COP16 Ends Without Consensus on Financing for Nature Conservation [Video]

The COP16 biodiversity summit in Cali, Colombia, ended in disappointment this weekend, with countries failing to determine how to raise $200 billion a year in funding for conservation by 2030, reported Reuters.

Originally intended as a check-in on countries’ progress with meeting the goals of the 2022 Kunming-Montreal Global Biodiversity Framework (GBF), COP16 went into overtime Saturday as nations scrambled to reach a consensus while delegates dwindled along with hopes for a decisive conclusion.

“I am both saddened and enraged by the non-outcome of COP16,” said Shilps Gautam, carbon removal financing firm Opna’s chief executive, as Reuters reported. “The wild thing about the nature financing discussions is that the numbers discussed are already a pittance.”

Rich countries seemed to hit a wall when it came to global nature conservation funding, with discussions shifting toward talks of bridging the gap with private money.

The funds are intended to finance actions that promote and support nature, such as sustainable agriculture…