The ‘Cali Fund’ was launched recently to resume 16th Conference of Parties (COP16) to the United Nations Convention on Biological Diversity (CBD) in Rome.
o Purpose: Aims to collect contributions from businesses utilizing genetic resources, ensuring fair benefit-sharing with indigenous communities and local populations.
o Beneficiaries: At least half of the funds are designated for indigenous peoples and local communities.
o Corporate Participation: Encourages companies to allocate a portion of their profits or revenues to the fund; discussions with firms from various countries, including the United States, are underway.
o Developing a global financing mechanism to mobilize $200 billion annually for biodiversity protection.
o Establishing a framework for monitoring and evaluating progress towards the Kunming-Montreal Global Biodiversity Framework targets.
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