $200 billion annually by 2030. Developed countries are also committed to providing at least $20 billion annually in international biodiversity finance by 2025, increasing to $30 billion by 2030.
Yet, at the 16th Conference of the Parties (COP16) last year, there was a significant lack of progress on mobilizing the necessary resources. Despite the ambitious commitments made in the Kunming-Montreal deal, nations struggled to agree on the actions, measures, and policies needed to scale up biodiversity finance. This failure is particularly concerning for countries in the Global South, who have called on wealthier nations to fulfill their financial commitments and establish mechanisms to ensure that the $20 billion and $30 billion targets are met on time.
A Call for Urgent Action
As COP16 discussions resume in Rome this week, it is crucial for governments to take decisive action. Ambition for biodiversity conservation and ambition for biodiversity finance must go hand in hand. Without sufficient financial investment, the commitments made in the Kunming-Montreal Framework will remain meaningless.
If governments do not commit to adequate financing and policies for biodiversity protection, efforts to combat the biodiversity crisis will be in vain. The post-2020 Global Biodiversity Framework offers a unique opportunity to drive transformative changes in global finance, aligning it with the 2050 Vision for Biodiversity: “living in harmony with nature.”
The time for action is now. If we fail to rise to this challenge, the world will face irreversible consequences from the ongoing destruction of our natural world.
Related topics:
