Egypt calls for establishing global biodiversity fund at COP15

Ahram Online , MENA , Saturday 17 Dec 2022

Egypt’s Minister of Environment Yasmine Fouad called for establishing a new global fund for biodiversity that provides access to financing and benefit-sharing, the ministry said in a statement on Saturday.

Egypt s Environment Minister Yasmine Fouad
Egypt s Minister of Environment Yasmine Fouad speaks during COP15. Cabinet

 

Fouad made the comments at the high-level segment of the 15th meeting of the Conference of the Parties (COP15) that is chaired by China and is held in the Canadian city of Montreal from 7-19 December.

Establishing a biodiversity fund that is capable of providing the required support is a long-term process, yet it has become an urgent necessity, the minister said.

Fouad said the proposed fund should provide independent and equal financing and serve as a governing structure that allows both developed and developing countries to be part of the decision-making process.

She noted the fund has to submit reports to biodiversity conferences and its governing structure should give greater space for developing countries that are the most affected by the loss and degradation of biodiversity.

Fouad said the fund will serve as a transitional entity until 2025, as negotiations continue on creating an integrated fund that honours pledges and narrows the biodiversity financing gap.

Developing and developed nations were divided at COP15 over a proposed fund that, according to a group of developing nations, should provide $100 billion yearly, or 1 percent of the global GDP until 2030.

Last month, the 27th UN Climate Change Conference (COP27) in Egypt’s Sharm El-Sheikh closed with a breakthrough agreement to establish a new “loss and damage” fund for vulnerable states to face the climate change impacts.

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