Sukriti Gupta
The 15th Conference of the Parties to the United Nations Convention on Biological Diversity, or COP 15, was recently chaired by China and held in Canada from 7-19 Dec. The latest COP-15 summit is hailed as a landmark to protect biodiversity as after four long years of talks, finally, 188 of 196 member governments agreed on adopting a historic biodiversity deal known as the Kunming-Montreal agreement aimed at saving the lands, species, and marine ecosystems from pollution and climate change.
Enthused by this deal, some experts are comparing it to the landmark Paris Agreement because just like the latter, which saw almost all the world’s nations, for the first time, support a common strategy on climate change, this historic deal, too, is the first of its kind where nearly 200 countries of the world have unanimously agreed to work towards protecting global biodiversity.
The mainspring of the agreement is the pledge to protect 30% of the world’s land and seas by 2030, informally called the 30 by 30 goal. The adopted framework sets out four goals for 2050 and 23 targets for 2030 and calls for sustainable use of biodiversity.
The four overarching global goals of the framework include: enhancing the connectivity and resilience of all ecosystems to substantially increase the area of natural ecosystems by 2050, halting human-led extinction of threatened species, and reducing the extinction rate of all species tenfold by 2050; to ensure that due value is given to nature’s contributions to people and that biodiversity is sustainably used; ensure fair and equitable sharing of the benefits generated from using genetic resources; and to make sure that adequate means of implementing the global biodiversity framework be accessible to all Parties, particularly Least Developed Countries and Small Island Developing States.
The Global Biodiversity framework also acknowledges and safeguards the rights of indigenous communities and ensures that they do not become victims of mass evictions.
The approval of this deal by nearly 200 countries, including India, is laudable as sincere efforts are needed to protect global biodiversity, which sustains the balance of ecosystems and makes life possible on Earth.
The pact also directs nations to allocate $200 billion annually by 2030 for biodiversity initiatives from the public and private sectors. Finance was at the core of discussions as negotiations related to the finance package to be provided by the developed nations to the developing nations to support conservation efforts in developing countries was one of the most contentious issues.
As a significant commitment, it was agreed upon to raise international financial flows from developed to developing countries, especially least developed countries and small island developing States, to at least $20 billion per year by 2025 and to at least $30 billion per year by 2030.
The deal also requires countries to progressively phase out or reform by 2030 subsidies that harm biodiversity by at least $500 billion per year while promoting positive incentives for sustainable use and conservation of biodiversity. The parties agreed to financial institutions and large and transnational companies being subject to requirements to monitor and disclose their impacts and risks on biodiversity through their supply and value chains, operations, and portfolios.
Member nations are also required to submit an updated action plan and revised national biodiversity strategy at the conference to be held in 2024.
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