Canada on Tuesday said that the creation of a new global fund for biodiversity "would take years" and be less effective than reforming existing financial mechanisms. Reflecting the wider consensus among developed nations in the COP15 meeting currently underway in Montreal, the creation of a global fund for biodiversity has emerged as a key sticking point in the ongoing negotiations.

With an aim to save Earth’s forests, oceans and species before it's too late, delegates from all over the world have gathered in Montreal,&nbsp;Canada,&nbsp;for the December 7-19 UN Biodiversity Conference.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/halfway-through-cop15-aka-humanitys-last-best-chance-to-save-earth-has-gotten-nowhere-542668">Halfway through, COP15 a.k.a humanity's 'last best chance' to save Earth has gotten nowhere</a>

The draft pledge reportedly aims to protect 30 per cent of the world's land and seas by 2030 by eliminating harmful fishing and agriculture subsidies and "tackling invasive species and reducing the use of pesticides".

Countries such as India, Indonesia, Brazil and African nations are demanding one per cent of global GDP to protect ecosystems. The figure currently stands at around $10 billion annually.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-climate-tracker-un-biodiversity-summit-underway-in-montreal-541632">WION Climate Tracker: UN Biodiversity Summit underway in Montreal</a>

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"The countries of the North understand that ambition must be accompanied by financial resources," Canadian Minister of Environment and Climate Change Steven Guilbeault said at a press conference on Tuesday in Montreal.&nbsp;

But "my concern is that the creation of new funding could take years, and during those years, countries in the South wouldn't be receiving any money from that fund," he added.

He said that&nbsp;the Global Environment Facility, currently the main multilateral mechanism for biodiversity, took seven years to create. Donors have pledged $5.3 billion to this fund for its current cycle, 2022-2026.

“So I think it would be better to use existing funds&nbsp;while pursuing reforms that would make money more accessible,” he said.

"On the other hand, we have to agree on the fact that it cannot only be public money," said Guilbeault, stressing that private and philanthropic contributions must come into play, as well as multilateral lenders such as the World Bank and IMF.

"We all need to push harder this week," he concluded, after the first week of talks ended in stalemate.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-climate-tracker-cop27-ends-with-loss-and-damage-deal-536507">WION Climate Tracker: COP27 ends with 'loss and damage' deal</a>

Earlier, a growing divide was seen between developed and developing nations on the COP27 agenda concerning "loss and damages" fund for climate change-vulnerable nations. The demand, however, was eventually met.&nbsp;

(With inputs from agencies)

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Canada on Tuesday said that the creation of a new global fund for biodiversity "would take years" and be less effective than reforming existing financial mechanisms.

Canada on Tuesday said that the creation of a new global fund for biodiversity "would take years" and be less effective than reforming existing financial mechanisms. Reflecting the wider consensus among developed nations in the COP15 meeting currently underway in Montreal, the creation of a global fund for biodiversity has emerged as a key sticking point in the ongoing negotiations. With an aim to save Earth’s forests, oceans and species before it's too late, delegates from all over the world have gathered in Montreal, Canada, for the December 7-19 UN Biodiversity Conference. ALSO READ | Halfway through, COP15 a.k.a humanity's 'last best chance' to save Earth has gotten nowhere The draft pledge reportedly aims to protect 30 per cent of the world's land and seas by 2030 by eliminating harmful fishing and agriculture subsidies and "tackling invasive species and reducing the use of pesticides". Countries such as India, Indonesia, Brazil and African nations are demanding one per cent of global GDP to protect ecosystems. The figure currently stands at around $10 billion annually. WATCH | WION Climate Tracker: UN Biodiversity Summit underway in Montreal × "The countries of the North understand that ambition must be accompanied by financial resources," Canadian Minister of Environment and Climate Change Steven Guilbeault said at a press conference on Tuesday in Montreal. But "my concern is that the creation of new funding could take years, and during those years, countries in the South wouldn't be receiving any money from that fund," he added. He said that the Global Environment Facility, currently the main multilateral mechanism for biodiversity, took seven years to create. Donors have pledged $5.3 billion to this fund for its current cycle, 2022-2026. “So I think it would be better to use existing funds while pursuing reforms that would make money more accessible,” he said. "On the other hand, we have to agree on the fact that it cannot only be public money," said Guilbeault, stressing that private and philanthropic contributions must come into play, as well as multilateral lenders such as the World Bank and IMF. "We all need to push harder this week," he concluded, after the first week of talks ended in stalemate. WATCH | WION Climate Tracker: COP27 ends with 'loss and damage' deal Earlier, a growing divide was seen between developed and developing nations on the COP27 agenda concerning "loss and damages" fund for climate change-vulnerable nations. The demand, however, was eventually met. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

COP15 summit: Rich countries oppose creation of $10 billion biodiversity fund

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COP15 summit: Rich countries oppose creation of $10 billion biodiversity fund