Biodiversity-rich countries in the Global Biodiversity Alliance (GBA) have been challenged to return to next year’s meeting with at least one project ready to attract financing, as President Dr Mohamed Irfaan Ali called for practical investments that benefit communities.
Addressing the opening of the Second Global Biodiversity Alliance Conference and Financing Forum on Friday, President Ali urged member countries to work with the alliance’s secretariat to prepare their proposals.
The conference is being held at the Arthur Chung Conference Centre, Liliendaal.
The project target forms part of three priorities outlined by the President for the coming year: combining scientific knowledge and innovation, securing biodiversity financing, and showing how conservation can generate employment and strengthen economies.
Ali also proposed that private sector representatives from member countries jointly invest in a network of biodiversity resorts. The resorts would operate under a common brand, with shared values, regulations and a marketing platform.
“This is a massive private sector opportunity that we can explore together, bringing opportunity to the villages, the communities, and to our country at a different scale,” he said.
To support such ventures, the President called for a common approach to tax and fiscal incentives for investments that protect biodiversity. He also encouraged members to explore artificial intelligence and quantum technologies for ecosystem monitoring and scientific research.
Pointing to Guyana’s experience, Ali said the Low Carbon Development Strategy has mobilised more than US$500 million through the country’s partnership with Norway and its subsequent participation in international carbon markets.
He said more than 250 villages and communities are benefiting from over 3,000 projects covering livelihoods, infrastructure and services.
However, the President warned that financing for biodiversity remains well below what is required, while the economic incentives behind the destruction of nature remain largely unchanged.
The Kunming-Montreal Global Biodiversity Framework sets a target of mobilising at least US$200 billion annually, against an estimated annual financing gap of approximately US$700 billion.
The two-day forum is being held under the theme “Investing in Nature: Accelerating Biodiversity Finance for Sustainable Development.”
