Governments have reached a landmark agreement on the strategy to mobilize the funds required for biodiversity protection and the full implementation of the Kunming-Montreal Global Biodiversity Framework (KMGBF), bringing the resumed UN Biodiversity Conference, COP16, to a successful close.
The resumed session, held in Rome after the suspension of talks in Cali, Colombia, in 2024, saw Parties to the Convention on Biological Diversity (CBD) engage in intense negotiations on biodiversity finance, planning, monitoring, and review mechanisms, as well as a comprehensive framework of indicators to track global and national progress toward biodiversity targets.
One of the most significant outcomes of the Rome talks was an agreement on a clear roadmap for closing the global biodiversity finance gap. Governments have now committed to mobilizing at least $200 billion annually by 2030, including $20 billion per year in international biodiversity finance by 2025, rising to $30 billion by 2030.
Susana Muhamad, COP16 President, said the meeting in Rome has demonstrated the unwavering commitment of Parties to advance the implementation of the Global Biodiversity Framework.
“The COP16 Presidency recognizes the collective effort to reach consensus on key issues left pending in Cali.
“We appreciate the dedication of all countries and the CBD Secretariat in strengthening the global biodiversity agenda. Only by working together can we achieve Peace with Nature,” she said.
The strategy for resource mobilization, adopted at COP16, sets out a broad range of instruments and mechanisms to finance biodiversity conservation efforts.
These include public finance from national and subnational governments, private and philanthropic contributions, blended finance, and innovative financial mechanisms.
The Global Environment Facility (GEF), the interim financial mechanism of the CBD, has already approved over $3 billion for KMGBF implementation between June 2022 and December 2024, leveraging an additional $22 billion in co-financing, including $1.9 billion from the private sector.
Astrid Schomaker, Executive Secretary of the Convention on Biological Diversity, said the results of the meeting demonstrate that multilateralism works and is the key to building the partnerships necessary to protect biodiversity.
“We now have a clear mandate to implement Articles 21 and 39 of the Convention. By doing so, and strengthening the framework for resource mobilization, the world has given itself the means to close the biodiversity finance gap,” she said.
Strengthened Monitoring and Reporting Framework
COP16 also delivered a robust monitoring framework essential for tracking progress on the KMGBF’s 23 targets and 4 goals. Governments reached a consensus on how indicators will be measured and reported to ensure harmonized tracking at both national and global levels.
The monitoring framework will provide aggregated global data, allowing policymakers to assess biodiversity action across different regions and sectors.
Additionally, a process for reviewing KMGBF implementation at COP17 was adopted, including a global stocktake mechanism. The agreement allows for the inclusion of non-state actors, such as youth, women, indigenous peoples, local communities, civil society, the private sector, and subnational governments, in the Planning, Monitoring, Reporting, and Review (PMRR) Mechanism.
The new framework ensures that all national reports will incorporate quantifiable indicators to assess progress in achieving KMGBF’s global biodiversity targets.
The outcomes of COP16 in Rome mark a significant step forward in the global effort to protect biodiversity. With a comprehensive financial strategy in place and a strengthened monitoring mechanism, the world is now better positioned to achieve the ambitious goals set out in the Kunming-Montreal Global Biodiversity Framework by 2030.
By Dare Akogun
