A proposed agreement mediated by China, which is hosting a UN meeting in Canada, calls on wealthy nations to increase financial assistance to the Global South, which is where the majority of the world's biodiversity is found.
According to papers, wealthier nations were urged to raise financial assistance to developing nations to $20 billion yearly by 2025 and $30 billion annually by 2030 as part of a draught UN agreement to protect the environment.
The draught agreement from Sunday also urged nations to "guarantee and allow" the effective management and conservation of at least 30% of terrestrial, inland water, coastal, and marine regions by the year 2030.
Conservationists greeted the compromise text, which was mediated by China, which is hosting the COP15 summit in Montreal, with open arms.
The compromise document, which was brokered by China, which is hosting the COP15 summit in Montreal, was warmly received by environmentalists.
According to Alfred DeGemmis, associate director of the Wildlife Conservation Society, the wording "demonstrates that China is willing to lead a 'race to the top,' building on the ambition indicated by Parties during COP15."
"China will now need to defend the ambitious goals set forth in this text, winning over any reluctant Parties to the broad, unwavering consensus that biodiversity loss is a serious issue that demands swift action."
"China will now need to defend the ambitious goals set forth in this text, winning over any reluctant Parties to the broad, unwavering consensus that biodiversity loss is a serious issue that demands swift action."