Bulk of financial resources for implementation of targets needs to come domestically, says European Commission
Photo: @StewartRWheeler / Twitter
The first day of the 15th Conference of Parties (COP15) to the United Nations Convention on Biological Diversity (CBD) in Montreal, Canada, saw the European Union push for increased accountability for biodiversity impacts and sustainable consumption choices.
The European Commission’s Directorate General for the Environment, Hugo-Maria Schally, addressed a press conference on the first day of the COP15 CBD, saying the EU is propping Targets 15 and 16 of the Post-2020 Global Biodiversity Framework.
The bulk of the financial resources necessary for implementing the framework will, however, have to be raised domestically, Schally said. Overall assessment of financing shows only a small part of it should be dealt with international flows, he added.
Read more: ‘Post-2020 Global Biodiversity Framework must feature role of indigenous people’
Target 15 deals with legal and administrative policy measures. Under this, businesses, transnational companies and financial institutions must disclose their impacts on biodiversity in order to reduce the same.
Target 16 aims to encourage and enable people to make sustainable consumption choices. This includes establishing supportive policy,…
