Chinese-backed biodiversity fund lauded for advancing green agenda

The conservation of natural habitats has gained momentum following the launch of the Chinese-backed Kunming Biodiversity Fund (KBF) in May 2024, a Chinese vice minister of ecology and environment said on Wednesday.

Milestones achieved since the fund's launch were highlighted during an event held alongside the seventh session of the United Nations Environment Assembly, which is currently underway in Nairobi, the Kenyan capital.

Guo Fang, Chinese vice minister of ecology and environment, said that the implementation of the KBF has gained momentum, reaffirming China's dedication to multilateralism and strengthening ecological protection.

“As the first international biodiversity fund initiated by a developing country and specifically for other developing countries, the KBF has injected new momentum into global collaborative action, driving more resources into biodiversity protection," Guo said.

She added that the fund has adhered to principles of good governance and transparency to ensure recipient countries benefit from improved conservation of their natural assets.

In October, the KBF approved 22 projects totaling over $27 million across 34 countries to support commitments under the Kunming-Montreal Global Biodiversity Framework, said Elizabeth Mrema, deputy executive director of the United Nations Environment Program.

"The KBF is helping to address the $342 billion annual finance gap for nature-based solutions and will continue building synergies with other funds and initiatives to advance country-driven implementation for the benefit of people and planet," Mrema said.

Some of the milestones achieved since the launch of the KBF include establishing an independent technical advisory group, issuing a call for catalytic and full-scale projects, and endorsing manuals to ensure consistency, compliance, and efficiency, Mrema added.

Kamal Rohitha Uduwawala, Secretary of Sri Lanka's Ministry of Environment, stated that KBF projects will help the country address threats to essential ecosystems, including forests, wetlands, and marine life, caused by invasive species.

"With the support of the KBF, we now have the means to move from decades of fragmented efforts to a unified national biosecurity system that can protect our natural heritage for generations to come," he added.