At COP16 in Rome, a coalition of nations has reached an agreement to mobilise $200bn annually by 2030 to safeguard the natural world. This landmark deal, achieved after previous negotiations in Colombia fell short, represents a critical step in addressing the ongoing global decline in wildlife populations which have plummeted by 73% since 1970, according to the WWF's 2024 Living Planet Report.
The agreement was largely driven by negotiators from the BRICS countries Brazil, Russia, India, China, and South Africa who helped forge consensus among a diverse group of nations. COP16 President and Colombian Environment Minister Susana Muhamad hailed the agreement as a “triumph for nature and for multilateralism,” stressing that the deal offers a glimmer of hope amid a fragmented global political landscape. Maria Angelica Ikeda of Brazil’s Ministry of Foreign Affairs echoed these sentiments, noting that the concessions made were particularly positive for developing countries.
A key feature of the deal is the exploration of a dedicated biodiversity fund. Delegates agreed to either create a new fund or bolster existing mechanisms, such as the Global Environment Facility (GEF), which has already provided over $23bn to nature projects over the past three decades. This fund will play a pivotal role in financing projects aimed at protecting ecosystems and restoring natural habitats across the globe.
In addition to financial commitments, the deal sets out a series of technical rules to monitor progress towards the targets of the Kunming-Montreal Global Biodiversity Framework (GBF), agreed in 2022. Nations have also committed to publishing national biodiversity plans in preparation for the upcoming COP17 nature talks, ensuring transparency and accountability in their efforts to combat biodiversity loss.
The deal comes at a time of significant geopolitical shifts. With US President Donald Trump scaling back aid efforts, the agreement marks a welcome boost for global environmental financing. However, the US, while historically a major funder of international biodiversity projects, is not a signatory to the biodiversity convention, raising questions about its future involvement in this multilateral framework.
As nations look to implement these ambitious measures, the financial and technical commitments made at COP16 are expected to drive substantial progress in the protection and restoration of the natural world, providing a critical foundation for a sustainable future.
