TAG: GS- 3: ECOLOGY AND ENVIRONMENT & GS- 2: IR
THE CONTEXT: Countries at the UN COP16 of CBD nature talks in Colombia on 2 Nov 2024 agreed that companies in sectors such as pharmaceuticals and cosmetics should pay for genetic information drawn from biodiversity in their research and development.
EXPLANATION:
The UN nature summit, officially known as the Conference of the Parties (COP) to the Convention on Biological Diversity (CBD), is a crucial event for global biodiversity conservation. The recent COP15 meeting in Montreal resulted in the adoption of the Kunming-Montreal Global Biodiversity Framework, a comprehensive plan to halt and reverse biodiversity loss by 2030.
- The agreement on using genetic data, officially called digital sequence information, would create a new fund to collect and distribute proceeds for use in nature conservation.
- Digital sequence information, or “DSI”, is a policy term that broadly refers to genomic sequence data and other related digital data. It includes details of an organism’s DNA and RNA, which determine its characteristics and unique traits.
- The payments could generate billions of dollars for nature conservation that would be directed to a fund that would distribute half of the proceeds to Indigenous peoples and local communities.
- The fund called “Cali Fund” will help in the equitable sharing of DSI benefits.
About the Global Biodiversity Framework (GBF):
- It was established on the eve of the 1992 Rio Earth Summit by UNFCCC to help tackle our planet’s most pressing environmental problems.
- It is a family of funds dedicated to confronting biodiversity loss, climate change, pollution, and strains on land and ocean health.
- Implementing the GBF will require significant financial resources and international cooperation. However, it also presents opportunities for sustainable development and green jobs.
- This framework sets out four goals and 23 targets to be achieved by 2030. Some key targets include:
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- Protecting 30% of land and sea areas.
- Restoring 30% of degraded ecosystems.
- Reducing the risk from pesticides and pollution.
- Halving food waste.
- Securing the sustainable use and trade of wild species.
- Importance of Biodiversity: Biodiversity is essential for ecosystem services like pollination, water purification, and climate regulation. It also provides resources for food, medicine, and other human needs.
- Threats to Biodiversity: Human activities like deforestation, pollution, overexploitation, and climate change are major threats to biodiversity.
India’s Role:
- India is a megadiverse country with rich biodiversity. It has committed to implementing the GBF and has taken several initiatives for biodiversity conservation, such as Project Tiger and Project Elephant.
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