Canada increases international biodiversity funding in crunch UN talks

Montreal, Canada: Canada said Friday it was ramping up its international biodiversity funding, an overture to developing countries during difficult UN talks aimed at sealing a “peace pact with nature.” Environment minister Steven Guilbeault announced an increase of 255 million Canadian dollars (US$186 million) in the aid it will send to lower income countries to help them protect their ecosystems, bringing the total figure to 1.5 billion Canadian dollars annually. It comes as the world’s environment ministers have converged on Montreal for the final phase of the summit, called COP15. The talks’ success hinges on an agreement regarding the mobilization of funds to help developing countries meet the draft agreement’s more than 20 targets, including protecting 30 percent of lands and oceans by 2030. Brazil – one of the most prominent voices at the summit – is seeking at least $100 billion from the Global North, a demand shared by India, Indonesia and African countries. That is about ten times more than current flows, and about as much as has been pledged for adaptation against climate change (though not delivered). When the ministers arrived on Thursday, a dozen developed countries touted new or recently increased commitments to biodiversity funding, in a move welcomed by observers and nonprofits. The ambition remains to seal an agreement for biodiversity that is as historic as the Paris accord for climate was in 2015. At stake is the future of the planet and whether humanity can roll back habitat destruction, pollution and the climate crisis, which are threatening an estimated million plant and animal species with extinction. Beyond the moral implications, there is the question of self-interest: $44 trillion of economic value generation – more than half the world’s total GDP – is dependent on nature and its services. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.