$967bn Inadequate to Reverse Biodiversity Loss, Say Environmentalists

Bennett Oghifo 

A new report released last week by the International Support Network for Africa Development (ISNAD-Africa) in partnership with the World Wide Fund for Nature (WWF), says the $967 billion needed annually to reverse biodiversity loss in Africa and other parts of the world may be inadequate.

Scientists say already varieties of animals, plants, fungi, and even microorganisms like bacteria that make up the natural world are under threat, stating that there is global financial need for biodiversity conservation and restoration, as well as reversing biodiversity loss.

Executive Director of ISNAD-Africa, Adedoyin Adeleke said while 78 per cent of the world’s biodiversity finance is generated in developed economies, about 22 per cent is generated in developing economies, adding that COVID-19 and other issues have worsened the funding challenges for the reversal of affected biodiversity.

He said, “Moreover, the African continent still depends on traditional funding sources for conservation, such as government and donor support, as well as self-generated revenue, which is needed yet inadequate to bridge this funding gap. Yet, the COVID-19 pandemic has reduced the conservation-related funding significantly due to decline of tourism across African countries. Hence, there is a crucial need to diversify and increase self-generated revenues and develop innovative financing mechanisms.”

To achieve the goal of the post 2020 Global Biodiversity Framework, Adeleke said there was a  need to include the 2030 milestones in the post 2020 Global Biodiversity Framework (GBF), stressing that the move must include easily communicable and define outcomes that must be achieved by

2030 to reverse biodiversity loss and put the world on track to achieve the 2050 Vision.

Adeleke added that it was crucial to improve measurability of outcomes needed by 2030. “We recommend that Parties refine and complement the milestones provided in the first draft of GBF to ensure they help focus the attention and actions of key decision makers, stakeholders and sectors on what needs to be achieved by 2030.

According to Adeleke, “In order to avoid confusion, we need to be clear that while milestones focus on outcomes, all targets should focus on the transformative actions needed to achieve the 2030 Mission, and strategies aimed at implementing the post 2020 Global Biodiversity Framework should be integrated with efforts aimed at mitigating and adapting to climate change. “Thus, the post 2020 Global Biodiversity Framework targets should be linked to international climate goals for climate mitigation and adaptation through mechanisms such as nature-based solutions (NbS) to ensure nature-positive investment.

“Disclosure and transparency on financial contribution and investment on the protection of biodiversity similar to the Enhanced Transparency Framework in the Paris agreement.”

Adeleke added that there was a need to align and link strategies for implementing the post 2020 Global Biodiversity Framework with green strategies and net zero emissions in order to create an opportunity for more biodiversity funding.