# U.N. summit aims for global pact to protect nature
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-12-06
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Global Mission for Nature: COP15 Conference Reshaping
Meta Description: Join over 10,000 participants at COP15 as countries negotiate a deal to safeguard Earth's ecosystems and species facing extinction. Let's create a
URL: https://financedigest.com/u-n-summit-aims-for-global-pact-to-protect-naturehtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-12-06t080945z1lynxmpeib50birtroptp4global-environment-summit-1736814757463-compressed.jpg)

By Gloria Dickie and Allison Lampert

MONTREAL (Reuters) – Countries are gathering Tuesday for a key U.N. nature conference in Montreal, [aiming to broker a new global agreement to protect](https://www.financedigest.com/eus-planned-reforms-aim-to-better-protect-power-bills-from-market-swings.html "EU’s planned reforms aim to better protect power bills from market swings") what’s left of Earth’s wildlife and natural spaces.

[Negotiators hope](https://www.financedigest.com/first-deadlock-then-hope-the-brexit-negotiation-saga-continues.html "First deadlock, then hope – the Brexit negotiation saga continues") that the two-week summit, known as COP15, yields a deal that ensures there is more “nature” — animals, plants, and healthy ecosystems — in 2030 than what exists now. But how that progress is pursued and [measured will need to be agreed by all 196 governments](https://www.financedigest.com/factbox-government-measures-to-ease-inflation-pain.html "Factbox: Government measures to ease inflation pain") under the U.N. Convention on Biological Diversity (CBD).

How do you translate ‘nature positive’ into an actual term we can measure?” said Basile van Havre, one of the co-chairs of the [group responsible for drafting the agreement](https://www.financedigest.com/aon-announces-agreement-to-acquire-risk-management-firm-creating-a-comprehensive-cyber-risk-management-advisory-group.html "Aon announces agreement to acquire risk management firm, creating a comprehensive cyber risk management advisory group"). “That’s what we’re doing through the creation of the new goals.”

More than 10,000 participants, including government officials, scientists, and activists, were set to attend the summit starting Wednesday and [running through Dec](https://www.financedigest.com/russian-services-activity-shrinks-for-third-month-running-in-dec-pmi.html "Russian services activity shrinks for third month running in Dec -PMI"). 19.

The [talks follow years](https://www.financedigest.com/extraordinary-rollercoaster-good-friday-talks-remembered-25-years-on.html "‘Extraordinary rollercoaster’, Good Friday talks remembered 25 years on") of negotiations and calls by environmentalists and businesses to both protect natural resources and halt what scientists have labeled the sixth mass extinction.

More than 1 million species are now threatened with extinction, vanishing at a rate not [seen in 10 million years](https://www.financedigest.com/global-economy-seen-facing-a-challenging-year-eurochambres.html "Global economy seen facing a challenging year -Eurochambres"). As much as 40% of Earth’s land surfaces are considered degraded, according to a 2022 U.N. [Global Land](https://www.financedigest.com/copa90-owner-bigballs-media-lands-stellar-global-business-leaders-to-drive-ambitious-expansion-plans.html "Copa90 owner Bigballs Media lands stellar global business leaders to drive ambitious expansion plans") Outlook assessment.

We need governments to adopt a clear and urgent mission to halt and reverse biodiversity loss by 2030,” said Eva Zabey, executive director of Business for Nature, a [global coalition of businesses](https://www.financedigest.com/2021-the-year-of-the-global-workforce-for-british-small-businesses.html "2021: The Year of the Global Workforce for British small businesses ") and conservation groups.

Like many other campaigners, Zabey called for “an ambitious, clear and enforceable international agreement” similar to the Paris Agreement on [climate change](https://www.financedigest.com/deloitte-research-reveals-inaction-on-climate-change-could-cost-the-worlds-economy-us178-trillion-by-2070.html "Deloitte research reveals inaction on climate change could cost the world’s economy US8 trillion by 2070"). “We cannot afford to squander what could be a historic moment” in Montreal.

STICKING POINTS

The U.N. biodiversity talks, held every two years, have never garnered the same attention as the world’s main environmental focus – the annual U.N. talks on [climate change](https://www.financedigest.com/scientists-in-germany-turn-up-heat-on-seagrass-in-climate-change-fight.html "Scientists in Germany turn up heat on seagrass in climate change fight"). But there is increasing awareness that protecting nature and controlling [climate change](https://www.financedigest.com/financial-risks-of-climate-change-overplayed-senior-hsbc-banker-says.html "Financial risks of climate change overplayed, senior HSBC banker says") go hand-in-hand.

Healthy ecosystems such as forests and seagrass beds are [key to controlling global](https://www.financedigest.com/global-blockchain-services-firm-wachsman-recruits-key-executives-from-jefferies-and-j-p-morgan-to-lead-new-strategy-division.html "Global Blockchain Services Firm WACHSMAN Recruits Key Executives from Jefferies and J.P. Morgan to Lead New Strategy Division") warming. At the same time, [rising global](https://www.financedigest.com/global-equities-gain-as-rising-bond-yields-pressure-gold.html "Global equities gain, as rising bond yields pressure gold") temperatures are increasingly threatening many ecosystems as well as species unable to adapt quickly or to move to cooler climes.

Overall, the U.N. [hopes to persuade all countries to pledge to put at least 30% of their land](https://www.financedigest.com/stocks-dollar-gain-on-soft-landing-hopes.html "Stocks, dollar gain on soft landing hopes") and sea areas under conservation by 2030 – a target often referred to as the “30-by-30” goal. Currently, only about 17% of the [world’s land area falls under some sort of protection](https://www.financedigest.com/kb-kookmin-bank-launches-the-worlds-first-combined-payments-and-messaging-app-protected-by-the-trustonic-application-protection-solution.html "KB Kookmin Bank launches the world’s first combined payments and messaging app protected by the Trustonic Application Protection solution"), while less than 8% of the global ocean is protected.

Another 22 potential targets are also being considered, from curbing pesticide use to canceling some $500 [billion in subsidies](https://www.financedigest.com/intel-wants-5-billion-more-in-german-subsidies-for-chip-plant-bloomberg-news.html "Intel wants  billion more in German subsidies for chip plant – Bloomberg News") for activities that cause damage to nature.

But the [draft deal](https://www.financedigest.com/big-pharma-may-have-to-reveal-government-deals-in-whos-draft-pandemic-rules.html "Big Pharma may have to reveal government deals in WHO’s draft pandemic rules") is still riddled with bracketed phrases – indicating a lack of agreement and ongoing discussion on hundreds of points, negotiators said. Some of toughest areas [include how to ensure poor nations will have the funding needed to restore degraded areas, whether to include efforts to curb climate-warming emissions](https://www.financedigest.com/citi-pledges-to-cut-emissions-for-more-sectors-including-coal.html "Citi pledges to cut emissions for more sectors including coal"), and whether to impose a deadline for phasing out pesticides.

Even the 30-by-30 goal gets tricky in the details, given that some nations hold vast land or ocean areas teeming with wildlife, while others do not.

There’s a lot that’s not agreed,” said Sue Lieberman, vice-president of [international policy](https://www.financedigest.com/sompo-international-deploys-guidewire-system-for-london-market-policy-management.html "Sompo International Deploys Guidewire System For London Market Policy Management") at non-profit the Wildlife Conservation Society. It’s going to be a very [challenging process.”](https://www.financedigest.com/what-are-the-main-challenges-related-to-banks-processing-customer-calls.html "What are the main challenges related to banks processing customer calls? ")

Unlike the U.N. climate talks, Montreal’s summit will see few world leaders, which negotiators say could make it tougher to [reach an ambitious agreement](https://www.financedigest.com/adnami-signs-agreements-with-schibsted-and-amedia-to-deliver-high-impact-ads-with-unparalleled-reach-across-the-nordics.html "Adnami signs agreements with Schibsted and Amedia to deliver high impact ads with unparalleled reach across the Nordics").

Canadian [Prime Minister](https://www.financedigest.com/britains-queen-elizabeth-will-appoint-new-prime-minister-at-balmoral.html "Britain’s Queen Elizabeth will appoint new prime minister at Balmoral") Justin Trudeau plans to attend some of the summit, his government said.

China was due to hold the summit in the city of Kunming, but postponed the event four [times from its original date in 2020 due to COVID before agreeing](https://www.financedigest.com/nissan-and-renault-agree-to-overhaul-alliance-this-time-as-equals.html "Nissan and Renault agree to overhaul alliance, this time as equals") to hold the talks in Montreal.

Meanwhile, Montreal police have put up a 3-meter (10-foot) fence around the downtown summit venue, Palais des congrès, and are preparing for thousands of student protesters [expected to swarm the Montreal’s streets to demand a strong](https://www.financedigest.com/ea-lowers-bookings-expectation-on-strong-dollar-gaming-slowdown.html "EA lowers bookings expectation on strong dollar, gaming slowdown") deal to protect nature.

[(Reporting by Gloria Dickie; Additional reporting by Jake Spring in Sao Paulo and Simon Jessop in London; Editing by Katy Daigle and Lisa Shumaker)](https://www.financedigest.com/london-reclaims-place-as-preeminent-global-financial-centre-for-the-first-time-since-2013-according-to-global-regulatory-outlook-report-from-duff-phelps.html "London reclaims place as preeminent global financial centre for the first time since 2013, according to Global Regulatory Outlook report from Duff & Phelps")


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---