The Kunming-Montreal Global Biodiversity Framework (KMGBF) was adopted during the fifteenth meeting of the Conference of the Parties (COP 15) following a four year consultation and negotiation process. This historic Framework, which supports the achievement of the Sustainable Development Goals and builds on the Convention’s previous Strategic Plans, sets out an ambitious pathway to reach the global vision of a world living in harmony with nature by 2050. Among the Framework’s key elements are 4 goals for 2050 and 23 targets for 2030.
Of these, the central goal regarding Resource Mobilization is Goal D, which states:
“Adequate means of implementation, including financial resources, capacity-building, technical and scientific cooperation, and access to and transfer of technology to fully implement the Kunming-Montreal Global Biodiversity Framework are secured and equitably accessible to all Parties, especially developing country Parties, in particular the least developed countries and small island developing States, as well as countries with economies in transition, progressively closing the biodiversity finance gap of $700 billion per year, and aligning financial flows with the Kunming-Montreal Global Biodiversity Framework and the 2050 Vision for biodiversity.”
To support the implementation and eventual achievement of Goal D, the KMGBF moreover established Target 19, which states:
“Substantially and progressively increase the level of financial resources from all sources, in an effective, timely and easily accessible manner, including domestic, international, public and private resources, in accordance with Article 20 of the Convention, to implement national biodiversity strategies and action plans, mobilizing at least $200 billion per year by 2030, including by:
- Increasing total biodiversity related international financial resources from developed countries, including official development assistance, and from countries that voluntarily assume obligations of developed country Parties, to developing countries, in particular the least developed countries and small island developing States, as well as countries with economies in transition, to at least $20 billion per year by 2025, and to at least $30 billion per year by 2030;
- Significantly increasing domestic resource mobilization, facilitated by the preparation and implementation of national biodiversity finance plans or similar instruments according to national needs, priorities and circumstances;
- Leveraging private finance, promoting blended finance, implementing strategies for raising new and additional resources, and encouraging the private sector to invest in biodiversity, including through impact funds and other instruments;
- Stimulating innovative schemes such as payment for ecosystem services, green bonds, biodiversity offsets and credits, and benefit-sharing mechanisms, with environmental and social safeguards;
- Optimizing co-benefits and synergies of finance targeting the biodiversity and climate crises;
- Enhancing the role of collective actions, including by indigenous peoples and local communities, Mother Earth centric actions and non-market-based approaches including community based natural resource management and civil society cooperation and solidarity aimed at the conservation of biodiversity;
- Enhancing the effectiveness, efficiency and transparency of resource provision and use.”
In a similar vein, Target 18 of the KMGBF should also be noted in reference to resource mobilization. It states:
“Identify by 2025, and eliminate, phase out or reform incentives, including subsidies, harmful for biodiversity, in a proportionate, just, fair, effective and equitable way, while substantially and progressively reducing them by at least $500 billion per year by 2030, starting with the most harmful incentives, and scale up positive incentives for the conservation and sustainable use of biodiversity.”
In order to work towards this ambitious goal of closing the biodiversity finance gap and, COP-15 further adopted decision 15/7 on Resource Mobilization, Among other initiatives, decision 15/7 established a new strategy for resource mobilization for the Kunming-Montreal Global Biodiversity Framework, a special trust fund for biodiversity managed by the Global Environmental Facility, an advisory committee on resource mobilization to support the strengthening of the strategy for resource mobilization, and a technical expert group on financial reporting.