Together with the Paris Agreement on climate, it paves the way towards a climate-neutral, nature-positive, and resilient world by 2050.
The EU, at COP 15, has joined 195 nations in the Kunming-Montreal Global Biodiversity Framework for nature that aims to restore 30 per cent degraded ecosystems by 2030. The deal includes global goals aiming to protect and restore nature for current and future generations, ensure its sustainable use, and spur investments for a green global economy.
The agreement is a solid framework with clear, measurable goals and targets, with complete monitoring, reporting, and review arrangements to track progress complemented by a robust resource mobilisation package, the European Commission said in a press release.
More than half of global gross domestic product (GDP) depends on ecosystem services. Seventy per cent of the world’s most vulnerable people depend directly on wild species. The Kunming-Montreal agreement will accelerate ambitious policies around the world and mobilise financing for biodiversity from all sources — $200 billion per year by 2030. It commits the global community to actions to protect and restore nature and remove pollution — such as those that are part of the European Green Deal. This will ensure that nature continues sustaining societies, economies, and communities for decades to come.
The agreement aims to conserve and manage 30 per cent areas (terrestrial, inland water, and coastal and marine) by 2030; stop the extinction of known species, and by 2050 reduce tenfold the extinction risk and rate of all species (including unknown); reduce risk from pesticides by at least 50 per cent by 2030; reduce nutrients lost to the environment by at least 50 per cent by 2030; reduce pollution risks and negative impacts of pollution from all sources by 2030 to levels that are not harmful to biodiversity and ecosystem functions; and reduce global footprint of consumption by 2030, including through significantly reducing overconsumption and waste generation and halving food waste.
The framework also aims to sustainably manage areas under agriculture, aquaculture, fisheries, and forestry, and substantially increase agroecology and other biodiversity-friendly practices; tackle climate change through nature-based solutions; reduce the rate of introduction and establishment of invasive alien species by at least 50 per cent by 2030; secure the safe, legal, and sustainable use and trade of wild species by 2030; and green up urban spaces.
The deal also addresses subsidies harmful to biodiversity, with the commitment to identify by 2025 and eliminate by 2030 a total of at least $500 billion per year.
As part of the agreement, the EU subscribed to an international solidarity package, particularly for the most vulnerable countries and the most biodiverse. The new Global Biodiversity Framework Fund established under the Global Environment Facility will be open to financing from all sources.
In a major step to improve business action on biodiversity, large and transnational companies and financial institutions will be required to regularly monitor, assess and disclose risks, dependencies and impacts on biodiversity; and provide information to consumers to promote sustainable consumption.
Before the next COP in 2024, all countries have to prepare updated National Biodiversity Strategies and Action Plans as well as National Biodiversity Finance Strategies. The next COPs will consider if the cumulative impact of the national actions is sufficient to reach the global goals and targets for 2030 and 2050.
Fibre2Fashion News Desk (DP)