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The Philippines is pushing for the establishment of a biodiversity fund at the Montreal summit

Gaea Katreena Cabico – Philstar.com

December 19, 2022 | 12:16 p.m

LONDON, United Kingdom – The Philippines called for the creation of an Earth Biodiversity Fund at the COP15 Summit in Montreal, as they stressed the need to invest in protecting land and sea.

A draft COP15 deal calls on wealthy nations to increase financial aid to developing countries to $20 billion annually by 2025 and $30 billion annually by 2030. Developing countries are pushing for $100 billion a year.

Current financial flows to the developing world – home to most of the planet’s biodiversity – are estimated at around US$10 billion a year.

“The Philippines envisions a future where biodiversity is restored and conserved to sustain healthy, resilient Filipino communities while delivering benefits for all,” Environment Chief Maria Antonio Yulo-Loyzaga said in a speech on Saturday. A copy of the statement was sent to the media on Monday.

Yulo-Loyzaga is the country’s head of delegation at COP15.

One of the megadiverse countries in the world, the Philippines is home to the center of the center of global marine biodiversity.

“However, we are compelled to address the intersecting crises of biodiversity loss, climate change and inclusion to achieve resilient and sustainable development,” Yulo-Loyzaga said.

She added the Philippines is investing in “urgent and transformative change” and hopes to one day host [biodiversity] police officer in Manila.”

30×30 gate

The draft also calls for the protection of 30% of the world’s land and sea areas by the end of this decade. Dubbed the 30×30 target, the target aims to help address biodiversity loss but also to combat climate change.

The Philippines is a member of the High Ambition Coalition for Nature and People, committed to the ambitious 30×30 target.

Jamie Dichaves, campaign manager for 30×30 Southeast Asia, emphasized that Montreal will address critical goals “that put us on the path to recovery and ultimately compromise the survival of our own species.”

Dichaves added that biodiversity loss is a major and urgent threat.

“More than half of global gross domestic product depends on healthy functioning ecosystems that provide diverse contributions to people beyond the usual ecosystem services that we can put dollar signs on,” she said.

The draft also includes language that protects the rights of tribal peoples as stewards of their lands, a key demand of activists.

The text still needs to be agreed by the 196 signatory countries to the Convention on Biological Diversity before it is finalized. — with report from Agence France Presse