COP 15: There Is Urgent Need To Create Fund To Help Developing Countries, India Says At UN Biodiversity Conference

India said at COP15 that there is an urgent need to create a new, dedicated fund to help developing countries successfully implement a post-2020 global framework to halt and reverse biodiversity loss.

UN Biodiversity Conference: It is being discussed at COP 15 how much money the rich countries, collectively known as the Global North, will send to the Global South. These are home to most of the world's biodiversity. 

Source : AFP

COP 15: On Saturday, December 17, top officials at the United Nations Biodiversity Conference (COP 15), said they were confident of securing a major deal to save the natural world from destruction, news agency AFP reported. At COP 15, being held in Montreal, Canada, talks are aimed at sealing a "peace pact for nature". 

However, these talks risk collapse, observers have warned. This is because of disagreement over how much the rich world should pay to save ecosystems in developing countries, according to an AFP report. Similar talks were held at COP27 in Glasgow and finally, a 'loss and damage' fund was agreed upon.

What India said at COP 15

India said at COP15 that there is an urgent need to create a new, dedicated fund to help developing countries successfully implement a post-2020 global framework to halt and reverse biodiversity loss.

Urgent need to create new, dedicated fund to help developing countries successfully implement post-2020 global framework to halt and reverse biodiversity loss: India at UN biodiversity conference in Canada's Montreal

— Press Trust of India (@PTI_News) December 18, 2022

What other countries said at COP 15

On Saturday, China's Environment Minister Huang Runqiu, the Chinese chair of COP 15, told reporters he was "greatly confident" delegates would reach a deal. 

Steven Guilbeault, Minister of Environment and Climate Change of Canada, said "tremendous progress" has been made. 

French President Emmanuel Macron tweeted: "If we do not protect our forests, our oceans, and all the life they support, we will be putting all of humanity at risk. For the sake of our children, we must do everything we can to protect our biodiversity." 

He further wrote that his appeal was: "With just a few days to go before the end of the COP 15 Biodiversity Conference in Montreal, my message to our partners is: now is not the time for small decisions, let's go big! Let's work together to achieve the most ambitious agreement possible. The world is depending on it." 

If we do not protect our forests, our oceans, and all the life they support, we will be putting all of humanity at risk. For the sake of our children, we must do everything we can to protect our biodiversity. This is my appeal:

— Emmanuel Macron (@EmmanuelMacron) December 17, 2022

Macron also wrote: "The most vulnerable countries are home to biodiversity treasures. We need to increase our funding to support them, with no expense spared! France will double its funding to 1 billion euros per year. COP 15 stakeholders: get on board and join the fight!"

What the final plan could look like

While COP 15 is scheduled to be held till December 19, the talks could run longer if needed. 

Due to China's strict Covid-19 rules, it could not host COP 15, despite the fact that the country holds the presidency for the conference this year. Therefore, Canada had to host COP 15. 

Habitat destruction, pollution and climate crisis threaten an estimated one million plant and animal species with extinction, and humanity must work hard to reverse the crises. 

The final plan that will be signed at COP 15 is meant to be a roadmap for nations through 2030. Due to a lack of monitoring mechanisms, the 10-year-plan signed in Japan in 2010 failed to achieve any of its objectives.

A cornerstone pledge to protect 30 per cent of the world's land and oceans by 2030 is one of the major draft goals. There are more than 20 targets under discussion, the AFP report said. These include reducing environmentally destructive farmer subsidies, requiring businesses to assess and report on their biodiversity impacts, and tackling the affliction of invasive species. 

Indigenous communities safeguard 80 per cent of the world's remaining biodiversity. The representatives of these communities want their rights to practise stewardship of their lands to be included in the final agreement. 

Global North is expected to send money to the Global South

It is being discussed at COP 15 how much money the rich countries, collectively known as the Global North, will send to the Global South. These are home to most of the world's biodiversity. 

Developed nations grew rich by exploiting their resources, developing nations say. They believe that the Global South should be paid to preserve its ecosystems. 

According to the report, the European Union (EU), at COP 15, has committed seven billion euros for the period until 2027. This is double the EU's prior pledge. 

However, the commitments are short of what developing countries are seeking, the report said.

World leaders are yet to decide whether international aid will be delivered through a new fund, an existing mechanism called the Global Environment Facility (GEF), or a solution involving a new "trust fund" within the GEF.

According to the report, over 3,000 scientists have written an open letter to policymakers. They have called for immediate action to stop the destruction of critical ecosystems, stating that "we owe this to ourselves and to future generations", and "we can't wait any longer".