Food security landmark: World leaders commit US$200BN per year for biodiversity conservation

20 Dec 2022 --- Over 190 countries have agreed to preserve 30% of the planet’s land and seas in an attempt to halt all biodiversity loss by 2030. The agreement will see US$200 billion per year go to save the planet’s animal and plant species, which is “critical” for protecting food security, as preserving a diverse array of species will allow farmers to opt out for climate-resistant varieties.

“Crop diversity – the variety of plants used in agriculture – is a prerequisite for future food and nutrition security, Stefan Schmitz, executive director of Crop Trust, a global NGO that breeds and stores seeds for food security, tells FoodIngredientsFirst.

If no action is taken to safeguard crop diversity in perpetuity and for the adaptation of agriculture to combat the climate crisis then we risk losing key crops that will not be tolerant to pests and disease and will not be resilient to our already changing climate. When we lose this biodiversity, we lose options, we lose solutions, we lose potential and we lose resilience,” he explains.

Schmitz notes that the deal arrives at a critical moment. “Many have cited that we have ten years before we surpass critical tipping points that may lead to irreversible biodiversity loss. When biodiversity is lost, it is lost forever.”

Complex climate marks COP15
At COP15 in Montreal, the deal comes after a year marked by extreme heat in the Northern Hemisphere that has put to the test the most common crops – wheat, maize and rice.

These make up nearly half of the world’s food supply, which is a real food security threat. As all three crops are vulnerable to extreme weather conditions like drought and heat.

The Paulson Institute explained that although extinction is a natural phenomenon, scientists estimate that the world loses species at up to 1,000 times the natural rate of one to five species per year. The US-based organization says 30% to 50% of all species might be lost by the middle of the 21st century if “human society continues on this trajectory.”

The deal might pay for itself. According to the European Commission, every euro invested into nature restoration generates 8 to 38 euros in economic value.Despite these concerning prospects, the COP15 deal brings a glimmer of hope. “We are finally starting to forge a peace pact with nature,” says UN secretary-general Antonio Guterres.

“It is truly a moment that will mark history as Paris did for climate,” adds Steven Guilbeault, Canada’s Minister for the Environment and Climate Change.

Financing the agreement
With the latest deal, US$200 billion will be spent each year on biodiversity financing, with money coming from the public, the private sector and philanthropy. Additionally, 15% or US$30 billion will be sent to developing countries.

However, since the biodiversity financing commitments are not legally binding, it might lead to under-financing if the promises are not kept.

The US and the Holy See are the only two countries that have yet to join the treaty. Instead, President Joe Biden signed an executive order that will put 30% of US land and water under protection.

The deal might pay for itself. According to the European Commission, every euro invested into nature restoration generates 8 to 38 euros in economic value (US$8.51 to US$40.44). Furthermore, farming will also benefit, according to Schmitz.

“Biodiverse agriculture is not only economically viable, it is essential,” he highlights.

“Global food security is only achievable with a healthy and functioning biosphere which can only be attained by urgent action to limit and reverse global biodiversity loss and by diversifying our food supply. As climate change increases the risk of crop diseases and pests, farmers will require robust crop varieties resilient to the changing climate,” Schmitz notes.

Deal struck
With the US$200 billion per year committed to protecting biodiversity, the signing nations are targeting some main objectives.

They seek to improve and maintain the genetic diversity of species, which will be crucial for global food security and reform US$500 billion for nature-damaging subsidies.

The nations also aim to halt the rapid pace of species extinction and sustainably use biodiversity so that land can be preserved for food production.

Furthermore, they will develop a money flow of resources to be sent where needed, especially targeting conservation efforts in poor but naturally rich countries like the Democratic Republic of Congo.The deal comes after a year marked by extreme heat in the Northern Hemisphere that has put to the test the most common crops – wheat, maize and rice.

“The agreement represents a major milestone for the conservation of our natural world, and biodiversity has never been so high on the political and business agenda, but it can be undermined by slow implementation and failure to mobilize the promised resources,” warns Marco Lambertini, director general of WWF International.

“It also lacks a mandatory ratcheting mechanism that will hold governments accountable to increase action if targets are not met. We must now see immediate implementation of this agreement, no excuses, no delays,” he explains.

“Unfortunately, delegates at the meeting of COP15 are inheriting a track record of failure: none of the Aichi Biodiversity Targets – set in 2010 – was fully implemented last decade, while only six out of 20 were “partially achieved” by the 2020 deadline,” adds Schmitz.

EU Nature Restoration law
In reflection of the COP15 deal, EU environment ministers are meeting today to exchange views on a European Commission proposal to establish legally binding nature restoration targets.

“For the EU, we now have the chance to bring nature back by adopting a strong and ambitious Nature Restoration Law. EU member states must live up to the spirit of Montreal, and voice their unequivocal support for the Commission’s proposal to restore at least 20% of the EU’s land and at least 20% of the EU sea areas by 2030, with meaningful targets for all ecosystems,” says Sabien Leemans, senior biodiversity officer, WWF European policy office.

WWF flags that nature restoration will reverse biodiversity loss and benefit the food industry by making it more resilient to climate change events, such as drought and floods.

By Marc Cervera

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