Global biodiversity talks 'hit a snag' due to funding challenges: Video
As the 16th Conference of the Parties (COP16) to the Convention on Biological Diversity progresses, Colombian Environment Minister Susana Muhamad has emphasised the intricate challenges involved in reaching a consensus on the funding targets.
Speaking at the summit, Muhamad described the negotiations as "complex," highlighting the diverse nature of the discussions aimed at mobilising significant financial resources to protect global biodiversity.
The primary goal of COP16 is to secure at least $20 billion annually by 2025 and $30 billion by 2030 from developed to developing countries.
This funding is essential to bridge the estimated $700 billion annual biodiversity finance gap.
"It would be very helpful if developed countries could increase the messages that they are going to meet the development financing target, and also that we can have an open and frank discussion to find the mechanisms that will help us meet the challenge we face," she said.
Muhamad, however, remains optimistic, stating, "While the road ahead is complex, the commitment of the international community to protect our planet's biodiversity gives us hope. We must continue to work together, innovate, and find common ground to meet these critical funding targets."
The 16th Conference of the Parties (COP16) to the Convention on Biological Diversity is a significant global event focused on biodiversity conservation.
Held in Cali, Colombia, from October 21 to November 1, 2024, the conference aims to address critical issues related to biodiversity loss and develop actionable plans to protect and restore ecosystems.
