Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Developing nations demand more money at crunch UN biodiversity talks

Developing nations demand more money at crunch UN biodiversity talks

The thorny issue of how much money wealthy countries are willing to pony up to protect the world’s remaining biodiversity took center stage Wednesday at UN talks in Montreal aimed at creating a “peace pact with nature.”
At stake is the future of the planet and whether humanity can roll back habitat destruction, pollution, and the climate crisis that are driving the sixth mass extinction of plant and animal species.

Negotiators worked late into the night Tuesday, but “the atmosphere deteriorated when the group started discussing concepts, in particular the global biodiversity fund (GBF) proposal,” said UN spokesman David Ainsworth, leading to a walkout by developing nations.

The GBF is a new financial instrument sought by low-income nations to help them, for example, establish marine or terrestrial protected areas and implement biodiversity action plans.

A long pause in technical talks on other items appeared to be resolved after China, the chair, held an hours-long meeting of the heads of delegations Wednesday, though the finance issue isn’t yet settled.

“Our territories are home to most of the biological diversity of the world,” said a statement by Brazil, which added existing financing mechanisms were not up to the task.

Brazil, which also spoke on behalf of other developing countries, including the African Group, added that the new fund should provide $100 billion annually, or one percent of global GDP, until 2030.

Financial flows from the Global North to South are currently estimated at around $10 billion annually.

Wealthy nations say they would rather reform existing financial mechanisms and leverage more private sector funding.

The deterioration in dialogue came on the eve of the high-level phase of negotiations involving the environment ministers of the 196 members at the Montreal summit, called COP15, which began on December 7 and is set to run to December 19.

“The walkout that happened last night is a signal of a pivotal moment in the negotiations that we needed,” Masha Kalinina of The Pew Charitable Trusts told AFP.

“It draws important attention to this negotiation, especially as the leaders are arriving today and tomorrow we are waiting with bated breath.”

Innocent Maloba of WWF International added: “As the countries with the greatest roles in driving biodiversity loss... developed countries have a duty to support developing countries in the protection and conservation of the biodiversity that we all rely on.

“It is in their own self-interest.”

There are more than 20 targets, including a cornerstone pledge to protect 30 percent of the world’s land and seas by 2030, eliminating harmful fishing and agriculture subsidies, and tackling invasive species and reducing pesticides.

Science shows that time is running out.

An estimated million species are threatened with extinction, a third of the world’s landmass is degraded, comprising the productivity of soil, while pollution and the climate crisis are destroying marine ecosystems.

But the summit has failed to garner the same level attention as a UN climate summit held in Egypt in November, which brought together more than a hundred world leaders.

The meeting is being held in Canada but chaired by China, which declined to host because of its strict Covid rules.

The only world leader in attendance is Canada’s Prime Minister Justin Trudeau.

Speaking at a press conference organized by the nonprofit Avaaz, Hollywood actor and activist James Cromwell singled out French Prime Minister Emmanuel Macron in particular, for opting to visit Qatar to watch the soccer World Cup semi final instead of coming to the COP.

“It’s tragic that it takes an actor to come up here to talk about issues,” he said. “Have you no shame?”
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
UK's Online Safety Law: A Front for Censorship
Parents Abandon Child at Barcelona Airport Over Passport Issue
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
China Enforces Comprehensive Ban on Cryptocurrency Activities
Grok 4 Video plus Voice, can identify wildlife!
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
The UK Does Not Have a ‘Far-Right’ Problem
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
JD Vance Warns Europe Faces “Civilizational Suicide” Over Open Borders and Speech Limits
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
×