Rome, Italy is the backdrop for this year's pivotal United Nations Biodiversity Conference, taking place from February 25 to 27, 2023. Here, world leaders are set to negotiate frameworks aimed at channeling billions of dollars to safeguard global biodiversity. Following last year’s stalled negotiations during COP16, where discussions about funding nature restoration collapsed, this year's summit is seen as the last chance to establish clear financial commitments under the heavy shadow of strained global relations.
The urgency for action is tangible as vertebrate wildlife populations have declined by 73% since 1970, according to data from the World Wildlife Fund (WWF). The stakes are high, with many nations facing mounting pressure to agree on how to generate the proposed $200 billion required annually for biodiversity preservation. During the first round of talks held last November in Colombia, nations attempted to create financial structures, but were unable to reach consensus on how to manage proposed funds and contributions from parties involved.
Countries, especially those from the Global South, are vocalizing their concerns over the disproportionate loss of biodiversity linked to wealthier nations’ practices. These developing countries argue for more financial accountability from those who have been significant contributors to biodiversity loss. Meanwhile, wealthier nations, particularly European countries, suggest increasing contributions from middle-income countries and sovereign wealth funds as part of the overall funding strategy.
Central to the discussions will be the launch of the 'Cali Fund', set up to collect revenue from companies profiting from genetic data and resources derived from nature. The fund aims to set precedence for future financial channels. Despite positive steps, skepticism looms as previous talks yielded just $163 million of the necessary $30 billion-a-year target. The potential for another collapse of discussions remains high, worrying those invested in biodiversity initiatives.
Oscar Soria, co-CEO of the NGO The Common Initiative, emphasized the importance of these negotiations, stating, "This could be a historic moment, if they choose ambition." He continued, "The question is whether they will fight for the future like gladiators or let this opportunity slip away,” urging countries to prioritize collaborative efforts for sustainable development.
One pressing concern is the expected lack of engagement from the business sector, with many companies not attending due to minimal side events scheduled at the conference. This presents challenges for partnerships between the public and private sectors stretching toward mutual goals for biodiversity. Discussions will also explore redirecting approximately $500 billion spent annually on subsidies detrimental to nature toward environmentally friendly practices.
Significantly, this summit occurs amid heightened geopolitical tensions, particularly the United States’ recent withdrawal from active participation and support for international environmental funding. Although the US remains outside of the formal framework, the ripple effects of its domestic policy changes have raised apprehensions among attendees over funding pledges. Many fear this will impact the willingness of nations to invest seriously in cooperative biodiversity efforts.
The need for transparency around who contributes to biodiversity efforts, and how these funds are allocated, is echoed throughout the conference’s agenda. Debate rages about whether existing funds, such as the Global Biodiversity Framework Fund managed by the Global Environment Facility (GEF), should be utilized or if new systems should be created allowing for greater input from the Global South.
The next round of discussions on climate action scheduled for later this year, hosted by Brazil, hinges heavily on outcomes achieved during this summit. Should negotiations falter or fall through, the progress made toward integrating biodiversity goals within broader climate strategies may stall indefinitely.
With time running short and expectations high, the world watches Rome not only for what is agreed but for the hope it carries for safeguarding its natural future. The next few days will be pivotal, as leaders strive toward commitments necessary to achieve the ambitious biodiversity goals set forth during last year's landmark agreement.