A final agreement on COP16 is expected in Rome today

This is how the second day of negotiations at #COP16Colombia in Rome is progressing: 153 official delegations from around the world are working to reach key agreements on: - Financing. - The future of the financial mechanism. - Framework for monitoring the implementation of the Global Framework… pic.twitter.com/nuXQmNRzs3

— MinAmbiente Colombia (@MinAmbienteCo) February 26, 2025

The meeting, which began on February 25, aims to finalize the details of what was agreed in Colombia, where discussions were extended and a definitive agreement was not reached. So far the talks have been tense and slow, as is usual, but progress has been made on key points regarding financing, which is the main focus of the meeting.

For example, the first day saw the launch of the Cali Fund, a mechanism agreed upon in Colombia that will seek to attract contributions from companies that sell digital data on nature's genetic resources, in order to obtain broader funding for the conservation of global biodiversity.

The agreement reached for the operation of the Cali Fund establishes that companies must allocate 1% of their profits or 0.1% of their income to the financing fund. This contribution could add up to billions of dollars worldwide, covering all the sectors involved. The fund will be operated by the United Nations and will channel the money contributed towards the conservation and sustainable use of biodiversity.

The funds raised will be used to boost the implementation of the Convention on Biological Diversity and the Kunming Montreal Framework, promoting the protection of biodiversity worldwide. It is estimated that at least 50% of the resources will be allocated to indigenous peoples and local communities, who play a fundamental role in the conservation of biodiversity.

“The Cali Fund is really the people’s fund, because at least 50% of the funding will support indigenous peoples and local communities. This fund rewards those communities that have been working for a long time to conserve biodiversity on behalf of all of us. It is time to give something back to these people who care for the planet,” said Onno van den Heuvel, Director of Finance for Nature at UNDP.

Now, in the final stretch, there has been reluctance from countries whose environmental policies have changed focus, as is the case of Argentina, which during yesterday's plenary session requested that references to the Sustainable Development Goals be removed from the finance text. However, this request was rejected by the Minister of Environment and President of COP16, Susana Muhamad, who pointed out that there were issues already agreed upon in Cali and that it was important for the States to focus on making "better use of our time."

Despite the intense debates, a final consensus on resources has not yet been reached, and it will be decided today where and who will put the money to face the complex loss of global biodiversity, although the scenario does not look positive and so far the greatest achievement has been the Cali Fund, which, although it results in important support, is still unable to resolve the gap of 700 billion dollars a year for the conservation and restoration of nature, estimated by the Global Framework for Biological Diversity.

The Framework has called on governments to shift $500 billion a year from harmful fossil fuel subsidies to nature conservation. The remaining $200 billion a year will need to be mobilised from all sources (public, private, national and international), with the private sector and private capital playing a central role.

Since the beginning of this second phase of COP16, Minister Muhamad has insisted on the importance of multilateralism and shared responsibility to ensure the implementation of the commitments made in Cali. “Are we capable of creating the capacities that this Convention and the Montreal Economic Framework require? Are we capable of transcending institutional structures that are old and outdated and that pose a challenge because they are outdated by the current challenges of the 21st century? Are we capable of awakening our creative capacity and the possibility of imagining that together we can do something more?” Muhamad asked. This Thursday we will know the answer to that question.

Environment and Health Journalist