COP16 Concludes in Rome with Landmark Agreement to Mobilise Resources for People and Nature
Rome, 28 February 2025, 21:57 GMT – The 16th Conference of the Parties (COP16) to the UN Convention on Biological Diversity (CBD) concluded tonight in Rome with the signing of a historic agreement aimed at significantly increasing the mobilisation of resources for biodiversity conservation, sustainable use, and equitable sharing of benefits arising from the utilisation of genetic resources. The “Rome Accord,” as it has been dubbed, represents a major step forward in global efforts to halt and reverse biodiversity loss by 2030, as outlined in the Kunming-Montreal Global Biodiversity Framework (GBF) adopted at COP15.
After two weeks of intense negotiations, delegates from nearly 200 countries reached consensus on a package of measures designed to address the critical financing gap currently hindering the effective implementation of the GBF. The Rome Accord focuses on attracting and deploying resources from a wide range of sources, including domestic and international public finance, private sector investment, philanthropic contributions, and innovative financial mechanisms.
Key elements of the Rome Accord include:
- Increased Financial Commitments from Developed Countries: Developed countries reaffirmed their commitment to providing at least $20 billion per year in international biodiversity finance by 2025, and at least $30 billion per year by 2030. The accord mandates a transparent tracking and reporting system to ensure these commitments are met and that funds are effectively targeted towards achieving the GBF’s goals. This includes stricter accounting rules to avoid double counting of climate finance.
- Domestic Resource Mobilisation Strategies: All countries, particularly developing countries, are required to develop and implement national biodiversity finance strategies to mobilize domestic resources for biodiversity conservation. The accord calls for countries to integrate biodiversity considerations into national budgets and development plans, reform harmful subsidies, and explore innovative fiscal instruments such as environmental taxes and payments for ecosystem services.
- Private Sector Engagement: The agreement recognises the critical role of the private sector in biodiversity conservation. It encourages businesses to adopt sustainable practices, invest in biodiversity-friendly technologies, and report on their impacts on nature. The accord promotes the development of biodiversity credits, green bonds, and other innovative financial instruments that can attract private capital to biodiversity projects. The UN has been tasked with developing a framework for responsible biodiversity investing to ensure alignment with the GBF goals.
- Innovative Financing Mechanisms: The accord promotes the use of innovative financing mechanisms, such as debt-for-nature swaps, biodiversity offsets, and payments for ecosystem services, to generate additional resources for biodiversity conservation. It also calls for exploring the potential of leveraging carbon markets for biodiversity benefits, ensuring that any such initiatives adhere to strict environmental and social safeguards.
- Capacity Building and Technology Transfer: The accord recognizes the need to strengthen the capacity of developing countries to mobilize and manage resources for biodiversity conservation. It calls for increased investment in training, technology transfer, and knowledge sharing to support the effective implementation of the GBF. A new global biodiversity fund has been established to channel resources towards capacity building initiatives.
- Strengthening the Global Environment Facility (GEF): The agreement recognizes the GEF as a key financial mechanism for biodiversity and calls for its continued replenishment and strengthening. It also encourages the GEF to streamline its procedures and improve its responsiveness to the needs of developing countries.
Statements from Key Figures:
“[Quote from the UK Environment Secretary, emphasizing the UK’s commitment to the GBF and the importance of international cooperation],” said the UK Environment Secretary following the conclusion of the conference. “[Quote highlighting the UK’s dedication to delivering on the GBF through domestic action.]”
The Executive Secretary of the UN Convention on Biological Diversity stated, “The Rome Accord is a game-changer for biodiversity conservation. It provides a clear roadmap for mobilizing the resources needed to achieve the ambitious goals of the Kunming-Montreal Global Biodiversity Framework. We must now translate these commitments into concrete action on the ground.”
Challenges and Future Steps:
While the Rome Accord has been widely welcomed as a significant achievement, challenges remain in ensuring its effective implementation. Key challenges include:
- Ensuring Accountability: Robust monitoring and reporting mechanisms are needed to ensure that countries meet their financial commitments and that funds are used effectively.
- Addressing Harmful Subsidies: Reforming harmful subsidies that drive biodiversity loss remains a significant challenge.
- Engaging the Private Sector: Effective mechanisms are needed to incentivize the private sector to adopt sustainable practices and invest in biodiversity conservation.
- Bridging the Capacity Gap: Continued investment in capacity building and technology transfer is essential to support the effective implementation of the GBF in developing countries.
The coming year will be critical for translating the commitments made in Rome into concrete action. Governments, businesses, and civil society must work together to implement the Rome Accord and ensure that we are on track to halt and reverse biodiversity loss by 2030. The UK government has committed to hosting a follow-up meeting in 2026 to review progress on the implementation of the Rome Accord and to identify any further actions needed to achieve the goals of the GBF.
This agreement signifies a renewed global commitment to protecting our planet’s biodiversity for future generations, but its true success will depend on the sustained efforts and unwavering dedication of all stakeholders.
COP16 concludes in Rome with a landmark agreement to mobilise resources for people and nature
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