In Target 19 of the Kunming Montreal Global Biodiversity Framework, Parties committed to: 

“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: 

1. 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; 
2. 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;
3. 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; 
4. Stimulating innovative schemes such as payment for ecosystem services, green bonds, biodiversity offsets and credits, and benefit-sharing mechanisms, with environmental and social safeguards;
5. Optimizing co-benefits and synergies of finance targeting the biodiversity and climate crises; 
6. 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; 
7. Enhancing the effectiveness, efficiency and transparency of resource provision and use.”

Implementing Target 18 will also work towards achieving Goal D of the framework, according to which Parties will ensure by 2050 that:

“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.” 

In this context, Target 18 on incentive measures is also relevant. In this target, Parties seek to achieve to:

“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.”

More information on the Convention’s work on incentive measures can be found here.

In order to support the work towards these ambitious goals and targets, COP-15 further adopted decision 15/7 on Resource Mobilization. Decision 15/7 adopted a new strategy for resource mobilization for the Kunming-Montreal Global Biodiversity Framework and a special trust fund for biodiversity managed by the Global Environmental Facility.

The decision also identified a number of issues for further work, and to this effect established an Advisory Committee on Resource Mobilization. 

The COP also established a technical expert group on financial reporting, with a view to support the further work on the financial elements of the global monitoring framework adopted by decision 15/5.  

Information on the earlier work on financial reporting, under the Strategic Plan for Biodiversity 2011-2020 and its Aichi Biodiversity Target 20, can be found here.