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105.637

0.21%

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1925.47

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1.22342

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148.360

0.54%

USNDAQ100
14707.75

0.20%

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Jan Aldrin Laruscain is a market analyst of Forexway and enthusiast in trading currencies and indices. With his degree and passion for Finance, he have devised a specific way of trading which breaks down the market through orderflow analysis with deep consideration for fundamentals. He also write and create commentaries on the latest trends about all things finance!

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      Crunch UN Biodiversity Meeting Seeks to Save 'Planet in Crisis'

      Cohen
      Summary:

      Delegates from nearly 200 countries will meet in Montreal next week to hammer out a new global biodiversity deal to protect ecosystems and species from further human destruction.

      Delegates from nearly 200 countries will meet in Montreal next week to hammer out a new global biodiversity deal to protect ecosystems and species from further human destruction.
      The meeting follows crucial climate change talks in Egypt in November, where leaders failed to forge any breakthroughs on scaling down fossil fuels and slashing planet-warming emissions.
      Observers are hoping that the COP15 biodiversity talks in Montreal will deliver a landmark deal to protect nature and reverse the damage humans have done to forests, wetlands, waterways and the millions of species that live in them.
      Around 50 per cent of the global economy is dependent on nature, but scientists warn that humanity needs to drastically - and urgently - rethink its relationship with the natural world as fears of a sixth era of mass extinction grow.
      "Our planet is in crisis," said Elizabeth Maruma Mrema, the head of the United Nations Convention on Biological Diversity (CBD), at a briefing ahead of the talks, adding that a global agreement on biodiversity was "crucial to ensure that the future of humankind on planet Earth is sustained".
      So far, humanity has proven woeful at this.
      The so-called post-2020 biodiversity framework, delayed by two years because of the COVID-19 pandemic, will map out an official plan for nature until mid-century for most countries, with the exception of the United States, which has not signed up.
      It will include key targets to be met by 2030.
      But it comes after countries failed to meet a single one of the targets set for the previous decade.
      With new rules affecting key economic sectors - including agriculture, forestry and fishing - and covering everything from intellectual property to pollution and pesticides, delegates are grappling with an array of sticking points.
      So far, only two out of the 22 targets in the new deal have been agreed upon.
      "We have to admit that success is not guaranteed," a European Union source close to the talks said. "We have a very difficult situation ahead of us."

      Finance Fight

      While China currently chairs COP15, it is not hosting this year's meeting because of the ongoing pandemic.
      Instead, it will be held from Dec 7 to Dec 19 in Montreal, home of the CBD, which oversees the negotiations.
      Canada's Prime Minister Justin Trudeau is the only world leader attending. Chinese President Xi Jinping has not said if he will join, and neither side has invited other leaders to come, with time quickly running out.
      Observers fear that the leaders' absence could suck the momentum out of the negotiations and scupper an ambitious final deal.
      Divisions have already emerged on the key issue of financing, with wealthy countries under pressure to funnel more money to developing nations for conservation.
      A group of developing nations, including Brazil, South Africa and Indonesia, this year called for rich countries to provide at least US$100 billion annually - rising to US$700 billion a year by 2030 - for biodiversity.
      But many Western nations are reluctant to create a distinct fund for nature.
      Currently, most biodiversity funds for the developing world come from existing funding mechanisms, which often also include climate finance.
      Another fight is brewing over the issue of "biopiracy", with many mainly African countries accusing wealthy nations of pillaging the natural world for ingredients and formulas used in cosmetics and medicines, without sharing the benefits with the communities from which they came.

      Crunch UN Biodiversity Meeting Seeks to Save 'Planet in Crisis'_1Indigenous Rights

      One cornerstone target that has received broad support is the 30 by 30 target - a pledge to protect 30 per cent of land and seas by 2030. Only 17 per cent of land and about 7 per cent of oceans were protected in 2020.
      So far, more than 100 countries formally support the goal, according to the EU-backed High Ambition Coalition which tracks the target.
      The new goal will rely heavily on the involvement of indigenous peoples, who steward land that is home to around 80 per cent of Earth's remaining biodiversity, according to a landmark UN report on climate change impacts this year.
      "It's not going to work if indigenous peoples are not fully included," Jennifer Tauli Corpuz of the non-profit Nia Tero told AFP.
      "We completely lose the integrity of the document," added Corpuz, who is part of the indigenous caucus to the talks.
      Other items in the framework: The elimination or redirection of hundreds of millions of dollars in harmful government subsidies; promoting sustainable farming and fishing, reducing pesticides; tackling invasive species; and reforestation.
      But implementation is perhaps the most crucial agenda item to ensure that the pledges made are actually carried out by governments.
      "We need goals and targets that are measurable and they need to be related to clear indicators," the EU source said, calling for "robust monitoring, planning, reporting and review".

      Source: AFP

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