COP16 in Cali, Colombia, concluded without agreement on crucial biodiversity finance, leaving many issues unresolved. While a new "Cali Fund" was established to support genetic material compensation and a permanent body for Indigenous people was created, the failure to secure funding jeopardizes global conservation goals. Observers warn that the lack of a monitoring framework and financial commitments could hinder efforts to protect 30% of the world's ecosystems by 2030.
At COP16 in Cali, tensions rise over the future of the Global Biodiversity Framework Fund (GBFF), established at COP15 but struggling for contributions. Developing nations advocate for a new fund to enhance their influence, while developed countries, like Canada, resist, fearing fragmentation and increased costs. The GBFF has approved only 22 projects, highlighting challenges in accessing funds, with calls for reform to streamline support for biodiversity initiatives.
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