Negotiators reached a historic deal at a U.N. biodiversity conference early Monday that would represent the most significant effort to protect the world’s lands and oceans and provide critical financing to save biodiversity in the developing world.
The global framework comes on the day the United Nations Biodiversity Conference, or COP15, is set to end in Montreal. China, which holds the presidency at this conference, released a new draft on Sunday that gave the sometimes contentious talks much-needed momentum.
“We have in our hands a package which I think can guide us as we all work together to halt and reverse biodiversity loss and put biodiversity on the path to recovery for the benefit of all people in the world,” Chinese Environment Minister Huang Runqiu told delegates before the package was adopted to rapturous applause just before dawn. “We can be truly proud.”
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The most significant part of the agreement is a commitment to protect 30% of land and water considered important for biodiversity by 2030, known as 30 by 30. Currently, 17% of terrestrial and 10% of marine areas are protected.
The deal also calls for raising $200 billion by 2030 for biodiversity from a range of sources and working to phase out or reform subsidies that could provide another $500 billion for nature. As part of the financing package, the framework asks for increasing to at least $20 billion annually by 2025 the money that goes to poor countries. That number would increase to $30 billion each year by 2030.
Financing emerged late in the talks and risked derailing an agreement. Several African countries held up the final deal for almost nine hours. They wanted the creation of a new fund for biodiversity but agreed to the creation of one under the pre-existing Global Environmental Facility.
“Creating a fund under the GEF is the best way to obtain something immediate and efficient,” said Christophe Béchu, France’s minister for ecological transition who headed its delegation, adding that a completely new fund would have taken several years to establish and deprived developing countries of immediate cash for biodiversity.
The head table gets set to open the high level segment at the COP15 biodiversity conference, in Montreal, Thursday, Dec. 15, 2022.
(Ryan Remiorz/The Canadian Press via AP)
Then as the agreement was about to be adopted, Congo stood up and said it opposed the deal because it didn’t set up that special biodiversity fund to provide developing countries with $100 billion by 2030.
Huang swept aside the opposition and the documents that make up the framework were adopted. The convention’s legal expert ruled Congo never formally objected to the document. Sev
