{"id":47833,"date":"2022-12-20T10:17:26","date_gmt":"2022-12-20T10:17:26","guid":{"rendered":"https:\/\/climatechangenews.com\/?p=47833"},"modified":"2023-01-06T12:14:49","modified_gmt":"2023-01-06T12:14:49","slug":"kunming-montreal-deal-sets-up-new-fund-biodiversity-2023-cop-15","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2022\/12\/20\/kunming-montreal-deal-sets-up-new-fund-biodiversity-2023-cop-15\/","title":{"rendered":"\u2018Kunming-Montreal\u2019 deal sets up new fund for biodiversity by 2023"},"content":{"rendered":"

Almost 200 countries adopted the Kunming-Montreal biodiversity deal on Monday, which included a proposal by developing countries to set up a new fund for nature protection by 2023. \u00a0<\/strong><\/p>\n

The fund will help implement the goal of protecting 30% of the world\u2019s land and water ecosystems by 2030, also featured as the central target of the biodiversity agreement.<\/span>\u00a0<\/span><\/p>\n

In the final text<\/a>, countries agreed to mobilize $200 billion from different sources (including direct grants, philanthropy and private funds), while ending at least $500 billion worth of harmful subsidies.<\/span>\u00a0<\/span><\/p>\n

To channel some of that money, countries <\/span>adopted<\/span><\/a> an initiative by Brazil and African countries to establish a new trust fund. The Global Environmental Facility (GEF) will establish the fund by 2023 and it will later have its own governing body.<\/span>\u00a0<\/span><\/p>\n

EU president Ursula von der Leyen said in a <\/span>statement<\/span><\/a> it was \u201cvery positive\u201d that countries adopted measurable targets to protect nature, \u201cas well as a mechanism to finance their implementation with the Global Biodiversity Fund.\u201d<\/span>\u00a0<\/span><\/p>\n

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The Plenary: Adoption of Decisions has officially started! 🌿<\/p>\n

Watch live in order to learn what is happening at #COP15<\/a> 🌱<\/p>\n

🎥 : https:\/\/t.co\/ZjGOFDkUTM<\/a> pic.twitter.com\/2oU1BIwrbs<\/a><\/p>\n

\u2014 UN Biodiversity (@UNBiodiversity) December 19, 2022<\/a><\/p><\/blockquote>\n