ROME - The resumed sessions of the 16th meeting of the Conference of the Parties to the Convention on Biological Diversity (COP 16) concluded here late Thursday, adopting a landmark financial mobilization plan to advance global biodiversity efforts.

Over three days of negotiations, COP 16 parties reached a consensus on the Mobilizing Financial Resources for Biodiversity strategy, a key focus of the resumed sessions. The plan sets an ambitious target of securing $200 billion annually by 2030 from various funding sources to support biodiversity initiatives. Of this, $20 billion will come from international financial flows by 2025, with the figure expected to rise to $30 billion by 2030.

In alignment with the Kunming-Montreal Global Biodiversity Framework (KMGBF), adopted at COP 15 in 2022, delegates endorsed a range of instruments, mechanisms, and institutions designed to facilitate the mobilization of necessary funds. The sessions also yielded agreements on planning, monitoring, reporting, and reviewing progress, along with a comprehensive set of indicators to assess both global and national implementation of the KMGBF.

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A key outcome of the sessions was the launch of the Cali Fund, a new financing mechanism supported by contributions from private sector entities that commercially utilize genetic resource data.

Marking a significant step forward in biodiversity financing, the fund ensures that at least 50 percent of its resources will be directed to indigenous peoples and local communities, recognizing their vital role as custodians of biodiversity.

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The conclusion of the resumed sessions marks a significant achievement following last year's COP 16 meeting in Cali, Colombia, where discussions were suspended without agreement on financing and several other key issues.