UN Nature Talks in Rome Face Funding Deadlock as Deadline Approaches

The final day of UN nature talks in Rome reveals a contentious debate over funding for biodiversity conservation amid concerns of species loss. Nations agree on the crisis but disagree on implementation, particularly regarding the establishment of a dedicated fund. Developing nations are pushing for specific funding mechanisms while richer countries warn of fragmentation. The urgency to finalize a plan intensifies as experts voice alarm about accelerating extinctions.

Rome, February 28: As the UN nature talks hosted in Rome reach their conclusion on Thursday, nations face a critical juncture over securing funding amidst rising concerns about accelerating species extinction. Despite a shared recognition of the urgent crisis threatening vital ecosystems, rich and developing countries remain at an impasse regarding funding strategies for conservation efforts.

Geopolitical tensions further complicate negotiations, influenced by various global challenges including trade and debt. The recent escalation in difficulties is attributed to Russia’s invasion of Ukraine and a lack of commitment from key stakeholders, as evidenced by the United States’ lack of participation in the UN Convention on Biological Diversity.

Recent discussions produced a new draft aimed at reconciling differing positions on establishing a specific biodiversity fund. Steven Guilbeault, Canada’s Environment Minister, emphasized the importance of cooperation, stating, “We have no time to waste and the world is watching us, and we have a collective responsibility to show the world that multilateralism can work.”

Experts have raised alarms about the impending extinction of one million species, exacerbated by practices such as unsustainable agriculture and environmental pollution. A landmark agreement reached in 2022 commits countries to stop the degradation of nature by 2030, with a target of raising $200 billion annually for conservation efforts, including $30 billion from wealthier nations.

The ongoing debate largely revolves around the delivery mechanisms for these funds. Developing countries, represented by Brazil and African nations, advocate for a dedicated biodiversity fund to enhance their representation, whereas wealthier nations caution against creating multiple funds that could dilute aid effectiveness. Previous discussions at the UN COP16 in Cali, Colombia, extended beyond the scheduled time and concluded without an agreement due to similar disagreements.

Negotiators now face a deadline to finalize a strategy, with proposals suggesting that the decision on a new fund may be postponed to subsequent UN discussions while reforming existing financial channels.

The UN nature talks in Rome highlight the critical need for coordinated funding strategies amid escalating global crises impacting biodiversity. As nations navigate complex geopolitical dynamics, the conclusive agreement on funding mechanisms remains imperative for effective conservation. The goal of raising $200 billion annually by 2030 underscores the urgency of collective action to address the staggering rate of species loss.

Original Source: risingnepaldaily.com