Egypt’s Environment Minister Yasmine Fouad called for establishing a new global fund for biodiversity that provides access to finance and benefit-sharing.
Fouad’s call came during her participation in a session dubbed “Resources Mobilization”, on the sidelines of the High-Level Segment of the 15th meeting of the Conference of the Parties (COP 15) to the Convention on Biological Diversity that is held in the Canadian city of Montreal on December 7-19, according to a statement released by the Environment Ministry on Saturday.
The environment minister said the proposed fund should provide independent and equal financing and serve as a governing structure that allows both developed and developing countries to be part of the decision-making process.
She noted the fund has to submit reports to biodiversity conferences and its governing structure should give a greater space for developing countries that are the most affected by the loss and degradation of biodiversity.
Fouad stated the fund will serve as a transitional entity until 2025, as negotiations continue to agree on creating an integrated fund that honors pledges and narrows the biodiversity financing gap.
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