A key proposal being debated at the conference is the “30 by 30” agenda that would afford 30 per cent of the Earth’s land and oceans protected status by 2030.
Global spending to protect and restore nature needs to triple this decade to about US$350 billion annually by 2030 and US$536 billion by 2050 to meet this target, a UN report said in May.
But some rich country donors say a new fund for conservation is unnecessary because the United Nations’ Global Environment Facility already helps developing nations finance green projects.
The funding issue will be taken up at negotiations in Geneva in January 2022 and then later at the second part of the summit in April and May next year.
Xi also took a swipe at the United States in his speech on Tuesday, saying: “We should practise genuine multilateralism and abide by international rules which are not to be exploited or discarded at one’s own will.”
The UN Convention on Biological Diversity has been ratified by 195 countries and the European Union – although not the United States, the world’s biggest polluter historically – with the parties meeting every two years.
The biodiversity discussions at COP15 are separate from the weightier COP26 summit set to begin next month in Glasgow, where world leaders are under pressure to act on the climate crisis.
Source: Channel News Asia