After marathon negotiations, countries agree on nature finance roadmap, but challenges like a new fund and pollution cuts remain unresolved

Countries at the UN biodiversity conference (Cop16) in Rome have reached a crucial agreement on nature finance, but several key issues, including the creation of a new fund and addressing pollution, remain unresolved. The deal, struck after tense and prolonged negotiations, includes a roadmap for raising USD 200 billion annually for biodiversity by 2030. This includes a commitment from wealthier nations to provide USD 30 billion annually to support developing countries.

One of the significant breakthroughs came with the agreement to ‘agree to agree’ on a new fund to distribute nature finance by 2028. Many developing countries have demanded a separate fund from the current one under the Global Environment Facility (GEF), arguing that it is difficult to access and controlled by wealthier nations. Although the specifics of the new fund are still to be finalized, negotiators agreed to continue working toward a solution. ‘Agreeing to agree’ was hailed as a major step forward, signaling future action on this critical issue.

In addition to the funding agreement, countries also discussed a roadmap to raise the USD 200 billion per year, including new forms of finance and a push for development banks to increase their spending on biodiversity. The establishment of an international dialogue between ministers of finance and environment was also a significant achievement, ensuring that biodiversity finance will not be isolated in environmental ministries alone.

However, crucial issues were postponed, including the creation of a new fund and addressing nature-destroying subsidies and pollution. With the looming threat of species extinction and the ongoing destruction of ecosystems, the conference underscored the urgency of action, but the failure to finalize certain agreements left many concerned about the future.