Nature finance talks resume in Rome to deliver Global Biodiversity Framework

Governments are gathered in Rome this week to finalise an agreement on how to mobilise finance for nature, which was left unfinished at the COP16 conference in Colombia last October.

While progress has been made since the adoption of the Global Biodiversity Framework (GBF) in 2022, with more and more countries adopting nature preservation targets, the issue of how to finance nature protection and restoration still hangs in the balance.

The framework talks about securing US$200 billion annually by 2030 “from all sources” to support biodiversity initiatives, but governments are yet to agree on where the money will come from. The European Union, for example, has pledged to double external financing for biodiversity to €7 billion from 2021 to 2027.

“The second phase of COP16 in Rome is a key opportunity to close the remaining gaps and ensure that ambition does not remain just words. It is urgent for wealthy countries to take responsibility and agree on a strong and fair solution to fund biodiversity protection for biodiversity protection. We cannot keep postponing crucial decisions—ecosystems continue to collapse, and the communities that depend on them cannot wait any longer,” said Laura Caicedo, Campaigns Coordinator, Greenpeace Colombia.

Expectations from COP16 Rome talks

Greenpeace expects the deal that is currently on the table but failed to be approved last year to be adopted in Rome. For the NGO, success would involve delivering US$20 billion from 2025 and an additional US$30 billion from 2030 per year from public sources, securing direct access to funding for Indigenous Peoples and local communities.

It would also mean ensuring that Indigenous Peoples and local communities have direct access to funding from the so-called ‘Cali Fund’, which aims to ensure fair compensation to biodiversity-rich countries whose genetic resources contribute to global scientific advancements. Additionally, Greenpeace warns that the Cali Fund should be operationalised in an equitable way that prioritises meaningful contributions from the commercial users of biodiversity genetic information.

Finally, countries should agree on a 2025 plan to phase out financial incentives that harm biodiversity.

An Lambrechts, Head of the Greenpeace COP16 delegation said: “Failure to make progress on finance in the face of the biodiversity crisis only condemns the planet further on the path to increased nature loss and species extinction. Talks in Rome need to demonstrate ambition, rapid progress and global cooperation. Half-measures are not acceptable; new and additional finance needs to touch the ground for both nature and people.”

Private sector calls for ambition

Ahead of the October conference, a coalition of 130 businesses and financial institutions representing US$1.1 trillion in revenue asked for governments to step up their efforts to preserve and restore nature.

These included Danone, dsm-firmenich, H&M Group, Holcim, IKEA, Mahindra Group, Natura &Co, Nestlé, ofi, Sainsbury’s, Salesforce, Unilever, Volvo and many more – all of which urged countries to to make nature protection and restoration mandatory for companies.