Sat Nov 02 16:13:09 UTC 2024: ## Global Fund for Genetic Data Profits Agreed Upon at UN Nature Summit in Cali
**Cali, Colombia** – After a grueling two weeks of negotiations, the United Nations Convention on Biological Diversity (CBD) summit, COP16, reached a landmark agreement on Saturday, November 2, 2024, establishing a global fund to share profits from digitally sequenced genetic data (DSI) with the communities from which it originates.
The agreement, known as the Cali Fund, addresses the longstanding concern that developing countries, often rich in biodiversity, are not receiving fair compensation for the use of their genetic resources in lucrative industries like pharmaceuticals, cosmetics, and biotechnology.
The fund will be financed by users who commercially benefit from DSI, requiring them to contribute a percentage of their profits or revenue. Companies with income exceeding a specific threshold will contribute 1% of their profits or 0.1% of their revenue.
The agreement marks a significant step forward in ensuring equitable benefit sharing from DSI, which has been a contentious issue for years. While the agreement is non-binding, it targets key sectors including pharmaceutical producers, food and health supplement companies, cosmetics manufacturers, and biotechnology and agribusiness firms.
UN Secretary General António Guterres applauded the agreement, stating that it was a critical step in addressing the exploitation of biodiversity in developing countries. He stressed that digitized DNA is vital for scientific advancements and economic growth, and developing countries deserve to share in the benefits.
The agreement was reached after extended negotiations, with delegates working late into the night to finalize the details. Many delegates left the conference before the final agreement was reached, highlighting the urgency of the issue and the need for swift action.
First Piper 