ROME: Nations worldwide celebrated a hard-won agreement on February 27 during the UN nature talks in Rome, establishing a $200 billion funding plan aimed at protecting the planet's biodiversity. This pivotal deal comes as a response to the urgent need for conservation efforts following stark negotiations between rich and developing countries, which had previously stalled at last year's meeting in Cali, Colombia. Delegates expressed overwhelming relief as key decisions were adopted in the closing minutes of these high-stakes discussions held at the FAO headquarters.

COP16 President Susana Muhamad of Colombia hailed the newfound collaboration between nations, emphasizing, "This is something very beautiful because it’s around protecting life that we have come together, and there cannot be anything higher than that.” The agreement builds momentum from the landmark 2022 deal aimed at halting the rampant destruction of nature, which includes ambitious goals to protect 30 percent of the world’s land and seas.

Under the new plan, countries have committed to deliver US$20 billion per year from wealthier nations to developing ones by 2025, gradually increasing this amount to US$30 billion per year by 2030. Notably, the total financial commitment for 2022 stood at approximately $15 billion, a figure the OECD confirmed.

The deal established a framework for addressing significant funding gaps, projected at US$700 billion annually by 2050. Delegates agreed to intensify efforts in sourcing additional funding, including potential contributions from multinational banks and private sectors, with a goal of scaling back harmful subsidies by at least $500 billion per year by 2030.

Despite uncertainties, the agreement does not explicitly favor the establishment of a new biodiversity fund, instead of leaving it to future UN talks in 2028 to decide on whether to expand existing mechanisms or create a new fund. The Jakarta Post reported similar discussions on developing country representation within biodiversity funding frameworks.

Alongside financial decisions, the talks aimed at improving monitoring mechanisms to hold countries accountable for their commitments to biodiversity targets. A marked achievement from prior discussions includes a new fund designed to ensure that profits from digitally sequenced genetic data from plants and animals are shared with the communities involved, paving the way for equitable compensation.

The strong commitment shown at this meeting may signify a renewed path for international cooperation, as expressed by Steven Guilbeault, Canada’s Minister of Environment and Climate Change, stating that “our efforts show that multilateralism can present hope at a time of geopolitical uncertainty.”

To learn more about the agreement and its implications for global conservation efforts, visit Le Monde.