Stalled Negotiations at COP16: The Future of Biodiversity Financing

Countries are struggling to finalize a major funding agreement for nature conservation at the COP16 summit, potentially delaying conservation efforts. Discussions are ongoing about whether to create a new fund or strengthen existing ones to tackle biodiversity loss due to human activities.

The COP16 summit is facing challenges in securing new commitments for biodiversity financing. On Wednesday, delegates talked about extending discussions beyond the summit's conclusion.

Despite previous commitments by wealthy nations to significantly boost conservation spending by 2030, an agreement remains elusive, sparking debates over the creation of a new funding entity.

Developing countries call for more control over financial flows, arguing that existing mechanisms favor richer nations and act too slowly. Meanwhile, wealthier countries suggest optimizing the current Global Biodiversity Framework Fund.

(With inputs from agencies.)