COP16 is overdue as rich countries block the global nature fund POLITICO

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

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

Agreement was also reached on a text linking biodiversity loss to climate change, which COP16 President Susana Muhamad said is essential in the run-up to climate change. COP29 climate conference in Baku, Azerbaijan, later this month. The day before, countries had voted for Armenia to host the next meeting, COP17, in 2026.

But no agreement was reached on the creation of a new fund, and as the morning wore on and the delegates began to leave to fly home, it became clear that time was running out.

Global North versus Global South

The European Union, Japan, Canada, Australia, New Zealand, Norway and Switzerland all opposed the proposal to create a special fund to finance nature restoration in poorer countries, arguing that this would complicate the financing landscape without necessarily to raise new money.

The EU delegation suggested that setting up a special fund would not necessarily encourage countries to donate more money. “We have been very clear throughout the process: we cannot accept the creation of a new fund, which would further fragment the biodiversity-related financial landscape,” the delegation said during the plenary meeting early Saturday.