Thomson Reuters Foundation
September 17, 2021
Ahead of a global summit to agree a new pact to protect nature that kicks off next month, environmentalists said developing nations will need more funding to implement its goals, branding the $10 billion a year now being sought "woefully inadequate".
Governments are tasked with finalising an agreement to safeguard the planet's plants, animals and ecosystems - similar to the Paris climate accord - at the two-part U.N. biodiversity summit due to conclude next May in the Chinese city of Kunming.
A draft of the biodiversity pact published in July includes a pledge to protect at least 30% of the planet's land and oceans by 2030 - but finding the funds needed to help nature-rich developing countries with conservation is a challenge.
The text calls for "redirecting, repurposing, reforming or eliminating incentives harmful for biodiversity", meaning things like subsidies for fossil fuel production or intensive farming.
It also urges an increase in investment to protect and restore nature from all sources to $200 billion annually, including an additional $10 billion in "international financial flows" for developing nations.
"It is woefully inadequate," said Brian O'Donnell, director of the U.S.-based Campaign for Nature, adding that existing funding from rich to poorer countries was about $10 billion.
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