[Answered] Highlight the significance of recently concluded Global Biodiversity Framework (GBF).

At the United Nations Biodiversity Conference or COP15, countries adopted a major biodiversity pact called Kunming-Montreal Global Biodiversity Framework. It promises to take urgent action to protect and restore the world’s biodiversity- all the different forms of life, plants as well as animals, that inhabit this planet.

Significance of Global Biodiversity Framework:

• 30 x 30 target: A commitment to protect at least 30 percent of the world’s lands, oceans and coastal areas by 2030. A related commitment is to ensure that restoration activities would be started on at least 30 percent of degraded land or marine ecosystems by 2030.
• Financing:Ensure $200 billion per year is channelled to conservation initiatives from public and private sources. Wealthier countries should contribute at least $20 billion of this every year by 2025, and at least $30 billion a year by 2030.
• Responsibility to Big companies: Companies should analyse and report how their operations affect and are affected by biodiversity issues. The parties agreed to large companies and financial institutions being subject to “requirements” to make disclosures regarding their operations, supply chains and portfolios.
• Harmful subsidies: Countries committed to identifying subsidies that deplete biodiversity by 2025, and then eliminate, phase out or reform them. They agreed to slash those incentives by at least $500 billion a year by 2030, and increase incentives that are positive for conservation.
• Reduce pesticide use: Countries have agreed to a target of reducing the risk posed by pesticides and highly hazardous chemicals to almost half.
• Not legally binding: The agreement is not legally binding, but countries will be required to show their progress on meeting targets through national biodiversity plans.

Any effort at conserving and enhancing biodiversity can only succeed if we tackle the challenge of global warming. Global warming has to be urgently brought under control. The people should take a pledge to work towards conserving biodiversity and sensitising the youth on the issues of conservation.