Context: Recently, China pledged to inject $233 million into a new fund to protect biodiversity in developing countries during a key UN conservation summit, despite disagreements among major donors on the initiative.
Background

• Beijing (the world’s biggest polluter) has sought to play a more prominent role internationally on biodiversity conservation in recent years.
• About 195 countries are set to finalise a new accord to safeguard the planet's plants, animals and ecosystems at a two-part U.N. summit that began this week and is due to be finish in May next year in the Chinese city of Kunming.
• The summit aims to establish a new accord setting out targets for 2030 and 2050. 
• According to China, it will take the lead in establishing the Kunming biodiversity fund with a capital contribution of 1.5 billion yuan ($233 million) to support the cause of biodiversity conservation in developing countries.

‘30 by 30’ agenda

• A key proposal being debated at the conference is the “30 by 30” agenda that would afford 30% of the Earth’s land and oceans protected status by 2030.
• Global spending to protect and restore nature needs to triple this decade to about $350 billion annually by 2030 and $536 billion by 2050 to meet this target, a UN report said in May.
• But some rich country donors say a new fund for conservation is unnecessary because the United Nations’ Global Environment Facility already helps developing nations finance green projects.

Key Facts
Convention on Biological Diversity (CBD)
The Convention on Biological Diversity (CBD), entered into force on 29 December, 1993. It is a legally binding treaty to conserve biodiversity and has 3 main objectives:

• The conservation of biological diversity.
• The sustainable use of the components of biological diversity.
• The fair and equitable sharing of the benefits arising out of the utilization of genetic resources.
• The CBD Secretariat is based in Montreal, Canada and it operates under the United Nations Environment Programme(UNEP).
• The Parties or Countries under Convention of Biodiversity (CBD), meet at regular intervals and these meetings are called Conference of Parties (COP).
• The convention has been ratified by nearly all countries, except the US. (signed but not ratified).
• The first UN Biodiversity Summit 2020 was convened in the UN Headquarters. The Biodiversity Summit was participated by the Head of States/Minister level representing the countries which are party to Convention on Biological Diversity (CBD).

The Summit focused on the theme, ‘Urgent Action on Biodiversity for Sustainable Development.’

• As the world is approaching the end of the UN Decade on Biodiversity 2011-2020 there is an urgent need to accelerate action to conserve biodiversity.
• The year 2020 which is also the “Super Year for Biodiversity”, as the Strategic Plan for Biodiversity with 20 global Aichi targets adopted in 2010 ends in 2020.
• All the countries together are in the process of preparation of the Post-2020 Global Biodiversity Framework.