Egypt’s Minister of Environment, Yasmine Fouad stressed in her remarks the necessity to establish a new global fund for biodiversity. This came in the ministry’s statement on Saturday, during the (COP15) held in Montreal, Canada from December 7 to 19.
According to Fouad, a biodiversity fund will contribute to providing equal financial support, and access to benefit-sharing. The fund will also act as a governing structure that aims to include both developed and developing countries in the decision-making process.
The Minister added that this fund will operate as a transitional entity until 2025, as negotiations on creating an integrated fund resumed to diminish the biodiversity financing gap. Unfortunately, the execution of this plan won’t come easy and it will take time before we can see its returns, however, it has become an urgent matter that needs instant action.
During the negotiations of (COP15), the Developing nations disagreed with the Developed ones over the amount of the proposed fund. The developing nation demanded an annual of $100 B, or 1% of the global Gross Domestic Product (GDP) until 2030.
On her part in (COP15), Minister Fouad pointed out that the fund will be required to submit detailed reports to biodiversity conferences. Moreover, greater space should be provided by its governing structure for developing countries massively suffering from the deterioration of biodiversity.
Notably, as last month’s (COP27) in Egypt’s Sharm El-Sheikh concluded, the participants collectively agreed to set up a new “loss and damage” fund to support the most affected states in combating impacts of climate change.