Under the Kunming-Montreal Global Biodiversity Framework, rich countries have failed to meet their commitment to allocate $20 billion by the year 2025, although they could have come significantly closer to that figure. Irene Wabiwa Betoko, an eco-activist and employee of the international environmental organization Greenpeace, on Tuesday stated this during a press briefing on the sidelines of the 17th meeting of the Conference of the Parties (COP17) to the UN Convention on Biological Diversity being held in Yerevan, the capital of Armenia.

From this year's COP17 conference, they expect developed countries to not only completely eliminate this deficit, but also strive to achieve the $30 billion target set for 2030. Otherwise, one cannot talk about achieving the goals set within the framework of the program, Betoko added.

It is unacceptable that developing and developed countries continue to move in the wrong direction. They need to adjust their approaches and actions, and start implementing effective programs, she noted.

Several parties are insisting on additional resources, while developed countries are trying to avoid their direct commitments by shifting their focus to private financing, Betoko stated.

The private sector must also contribute, but the main responsibility lies with developed countries, and they should not use private investment as a means of avoiding their own commitments, she stated.

In addition, at COP17, both developing and developed countries are promoting the idea of biodiversity credits and offsets as a way to overcome the financial gap. However, such mechanisms should not become a license to destroy nature. There is a need for solutions that are environmentally safe and put people’s interests first. Biodiversity credits and offsets are not the solution worth betting on. Betoko said.

Also, countries at COP17, especially the rich ones, are trying to shift the focus from public funds to private investments; this is unacceptable. They should focus on how to attract significant financial resources, which private mechanisms such as biodiversity conservation credits can never provide, she noted.

They are not arguing that the private sector is exempt from participation; it must make its contribution. However, priority should be given to public funding. Some countries declare a lack of funds, but the issue is not at all a lack of global wealth: there is money. There is a need just to choose the right direction and make the right decisions, added the eco-activist.