UN Biodiversity Conference (COP16) Focuses on 30×30 Conservation Targets, Equitable Sharing of Genetic Resources, and Mobilizing $200 Billion for Global Biodiversity

(Source: Indian Express; Section: Explained; Page: 17)

 Analysis of News:      

 UN Biodiversity Conference and the Convention on Biological Diversity (CBD)

• Countries are currently meeting in Cali, Colombia, for the UN Biodiversity Conference, preceding the annual climate change summit in Baku, Azerbaijan.
• The CBD, established in 1992, aims to safeguard global biodiversity, restore ecosystems, and ensure equitable distribution of benefits from biological resources.
• This year’s COP16 meeting is significant as it follows the landmark Kunming-Montreal Global Biodiversity Framework finalized in 2022, which set out goals and targets for 2030.

What is the Kunming-Montreal Global Biodiversity Framework (KMGBF)? 

• About: It is a multilateral treaty aimed at halting and reversing biodiversity loss globally by 2030.

• • It was adopted in December 2022 during the 15th meeting of the Conference of the Parties (CoP).

• • It supports the Sustainable Development Goals (SDGs) and builds upon the achievements and lessons learned from the Strategic Plan for Biodiversity 2011–2020. 

• Purpose and Goals: It ensures that by 2030 at least 30% of areas of degraded terrestrial, inland water, and marine and coastal ecosystems are under effective restoration.

• • It has 23 action-oriented global targets for urgent action over the decade to 2030 which will enable achievement towards the outcome-oriented goals for 2050.

• • It is important to note that this target refers to collective global efforts rather than a requirement for each country to allocate 30% of its land and water areas.

• Long-Term Vision: The framework envisions that by 2050, there will be a collective commitment to living in harmony with nature, serving as a foundational guide for current actions and policies on biodiversity conservation and sustainable use.

30×30 Target and National Biodiversity Action Plans

• A key focus of COP16 is the 30×30 target, which aims to place 30% of the world’s lands and oceans under conservation by 2030 and restore 30% of degraded ecosystems.
• Countries are required to submit National Biodiversity Strategies and Action Plans (NBSAPs), similar to the climate change NDCs.
• As of now, only 32 countries have submitted their plans, with more expected to do so during the conference.

The High Seas Treaty and Genetic Resources

• The High Seas Treaty, concluded last year, was a major step in biodiversity conservation, aiming to protect marine biodiversity and regulate human activities in international waters.
• It also addresses the equitable sharing of benefits from genetic resources found in oceans, which is a major discussion point at COP16.
• The treaty seeks to ensure that profits from genetic sequences used for medical, commercial, or scientific purposes are shared equitably, especially with indigenous populations.

Financing for Biodiversity Conservation

• Finance remains a central issue at COP16, with a goal of mobilizing at least $200 billion annually by 2030 for biodiversity conservation.
• Developed countries are expected to contribute $20-30 billion yearly to support developing nations’ biodiversity efforts.
• Discussions also focus on phasing out harmful subsidies and incentives that damage biodiversity, such as those promoting deforestation or overfishing, with a target of redirecting $500 billion by 2030.

Potential New Financial Mechanisms

• Countries at COP16 are also exploring new financial mechanisms, including the possibility of setting up a dedicated biodiversity fund, biodiversity credits, and other innovative financing approaches, similar to carbon credits.
• These measures are essential for scaling up global biodiversity efforts and ensuring sustained financial support for conservation initiatives.