India Calls For Global Financial Support At COP-16 To Meet Biodiversity Goals
Date
11/2/2024 2:06:25 PM
(MENAFN- KNN India)
New Delhi, Nov 2 (KNN)
As the 16th convention on Biological Diversity (CBD) unfolds in Colombia, India has signalled its need for substantial international financial support to meet ambitious biodiversity targets under the Kunming-Montreal Global Biodiversity Framework (KMGBF).
India, which invested Rs 32,207 crore fr0m 2018-2022 on biodiversity initiatives, anticipates an additional Rs 81,664 crore requirement fr0m 2025-2030.
However, meeting this goal solely through domestic resources may not be feasible, India highlighted in its updated submission to COP-16.
Kirti Vardhan Singh, India's Minister of State for Environment, emphasized the need for accessible international financing to meet KMGBF's goals.
"It is necessary to provide means of implementation, including financial resources, as laid down in target 19 of the KMGBF," he stated, underscoring the importance of Digital Sequence Information (DSI) as well.
DSI agreements focus on the equitable sharing of benefits derived fr0m global genetic data, a contentious topic under negotiation at COP-16.
India's expenditures so far have primarily come fr0m allocations to federal ministries and statutory bodies, aimed at sustaining national biodiversity and conservation programs.
However, as biodiversity targets expand, Indian officials stress that international finance, technology, and capacity-building support will be critical.
The Kunming-Montreal Global Biodiversity Framework, previously endorsed by numerous countries, sets out 23 targets to halt biodiversity loss by 2030.
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