COP16 fizzles out as rich countries block global nature fund – POLITICO

Oscar Soria with the Common Initiative called it a “unique funding mechanism,” but said its voluntary status could be a problem. “The mechanism’s effectiveness will likely depend on the global community’s willingness to support it and on corporate recognition of the value in participating for reputational gain,” he said.

Other highlights included the creation of a subsidiary body for indigenous peoples and local communities to ensure their participation in the biodiversity framework agreed on in 2022 in Montreal, and recognition of peoples of African descent as biodiversity custodians.

Agreement was also reached on a text linking biodiversity loss and climate change, which COP16 President Susana Muhamad said was essential ahead of the COP29 climate conference in Baku, Azerbaijan, later this month. The previous day, countries had voted that Armenia would host the next meeting, COP17, in 2026.

But on the creation of a new fund, no agreement was reached, and as the morning wore on and delegates began leaving to catch flights home, it became clear time had run out.

Global North vs Global South

The European Union, Japan, Canada, Australia, New Zealand, Norway and Switzerland all opposed the proposal to set up a dedicated fund to pay for nature restoration in poorer countries, arguing it would complicate the funding landscape without necessarily raising new money.

The EU delegation suggested that the creation of a special fund would not necessarily prompt countries to donate more money. “We have been very clear throughout the process, we cannot accept establishing a new … fund, thereby further fragmenting the biodiversity-related financial landscape,” the  delegation said at the plenary early Saturday.