Concerns over $967b funding for Biodiversity loss reversal
As the global community considers the post-2020 Biodiversity Framework through the United Nations Convention on Biological Diversity (CBD), key stakeholders, yesterday, raised concerns over the $967b needed yearly to reverse biodiversity loss globally.
The post-2020 global biodiversity framework builds on the Strategic Plan for Biodiversity, which ended in 2020, and sets out an ambitious plan to implement broad-based action to bring about a transformation in society’s relationship with biodiversity and to ensure that by 2050, the shared vision of living in harmony with nature is realised.
A variety of plant and animal species, including microorganisms that sustain the balance in the ecosystem, are reportedly under threat.
In a policy brief released by the International Support Network for Africa Development (ISNAD-Africa), in partnership with the World Wide Fund for Nation (WWF), which was obtained by The Guardian, experts at the organisation stated that while the global financial needs for biodiversity conservation and restoration, as well as reversing biodiversity loss is estimated at $967b annually, the total funding stands at $124-143b.
The Executive Director of ISNAD-Africa, Adedoyin Adeleke, stated in the document that while 78 per cent of the world’s biodiversity finance is generated in developed economies, as about 22 per cent is generated in developing economies, COVID-19 and other issues have worsened the funding challenges for the reversal of affected biodiversity.
“Moreover, the continent still depends on traditional funding sources for conservation such as government and donor support, as well as self-generated revenue, which is needed, yet inadequate to bridge this funding gap. Yet, the COVID-19 pandemic has reduced conservation-related funding significantly due to the decline of tourism across African countries. Hence, there is a crucial need to diversify and increase self-generated
revenues, and develop innovative financing mechanisms,” he said.
To achieve the goal of the post-2020 Global Biodiversity Framework, Adeleke said there is a need to include 2030 milestones in the post-2020 Global Biodiversity Framework (GBF).
Adeleke added that it was crucial to improving measurability of outcomes needed by 2030, saying “We recommend that parties refine and complement the milestones provided in the first draft of GBF to ensure they help focus the attention and actions of key decision-makers, stakeholders and sectors on what needs to be achieved by 2030.
“To avoid confusion, we need to be clear that while milestones focus on outcomes, all targets should focus on the transformative actions needed to achieve the 2030 mission, develop strategies aimed at implementing the post-2020 Global Biodiversity Framework should be integrated with efforts aimed at mitigating and adapting climate change. Thus, the post-2020 Global Biodiversity Framework targets should be linked to international climate goals for climate mitigation and adaptation through mechanisms such as nature-based solutions (NbS) to ensure nature-positive investment.
Adeleke added that there is a need to align and link strategies for implementing the post-2020 Global Biodiversity Framework with green strategies and net-zero emissions to create an opportunity for more biodiversity funding.