Donor countries, including the United States, France, Germany, Canada, Norway, Japan, Spain, as well as the European Union have pledged to increase the international funds they allocate to finance of nature conservation.

“We are committed to establishing a transformative Global Biodiversity Framework (GBF) with ambitious goals and targets, as well as a robust mechanism for monitoring, reporting and reviewing donor countries in a statement.

The group of countries also indicated its “intention” to continue to increase resources for international biodiversity and establish a funding target in the negotiations of the UN Biodiversity Conference COP15, in Montreal.

Delegates from the 196 countries negotiating in Montreal have until December 19 to reach an agreement. Funding and implementation are one of the main obstacles to reaching this agreement and, although other points have been advanced in recent hours, negotiations are still at a standstill on financial issues.

In this sense, donors have also stated that the existing Global Environment Facility (GEF) should be the funding mechanism for the targets of the Global Biodiversity Framework, which is currently being negotiated.

Some developing countries and activists have called for the creation of a specific fund, separate from the GEF, to finance the conservation of biodiversity in countries with fewer resources.

Finally, countries explained that they will use international public finance “to generate private resources to implement an ambitious WBG”.

“We need to stimulate private sector investment in biodiversity, with a combination of financial mechanisms and other innovative approaches that mobilize public and private finance,” the international group explained.