COP15: A ‘Paris moment’ for nature - Will it take root?

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Editions

1. COP15: A ‘PARIS MOMENT’ FOR NATURE - WILL IT TAKE ROOT?
2. The 30 by 30 target
3. Eliminate, phase out, and reform
4. Giving back to developing countries
5. Will private finance walk the talk?

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ARTICLE

GIVING BACK TO DEVELOPING COUNTRIES

By Julie Gossen,
Responsible Investment Specialist

Biodiversity loss is more severe in developing countries, which are facing the consequences of the rapid development of Western countries that ignored nature until recently. According to the WWF’s Living Planet Index, which measures the relative abundance of thousands of vertebrate populations around the world, biodiversity is significantly lower in less developed regions. As the majority of global biodiversity is found in the Global South, achieving global protection goals will require financial support for these countries.

Source: Living Planet Report, 2022. Available at: link

It was therefore agreed that developed nations should commit to providing USD 20 billion by 2025 and USD 30 billion by 2030 to developing countries, which is three times the current level of international assistance for biodiversity. However, the implementation of this commitment remains unclear and there is a risk that developed countries may try to avoid their responsibilities. Despite budget constraints in donor countries due to factors such as inflation, potential recessions, and global conflicts, all countries must contribute and not just a select few. To date, less than one-third of OECD countries have made pledges, with Belgium, Sweden, Italy, and Austria among those that have not yet committed. It is also important for countries with the capacity to contribute, such as Qatar, to play their part. Although the Global Biodiversity Framework is not legally binding, it is up to individual countries to incorporate these commitments into their own regulations and policies, and for civil society to hold them accountable and monitor progress.