To stop catastrophic losses of animal and plant species, countries need to move ahead with talks and give generously — despite the COVID-19 pandemic.
. Currently, biodiversity funding on the table ahead of COP15 amounts to roughly $5.2 billion per year, according to estimates by a group of five leading conservation organizations. Most comes from six governments, including France, the United Kingdom and Japan, and the European Union. In April, the Global Environment Facility — a multilateral fund to support international environmental agreements — announced that, over the next four years, around $1.
Some cash for conservation is coming from private philanthropic donors — such as $2 billion committed by entrepreneur Jeff Bezos last year. And starting in 2020, a group of financial institutions promised to annually report their financing activities and investments that affect biodiversity, and to move away from those that do harm — a form of ecological accounting that could help to shrink the budget needed to protect biodiversity.
Donors will need to reach much deeper into their pockets to meet the demands of LMICs, the custodians of much of the world’s biodiversity. In March, a group of LMICs, led by Gabon, asked for $100 billion per year in new funding when officials met in Geneva, Switzerland, to discuss progress on the Global Biodiversity Framework. The LMICs want the money placed in a new multilateral fund for biodiversity, separate from, but complementary to, the GEF.
Aside from cash, the fund will need to find a new home and structure — and there are a few options. A proposal from Brazil, circulated at the Geneva meeting, suggests the fund be governed by a board of 24 members, with an equal number from rich and lower-income nations. The board would be responsible for funding decisions and would prioritize projects that help to achieve the biodiversity convention’s goals.
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