After years of negotiations, back and forth and delays, governments have finally signed a deal to protect 30 per cent of the world’s lands, and oceans and limit biodiversity loss as climate change wreaks havoc. The historic deal signed in Montreal aims to provide critical financing to the developing world to protect biodiversity.
The Kunming-Montreal Global Biodiversity Framework, reflecting the joint leadership of China and Canada, is the culmination of four years of work toward creating an agreement to guide global conservation efforts through 2030.
Here are the key takeaways from the agreement
- Delegates were able to build consensus around the deal’s most lofty target of protecting 30% of the world’s land and seas by the decade’s end, a target known informally as 30-by-30.
- The draft also calls for raising $200 billion by 2030 for biodiversity from a range of sources and working to phase out or reform subsidies that could provide another $500 billion for nature.
- Questions around the funding contributions from developed nations to developing countries appeared unresolved.
- The framework calls for increasing to at least $20 billion annually by 2025 the money that goes to poor countries — or about double what is currently provided. That number would increase to $30 billion each year by 2030.
- The deal contains more quantifiable targets — such as reducing harmful subsidies given to industry by at least $500 billion per year — that should make it easier to track and report progress.
- The deal, which includes 23 targets in total, replaces the failed 2010 Aichi Biodiversity Targets that were intended to guide conservation through 2020.
- The parties agreed to large companies and financial institutions being subject to “requirements” to make disclosures regarding their operations, supply chains, and portfolios – but the word “mandatory” was dropped from previous drafts.