Zero: The Climate Race As COP16 resumes in Rome, biodiversity funding is on the line
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Feb 20, 2025 Natasha White, a Bloomberg reporter who covered COP16 in Cali, dives into the aftermath of the summit focused on biodiversity and climate challenges. She discusses the high expectations prior to COP16 and the disappointment of unresolved key issues. White explores the urgent need for biodiversity funding, highlighting the tensions between developed and developing nations. With COP16 reconvening in Rome, she anticipates discussions on resource mobilization and the role of private finance in conservation efforts.
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COP16 in Cali
- Natasha White describes Cali, Colombia, the initial venue for COP16, as vibrant and nature-filled.
- The conference had a street festival vibe, with salsa music and a green zone accessible to the public.
Biodiversity Loss and the 30x30 Target
- Biodiversity loss is a significant issue, with species diversity declining by approximately 75% in the last five decades.
- The 2022 global biodiversity framework aims to address this with specific targets, including protecting 30% of land and water by 2030.
Biodiversity Financing Gap
- A $700 billion annual funding gap exists for biodiversity, split between redirecting harmful subsidies and raising new funds.
- This involves shifting from harmful practices like fossil fuel subsidies to regenerative agriculture and a bioeconomy.