The CBD Kunming-Montreal Global Biodiversity frameworks calls for financial resources to be secured and equitably accessible for all Parties, and in particular the least developed countries and small island developing States, as well as countries with economies in transition. Developed countries have differentiated obligations under the Convention on Biological Diversity and are obliged to provide financial resources to developing countries.
Nonetheless, at the 4th meeting of the Subsidiary Body on Implementation (SBI-4) in Nairobi, Kenya, developed countries sought to absolve themselves of their obligations and instead sought to promote financing from “all sources,” meaning market mechanisms such as blended finance, green bonds, and biodiversity credits.
It is a huge threat to the success of the KMGBF Targets to try to rely on market mechanisms that are unproven, bring new risks for Indigenous Peoples and local communities, and which may not be equally and equitably accessible for all State parties, Indigenous Peoples, and local communities.
Given that many people in my network work with issues like biodiversity credits or other biodiversity and finance-related work, I would like to recommend:
1️⃣ Push back against the reliance on market mechanisms or “all resources” to implement KMGBF.
2️⃣ Urge developed countries to meet their differentiated responsibilities and obligations by providing financial resources to developing countries for implementing KMGBF.
3️⃣ Support the calls of Indigenous Peoples and local communities for direct access to funding for protecting and conserving biodiversity.
Read more here: CBD: Developing countries decry broken promises on financial resources (twn.my)