BIODIVERSITY

 Will the 30 Percent More Multilateral Fund Over 4 Years Fulfill the Requirements of Biodiversity Problems This Time?

June 25, 2022Shalini Jena

Humankind and its dependence on the environment

Humankind always needs to protect the environment because the environment allows for the survival of the Homo sapiens. But in the long run, have we forgotten the importance of the environment? Every year the Global Environment Facility which is the only multilateral fund focused on biodiversity allocates some amount of funds for the problems related to worldwide biodiversity. Currently, it has promised to provide $5.33 billion for the next four years. This was discussed and announced at an information session of the ongoing preparatory meeting on the Post-2020 Global Biodiversity Framework meeting in Nairobi.

Are the GEF funds gathered enough to meet the goals?

In comparison to the last four years, the amount has gone up to 30 percent more. It said that biodiversity would be the area of focus during these years and that at least 60% of the pledges would be related to biodiversity. The main focus area of the GEF funds is to enhance the management of chemicals and trash, ecosystem restoration, clean and healthy oceans, and improvise the food systems.

The exact picture is to allocate $1 million to each nation for work done locally and $9 million for international technical support to help acquire the goals. The question here arises is “How much will be enough?” According to the estimation done by Campaign for Nature (a non-profit), it is much less than what is required. The organization estimated that at least $60 billion is required each year.

Countries like Argentina, Brazil, and Gabon called for developed countries to allocate a minimum of $100 billion each year making it rise up to $700 billion per year by 2030. The lack of financial investment in this has been a serious concern for years now because the world continuously failed to acquire the Aichi Biodiversity goals set for 2011-2020.

Resources and their accessibility

 Accessibility to the resources still does not provide a clear picture and raises serious questions. Campaign for Nature urged industrialized nations to donate money rather than take on debt and to make sure that local populations and indigenous peoples have direct access to these resources.

The need for a proper financial investment

A properly structured and planned investment is what the world needs right now because it is very important to understand that the money invested today in favour of the environment will bring about massive positive changes, where humankind does not have to face any loss in the account of nature.

Additionally, incentives that affect the environment must be removed. These include support for fossil fuels or incentives for fisheries. The Nairobi gathering serves as a warm-up for the 15th Conference of the Parties to the Convention on Biological Diversity (CoP15), which will take place in Montreal, Canada, later this year.

Shalini Jena