Kunming biodiversity fund                                                         

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Context: China pledged $233 million into a new fund to protect biodiversity in developing countries during COP15, the UN conservation summit.

• This pledge came as delegates from about 195 countries gathered in Kunming for the first of a two-part summit on safeguarding plants, animals and ecosystems.
• Kunming Declaration was adopted that demonstrates global commitment for ambitious post-2020 global biodiversity framework.
• The Declaration addresses key elements needed for a successful post-2020 framework:
  • the mainstreaming of biodiversity across all decision-making;
  • phasing out and redirection of harmful subsidies;
  • strengthen the rule of law;
  • recognizing the full and effective participation of indigenous peoples and local communities and
  • ensuring an effective mechanism to monitor and review progress; among others.
• The summit aims to establish a new accord setting out targets for 2030 and 2050.
• China's pledge is far below the $4 billion committed by Britain for global conservation projects over the next five years or France's commitment to spend 30 percent of its climate finance on biodiversity.
• China will take the lead in establishing the Kunming biodiversity fund with a capital contribution of 1.5 billion yuan ($233 million) to support the cause of biodiversity conservation in developing countries
• A key proposal being debated at the conference is the "30 by 30" agenda that would afford 30 percent of the Earth's land and oceans protected status by 2030.

UN Convention on Biological Diversity

• The UN Convention on Biological Diversity has been ratified by 195 countries and the European Union -- although not the United States, with the parties meeting every two years.
• As per Un report, Ecosystem collapse could cost almost $3 trillion annually by 2030 -- its greatest impact will be on some of the poorest and highly indebted countries."

https://www.firstpost.com/tech/science/china-pledged-233-million-into-a-new-fund-to-protect-biodiversity-in-developing-countries-during-cop15-10054991.html