India and Bangladesh Champion Transparency in Biodiversity Financing

India and Bangladesh have advocated for a more transparent and inclusive approach to biodiversity financing at the UN COP16 summit. They emphasized simplifying Global Environment Facility procedures and underscored the importance of national biodiversity strategies. The call aligns with broader global demands for equitable access to biodiversity funds.

During the UN COP16 summit, India and Bangladesh demanded a more transparent and inclusive approach to biodiversity financing, arguing for streamlined procedures in the Global Environment Facility (GEF). They stressed the importance of National Biodiversity Strategies and Action Plans (NBSAPs) for coherent policy development.

Concerns over the current multilateral environmental fund's cumbersome procedures were echoed by both nations. Discussions included applying existing guidance on living modified organisms, with India and Zambia noting its applicability to fish.

The conference saw intense discussions focused on resource mobilization and financial mechanisms involving several countries advocating for direct access to biodiversity funds for indigenous and local communities. The need for capacity building in developing nations was also a primary focus, as delegates underscored the importance of technical and financial support.

(With inputs from agencies.)