Cali, Colombia — At the 16th Conference of the Parties (COP16) to the United Nations Convention on Biological Diversity, governments from around the world are convening to identify $700 billion in annual funding aimed at restoring nature and halting biodiversity loss. Amid these efforts, the United Nations Development Programme (UNDP) is drawing attention to a significant obstacle: trillions of dollars in subsidies that harm the environment.
Each year, countries allocate enormous subsidies towards fossil fuels, agriculture, and fisheries—industries that have substantial impacts on biodiversity. These subsidies not only contribute to environmental degradation but also represent a missed opportunity for funding conservation initiatives.
In an exclusive discussion with Michelle Begue, UNDP Director of Policies Marcos Neto emphasized the urgency of addressing this hidden drain on resources. “Redirecting harmful subsidies towards sustainable practices is not just beneficial for the environment; it’s an efficient use of financial resources that can help us meet our global biodiversity targets,” Neto stated.
The UNDP is offering guidance to governments on how to reallocate these subsidies more effectively. By adjusting financial support for the fishing, agriculture, and energy sectors, funds can be channeled into programs that promote environmental protection and sustainable development.
“We are working closely with policymakers to identify subsidies that are detrimental to biodiversity and to develop strategies for reform,” Neto explained. “This includes investing in clean energy, sustainable agriculture, and responsible fisheries management.”
The initiative is particularly relevant to Asian nations, where rapid economic growth has often come at the expense of ecological well-being. Redirecting subsidies in these countries could play a pivotal role in preserving the rich biodiversity of the region.
As COP16 continues in Cali, the call to rethink financial priorities underscores the global commitment needed to combat biodiversity loss. The UNDP’s efforts highlight the importance of not only raising new funds but also making better use of existing financial resources.
“Achieving our biodiversity goals requires a collective effort to realign our economic incentives with environmental sustainability,” Neto concluded. “It’s time for governments to take bold steps in reshaping their subsidy frameworks for the benefit of the planet.”
Reference(s):
cgtn.com
