After extensive negotiations in Rome, nations have finalized a plan to secure $200 billion annually by 2030 for biodiversity protection, especially in poorer countries. This agreement follows difficulties at the 2024 summit in Cali, where consensus on funding mechanisms was not achieved. COP16 President Susana Muhamad expressed appreciation for delegates' efforts, emphasizing the critical importance of sustaining life on Earth. Developing nations advocated for new structures to address their unique needs in biodiversity financing, highlighting the urgency to combat both species loss and habitat destruction caused by rampant deforestation and agricultural expansion.
"The applause is for all of you. You have done an amazing job," said COP16 President Susana Muhamad of Colombia as delegates celebrated their hard-won agreement.
Former Colombian environment minister Mohamed urged delegates to collaborate for what he views as the foremost humanity's purpose: sustaining life on this planet.
One main sticking point in the Cali talks was the need for new funding mechanisms to target biodiversity protection in the world's poorest nations.
The new agreement aims to deliver $200 billion annually in funding for global biodiversity initiatives, focusing particularly on initiatives in developing countries.
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