What's New :
Gist of ECONOMY SURVEY 2022-2023 Download PDF
Summary and Analysis of Union Budget 2023-2024 Download PDF

India pushes for new biodiversity fund

  • Published
    19th Dec, 2022
Context

At Convention on Biological Diversity (CBD), the COP15 biodiversity conference in Montreal, India highlighted the burden of implementing the targets for conservation on developing nations and the need for a dedicated fund to help them.

Key points highlighted by India:

  • Need to create a new and dedicated fund to implement a post-2020 Global Biodiversity framework (GBF) to halt and reverse biodiversity loss.
  • Common but Differentiated Responsibilities and Respective Capabilities' (CBDR) must be the basis of the conservation of biodiversity.
  • Cost and the burden of environmental recovery fall disproportionately on the countries that can least afford them
  • Need to put in place a Resource Mobilization Mechanism.
  • Ecosystem approaches for the conservation of biodiversity need to be adopted rather than going for nature-based solutions.
  • The parties are trying to achieve a consensus on eliminating subsidies that are harmful to the environment. But India differentiates on this issue.
  • GBF must be framed considering science and equity and the sovereign right of countries.

What is the Post-2020 Global Biodiversity Framework?

  • The post-2020 global biodiversity framework builds on the Strategic Plan for Biodiversity 2011-2020.
  • It aims to spur urgent and transformative action by Governments and all of society to contribute to the objectives of the Convention on Biological Diversity, its Protocols, and other biodiversity-related multilateral agreements, processes, and instruments.
  • The draft GBF is set to replace the Aichi Biodiversity Targets.

Goals and Targets:

  • The new frameworks have four goals to achieve by 2050.
    • To halt the extinction and decline of biodiversity.
    • To enhance and retain nature’s services to humans by conserving.
    • To ensure fair and equitable benefits to all from the use of genetic resources.
    • To close the gap between available financial and other means of implementation.

Why does India differ in reducing the agriculture-related subsidy?

  • Agriculture is a paramount economic driver for rural communities.
  • The majority of the rural population in India is dependent on agriculture and allied sectors.
    • So, the critical support provided to these sectors cannot be redirected.
  • Food Security: It is of utmost importance for developing countries.
    • So, prescribing numerical targets for pesticide reductions is unnecessary.
    • It must be left to countries to decide, based on national circumstances, priorities and capabilities.

Other important Global Climate Funds

  • Green Climate Fund (GCF): It was established to limit or reduce Greenhouse Gas (GHG) emissions in developing countries and to help vulnerable societies adapt to the unavoidable impacts of climate change.
  • Adaptation Fund (AF): It was established under the Kyoto Protocol in 2001 and has committed USD 532 million to climate adaptation and resilience activities.
  • Global Environment Fund (GEF): GEF has served as an operating entity of the financial mechanism since the Convention came into force in 1994.
    • It is a private equity fund focused on seeking long-term financial returns through investments in clean energy under climate change.
  • Additional Funds: In addition to guiding the GEF and the GCF, parties have established two special funds:
    • The Special Climate Change Fund (SCCF) and the Least Developed Countries Fund (LDCF).
    • Both funds are managed by the GEF.

About Global Environment Facility (GEF)

  • The Global Environment Facility (GEF) is the key source of funding for biodiversity conservation.
    • It caters to multiple conventions, including the UNFCCC and UN Convention to Combat Desertification.
    • It remains the only source of funding for biodiversity conservation.
  • Global Environment Facility – Key Areas
  • As an independently operating financial organization, GEF addresses six designated focal areas which are listed below.
    • Biodiversity
    • Climate change
    • International waters
    • Ozone depletion
    • Land degradation
    • Persistent Organic Pollutants
X

Verifying, please be patient.

Enquire Now