Kunming-Montreal Global Biodiversity Framework: Historic biodiversity deal gets the nod at COP15 summit in Canada

Source: The post is based on the article “Historic biodiversity deal gets the nod at COP15 summit in Canada” published in The Hindu on 20th December 2022

What is the News?

At the United Nations Biodiversity Conference or COP15, countries adopted a major biodiversity pact called Kunming-Montreal Global Biodiversity Framework.

What are the key provisions of the Kunming-Montreal Global Biodiversity Framework?

30 by 30: Countries agreed to protect 30% of land and water considered important for biodiversity by 2030 known as 30 by 30. Currently, 17% of terrestrial and 10% of marine areas are protected.

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.

Big companies report impacts on biodiversity: 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.