COP17: Developed countries ‘fall far short’ of UN targets for nature finance
A new UN report indicates that developed nations are failing to meet the $200 billion annual biodiversity finance target set for 2030. The funding gap remains a major point of contention ahead of the COP17 summit in Armenia.
Why it matters
The failure to mobilize promised funds threatens global efforts to reverse biodiversity loss and meet the goals of the Kunming-Montreal Global Biodiversity Framework.
Share The amount of finance for nature delivered to date “falls far short” of what is needed to meet the UN’s global goals, according to a report released ahead of the COP17 biodiversity summit.
The global stocktaking report , prepared by the UN Convention on Biological Diversity (UN CBD) ahead of this month’s summit in Armenia, finds that developed nations are failing to close the $200bn “biodiversity finance gap”.
Initiatives designed to support this goal are also stumbling, with a special “framework” fund for biodiversity receiving less than $140m from developed countries in the past two years and the “ landmark ” Cali Fund receiving only $6,000 from private companies.
The availability of finance – or lack thereof – is likely to be a key point of contention in negotiations at COP17 in Yerevan, Armenia, which begin on 19 October.
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