Over 80% of rich countries fail to meet fair share of biodiversity financing target, report shows

Published 00:01 on June 20, 2024  /  Last updated at 15:35 on June 19, 2024  / Giada Ferraglioni /  Americas, Asia Pacific, Biodiversity, EMEA, International

Only two out of 28 rich countries have allocated what is estimated as their fair share of the resources for biodiversity required under the Global Biodiversity Framework (GBF), while over 80% of them provided less than half of it, according to a report released Thursday.

Only two out of 28 rich countries have allocated what is estimated as their fair share of the resources for biodiversity required under the Global Biodiversity Framework (GBF), while over 80% of them provided less than half of it, according to a report released Thursday.

The analysis, carried out by London-based think tank ODI and funded by Campaign for Nature, showed massive shortfalls in how much each member of the OECD’s Development Assistance Committee (DAC) is providing in order to meet the collective GBF target of mobilising at least $20 billion a year for biodiversity by 2025.

As of 2021, only Sweden and Norway provided more than their fair share, with the latter allocating $470 million instead of the $210 mln that would be its portion of the total target if distributed evenly.

The largest funding gaps were seen in Japan, the UK, Italy, Canada, South Korea, and Spain, which together account for 71% of the shortfall, though many other countries had more significant gaps on a percentage basis, according to the report.

Poland allocated only 5% of its share, $40 mln instead of $810 mln, while Czechia, Hungary, Lithuania, and Greece remained below 10%.

Meanwhile, Germany and France came very close to meeting the target, ringfencing $2.52 bln (99%) and $1.70 bln (92%), respectively.

Australia was not that far off, with an allocation of $600 mln, compared to a fair share of $810 mln (74%).

WAKE-UP CALLS

Overall, rich countries delivered 42% of the $20 bln agreed under the GBF, equal to $8.39 bln.

“We hope this report serves as a wake-up call for high-income countries to fulfil their obligations – their contributions to biodiversity finance are critically important and must increase,” said Laetitia Pettinotti, lead author of the report and research fellow at ODI.

In order to help bridge the gap, Campaign for Nature set out recommendations calling on rich countries to urgently increase efforts to meet their fair share and mobilise private resources through regulation and incentives.

The report also called on the US, which is not a party to the UN Convention on Biological Diversity, “to urgently and significantly increase its international nature finance”, since the country has the most significant historical biodiversity footprint.

“If the US were to step up by accepting its international responsibilities to provide biodiversity finance in proportion to other developed countries, its ‘fair share’ would be $12.3 bln on top of the $20 bln promised by other developed countries,” the report said.

“Yet, the US provided only $890 mln in 2021, corresponding to just 7% of its fair share.”

According to the analysis, this performance would position the US as one of the poorest performers in relative terms, alongside Hungary, Lithuania, and Greece – which are substantially poorer per capita than the US.

By Giada Ferraglioni – giada@carbon-pulse.com

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