Resumed session of COP16 conference in Rome

Current Context: The resumed session of the 16th meeting of the Conference of the Parties (COP16) to the Convention on Biological Diversity (CBD) took place from February 25 to 27, 2025, in Rome, Italy.

Resource Mobilization:

Agreement on February 27, 2025, to raise at least $200 billion annually by 2030 from all sources.
Aim to cut harmful incentives by $500 billion per year.
Roadmap for a permanent financial mechanism under the CBD by COP17 (2026 in Armenia).

Monitoring Framework:

Adoption of the finalized Kunming-Montreal Global Biodiversity Framework (KMGBF) Monitoring Framework.
Standardized indicators to track progress toward 23 targets and 4 goals.

Financial Mechanism:

Enhancements to the Global Environment Facility (GEF) and Global Biodiversity Framework Fund (GBFF).
Calls for improved efficiency and contributions (GBFF had $382 million pledged by early 2025).
Initiation of dialogue between environment and finance ministers to bridge the biodiversity funding gap.

Cali Fund Launch:

Officially launched on February 26, 2025.
Channeling voluntary private-sector contributions to support developing countries and Indigenous communities.

Question:

Q.1 What was the key financial commitment made during the resumed session of COP16 on February 27, 2025?
a) Raising at least $100 billion annually by 2030
b) Raising at least $200 billion annually by 2030
c) Reducing biodiversity funding to $500 billion per year
d) Raising $382 million annually by 2025

Answer: b) COP16 agreed to mobilize at least $200 billion annually from all sources by 2030 to support biodiversity conservation efforts.