On Saturday, Dr. Yasmine Fouad, Egypt’s Minister of Environment, held a virtual meeting with her Colombian counterpart, Susana Mohammed, the Minister of Environment and Sustainable Development. The discussion was part of ongoing ministerial consultations regarding the mobilization of resources for the United Nations Convention on Biological Diversity (CBD). The two ministers focused on exploring various perspectives on financing mechanisms to meet the objectives of the new global biodiversity framework.
Dr. Fouad praised Colombia’s leadership in hosting and chairing the ongoing 16th UN Conference on Biological Diversity (COP16), highlighting the Colombian Minister’s role in facilitating consultations on biodiversity financing, an essential aspect of tackling the global biodiversity crisis. She emphasized the importance of aligning global efforts to ensure the effective implementation of the new biodiversity framework amidst escalating global environmental challenges.
In her remarks, Dr. Fouad outlined Egypt’s position on biodiversity financing, which aligns with that of the African Group. She stressed the need to establish a dedicated financing mechanism for biodiversity, which complements existing frameworks, ensuring optimal use of resources and broader access.
The Minister made it clear that Egypt views the establishment of a new financing mechanism for biodiversity not as a replacement for the Global Environment Facility (GEF), which has been the primary funding mechanism for the convention for many years, but as a complement to its evolving role. With the introduction of new goals under the new global biodiversity framework, Dr. Fouad pointed out that there is a pressing need for a financing system that can support countries in achieving biodiversity targets while addressing the intersection of multiple global environmental challenges.
Dr. Fouad further elaborated on the capabilities of the GEF to manage public financing from developed countries. However, she argued that the required financial resources must not solely rely on public funding but should also involve the private sector and other financing mechanisms. She pointed to Egypt’s experience in developing its protected natural areas, noting how the private sector’s involvement in areas such as eco-tourism and local community engagement has significantly contributed to their development and sustainability.
Drawing on global best practices, Dr. Fouad highlighted the success of the Green Climate Fund and the UN Convention to Combat Desertification’s neutrality fund as examples of ambitious funding mechanisms that address specific goals through capacity building, policy development, and project implementation.
The Minister also cited Egypt’s experience in securing $20 million for coral reef conservation in the Red Sea, particularly in the south, emphasizing the role of the private sector in mobilizing resources and the successful integration of capacity-building projects supported by the GEF.
The Minister stressed the importance of ensuring that developing nations can access these financial resources, especially as some countries face challenges in managing and sustaining such funding. She also emphasized the need to establish a supportive structural framework for biodiversity financing that considers the differing capacities of stakeholders, ensuring shared responsibility and equitable burden-sharing in achieving global biodiversity goals.
In response, the Colombian Environment Minister outlined the progress made in consultations with various countries, noting the diversity of perspectives on biodiversity financing. She expressed appreciation for Egypt’s clear stance, which aligns with the African Group’s call for a new, inclusive financing mechanism that complements existing systems and enables access to critical resources. She also discussed several options resulting from divergent views among countries and the potential for reaching a political decision to close financing gaps.
Dr. Fouad has been invited by Minister Mohammed to join further discussions with other ministers to continue deliberating on biodiversity financing and to help bridge differing viewpoints on the matter.
