The United Nations Biodiversity Conference (COP16) is underway in Rome, focusing on critical financial strategies to combat global biodiversity loss. The session follows the initial meeting in Cali, Colombia, last November, which concluded without consensus on key funding mechanisms.

A primary objective of the Rome talks is to finalise plans for mobilising $200 billion annually by 2030 to support biodiversity initiatives worldwide. This includes securing $20 billion per year by 2025 for developing nations, as stipulated in the Kunming-Montreal Global Biodiversity Framework adopted in 2022. To date, only $383 million has been pledged, highlighting a significant shortfall in committed resources.

Delegates will also deliberate on the operationalization of the “Cali Fund,” established to ensure that companies profiting from genetic resources share benefits equitably. This mechanism aims to direct financial gains from industries such as pharmaceuticals and biotechnology back into conservation efforts, particularly benefiting Indigenous communities and biodiversity-rich developing countries.

The inclusion of Indigenous voices remains a pivotal aspect of the discussions. In Cali, a historic agreement was reached to create a subsidiary body that incorporates Indigenous peoples into future conservation decision-making processes, recognizing their vital role in safeguarding biodiversity.

As global wildlife populations have declined by an average of 73% over the past 50 years, the urgency for effective financial and strategic interventions has never been greater. The outcomes of the Rome session are anticipated to set the course for international biodiversity conservation efforts in the critical years ahead.

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