Twenty countries from the Global South have joined forces to urge developed nations to honour their climate finance commitments.
The Ministerial Alliance for Ambition on Nature Finance (MAANF) released a Ministerial Declaration, at the Cop 16 in Cali, Colombia, calling for immediate action to increase international funding.
The declaration emphasised the need for developed countries to deliver on their promise of $20bn in climate finance to developing nations. It also stresses the importance of creating a roadmap and accountability mechanisms to ensure timely disbursement.
Speaking during a press conference, at the margin of Cop 16 in Cali, Colombia, the minister of State for Environment and Chairman of the Alliance, Dr. Iziaq Salako, explained that the Target 19 (a) of the Global Biodiversity Framework provides that at least $20bn in international biodiversity finance will be directed annually to developing countries by 2025, and $30bn by 2030.
He lamented, however, that since COP15, there was no significant increase in international nature finance supporting projects in Nigeria and global South countries.
He urged the developed nations not to renege on their commitment but ensure that they go far above the $20bn by 2025 pledge.
“This is a call to action and this is an offer to work together to increase accountability and transparency. Let us be united on the road to ambition – let us work hand in hand to ensure we reach our common goal of fully implementing the Kunming Montreal Biodiversity Framework.
“During the COP15 negotiations, the $20bn target was generally understood as a doubling of the existing level of funding.
“We have learned since then that the level of international nature finance at the time of the COP15 negotiations was actually $15.4bn.
“This means that delivering $20bn is not a doubling of the baseline – it is only a 30 percent increase which is very modest. We therefore invite our partners in the Global North to go beyond the bare minimum and to endeavor to go far above the $20bn by 2025 pledge.
“At the very least, there can now be no excuse for not reaching the $20 billion pledge by the end of next year.
“We know that 84 percent of biodiversity finance is public finance so this means funding from Parties to achieve target 19a. We are concerned by what appears to be a shifting of goal posts with the overwhelming focus of this CoP on private and innovative finance. Though private and innovative financing is a welcome addition to biodiversity funding, governments from the Global North must play their part and be kept accountable for the implementation of the commitments they have made.
“This is a critical issue, and how developed countries address it will determine whether this COP is a success,” he said.
Global South Countries Unite To Demand $20bn Climate Action Funding is first published on The Whistler Newspaper