Rome, Feb 28: Nations celebrated a last-minute breakthrough deal on February 27 to map out crucial funding to protect nature, overcoming geopolitical tensions at the UN talks. The agreement was seen as a significant test of international cooperation.
A delicate compromise between rich and developing countries was reached on raising and delivering the billions needed to protect species. This achievement followed a previously failed meeting in Cali, Colombia, last year. The emotionally charged final meeting at the UN’s Food and Agriculture Organization headquarters in Rome concluded with delegates standing and clapping as key decisions were adopted in the final minutes.
COP16 President Susana Muhamad of Colombia praised the cooperation, highlighting the importance of protecting life amidst global fragmentation and conflict. “There cannot be anything higher than that,” she emphasized.
The decision follows more than two years after a landmark deal to halt the destruction of nature and protect ecosystems and wildlife vital for food, climate regulation, and economic prosperity. Scientists have warned of the urgent need for action, with a million species threatened with extinction and unsustainable practices destroying natural resources and spreading pollution.
The agreement is crucial for advancing the 2022 deal, where nearly 200 countries committed to protecting 30% of the world’s land and seas by 2030. The recent talks were a bellwether for international cooperation amid various global challenges.
Despite the absence of the United States, countries like Canada and Senegal voiced support for multilateralism and global cooperation. Steven Guilbeault, Canada’s Minister of Environment and Climate Change, noted the significance of multilateral efforts during geopolitical uncertainty.
Countries have agreed to deliver $200 billion a year in finance for nature by 2030, including $30 billion annually from wealthier countries to poorer ones. The main debate revolved around developing countries’ calls for a specific biodiversity fund, which faced pushback from wealthier nations.
The agreement leaves it to the 2028 COP meeting to decide on establishing a new fund or reforming an existing one. The finance roadmap, deemed a “key milestone,” aims to ensure that countries are held accountable for their progress toward biodiversity targets.
The launch of a new fund to share profits from digitally sequenced genetic data and the creation of a permanent body to represent Indigenous peoples’ interests were other significant achievements in the negotiations.
This historic agreement provides hope and a path forward for protecting nature in a fragmented world.