India pushes for new biodiversity fund

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Source: The post is based on the article “India pushes for new biodiversity fund published in The Hindu on 19th December 2022

What is the News?

At the U.N biodiversity conference in Canada, India called for the setting up of a New Biodiversity Fund to help developing countries successfully implement a post-2020 Global Biodiversity Framework(GBF).

What is the Global biodiversity framework(GBF)?

A new post-2020 Global biodiversity framework(GBF) is being negotiated under the United Nations Convention on Biological Diversity (CBD).

This framework will replace the Aichi Biodiversity Target. It will define targets and pathways for the conservation and sustainable use of biodiversity for the next decade and beyond.

Some of the targets under GBF include reducing pollution, pesticides, subsidies harmful to nature and the rate of introduction of invasive alien species among others.

What were the demands put forth by India and other developing countries?

Biodiversity Fund: India has called for the setting up of a New Biodiversity Fund to help developing countries successfully implement a post-2020 GBF.

– This fund is required because developing countries bear most of the burden of implementing the targets for the conservation of biodiversity and therefore, require adequate funds and technology transfer for this purpose.

– Currently, Global Environment Facility, which caters to multiple conventions, including the UNFCCC and UN Convention to Combat Desertification, remains the only source of funding for biodiversity conservation.

Goals of GBP should be realistic: The goals and targets set in the GBF should not only be ambitious but also realistic and practical.

– For instance, the ​​conservation of biodiversity must be based on ‘Common but Differentiated Responsibilities and Respective Capabilities’(CBDR) as climate change also impacts nature.

Note: CBDR is defined as states that have common but differentiated responsibilities in view of the different contributions to global environmental degradation.

On Agriculture related subsidy: At CBD COP15, the countries are trying to achieve a consensus on eliminating subsidies that are harmful to the environment such as subsidies for fossil fuel production, agriculture, forestry and fisheries by at least $500 billion (one billion = 100 crore) annually and using this money for biodiversity conservation.

However, India has said that it does not agree on reducing the agriculture-related subsidy and redirecting the savings to biodiversity conservation as there are many other national priorities.

This is because for developing nations, agriculture is a paramount economic driver for rural communities, and the critical support provided to these sectors cannot be redirected.

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