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Countries adopt multibillion-dollar fund to protect nature

By illuminem briefings 🌎

Aug 28 2023 · 1 min read

Illuminem Voices
Sustainable Finance · illuminemX · ESG

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🗞️ Driving the news: Environmental leaders from 185 nations convened in Vancouver to introduce a substantial fund for worldwide conservation
• The United Nations is urging contributions to ensure 30% of land and coastal zones are protected by 2030

🔭 The context: This initiative follows eight months after the inception of the Kunming-Montreal Global Biodiversity Framework, sometimes referred to as the "Paris Agreement for Nature"
• The UN estimates that over a million species are on the brink of extinction

🌎 Why does it matter for the planet: The framework aims to secure $200 billion annually for conservation by 2030, with developed nations contributing a minimum of $20 billion each year by 2025, highlighting the urgency to combat biodiversity loss

⏭️ What's next: David Cooper, of the U.N. Convention on Biological Diversity, emphasized the importance of more pledges to ensure the fund's launch next year
• The fund currently lacks the necessary $200 million to be fully functional by December, a requirement set by the World Bank

💬 One quote: "The time for half-measures has passed. Surely donors can come up with the paltry $40 million needed to get the fund up and running." (Oscar Soria, Director of non-profit Avaaz)

📈 One stat: The Global Environment Facility (GEF), under which the new fund operates, has previously supplied over $23 billion to numerous projects in its 30-year history

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