The European Commission has welcomed the signing of the “historic” Kunming-Montreal Global Biodiversity Framework to set targets to protect and restore nature and to spur investments for a green global economy.
The agreement at the COP15 UN biodiversity summit saw nations commit to protecting a third of the planet for nature by 2030.
The framework contains measurable goals and targets with complete monitoring, reporting, and review arrangements to track progress, complemented by a robust resource mobilisation package.
The Commission said the agreement will accelerate “ambitious policies” around the world and will mobilise $200 billion per year by 2030.
The Kunming-Montreal biodiversity agreement includes key targets to restore 30% of degraded ecosystems globally by 2030, stop the extinction of known species, and by 2050, reduce tenfold the extinction risk and rate of all species and reduce risk from pesticides by at least 50% by 2030, among other factors.
An emphasis on tackling climate change through nature-based solutions has also been outlined, with new measures in place to improve climate reporting and biodiversity-impact metrics.
Large and transnational companies and financial institutions will be required to regularly monitor, assess and disclose risks, dependencies and impacts on biodiversity. Companies must also provide information to consumers to promote sustainable consumption.
As part of the agreement, the EU subscribed to an international solidarity package to support the most vulnerable and most biodiverse countries.
Before the next COP in 2024, all countries are required to prepare updated National Biodiversity Strategies and Action Plans, as well as National Biodiversity Finance Strategies.
The next COPs will consider if the cumulative impact of the national actions is sufficient to reach the global goals and targets for 2030 and 2050.
In parallel with policy action, countries and multilateral financial institutions will now work on a fast start to the mobilisation of financing.
Frans Timmermans, executive vice president for the European Green Deal, said: “The agreement reached at COP15 is a landmark deal to protect nature, restore ecosystems and keep our planet liveable. This is about our very survival: humanity has no future on a dead planet.
“We need nature and biodiversity for food security, our economy, our well-being and our health. Nature is also our best ally in the fight against the climate crisis.”
“When we restore and protect nature, it can help us adapt and shield us from the worst impacts of climate change,” he added.
Last week, 150 financial institutions representing more than $24 trillion in assets under management backed a statement supporting the ambitions of the UN Biodiversity conference.
In the statement, institutions pledged to “commit to contribute to the protection and restoration of biodiversity and ecosystems through our financing activities and investments”.
© 2022 funds europe
