COP16 Falls Apart After Failing to Meet Financial Targets

COP16, a global summit aimed at halting the destruction of nature, ended in chaos on Saturday. While there were some advances, several key issues remained unresolved. This gathering in Cali, Colombia, marked the first meeting of governments since the 2022 agreement to curb human-caused environmental destruction. Over the two-week summit, countries aimed to make significant progress on critical targets, including protecting thirty percent of the Earth for nature and reforming damaging aspects of the global financial system. Despite the ambitious goals, the summit concluded with much work still to be done. Attending the conference on behalf of the Government of Belize was Beverly Wade, Director of the Blue Bond and Finance Permanence Unit.  Despite all the pledges and commitments made during the global summit, less than half a billion dollars was raised. Wade emphasized that a minimum of twenty billion dollars is needed annually to effectively tackle the issue of biodiversity loss. This stark contrast highlights the significant gap between intentions and the financial resources required to make a real impact.

 

Beverly Wade, Director, Blue Bond & Finance Permanence Unit

“One of the biggest topics at COP is all about the money and the financing.  I think this COP showed that the traditional financing that would have come to finance nature and nature goals, biodiversity goals and even climate is not really there anymore.  We’re simply not getting the follow-through from all the commitments that are being made in terms of financing biodiversity laws and climate.  As a matter of fact, I think everybody is very much shocked at the measly four hundred million dollars that was raised to move the global biodiversity strategy and framework forward.  It’s been estimated that it would cost twenty billion dollars a year to curb biodiversity loss globally and when you can only raise four hundred million dollars, that is telling.  And so, we’re actually having a crisis.  We’re faced with a climate and biodiversity loss crisis, but we also now have a crisis in how are we going to effectively or how are we now going to address these crises that we have without the resources that are required.”

 

Isani Cayetano

“From Belize’s perspective, what would you say would be, perhaps, one takeaway from all of what was discussed and perhaps things that can be tangibly done for to remain in line with our goals?”

 

Beverly Wade

“I think one of the things from my experience at COP, I was fortunate to be along with the Minister of State in the Ministry of Finance, Hon. Christopher Coye, where he participated in several panels and we participated in numerous discussions that were around, how do we bridge the finance gap.  And a lot of attention is being paid to Belize because Belize is one of the few countries that is actually now finding ways other than just grants depending on grants.”