China vows to set up $230 mil. biodiversity fund

China has pledged about 230 million dollars to set up a fund to protect biodiversity in developing countries.

Chinese President Xi Jinping announced the launch of the fund in a video message at a UN conference in the southwestern Chinese city of Kunming on Tuesday.

The 15th meeting of parties to the UN Convention on Biological Diversity, known as COP15, opened on Monday.

The talks are aimed at adopting a new biodiversity framework to replace one with a 2020 target date adopted at a 2010 conference in Aichi, Japan.

One of the proposed goals is to increase financial resources to at least 200 billion dollars per year.

Participants are expected to discuss a new global framework for managing nature through 2030 that would be more ambitious than the 2020 target.

New targets include protecting at least 30 percent of the world's land and ocean; reducing pesticides by at least two-thirds; and eliminating the discharge of plastic waste.

The second part of COP15 will include face-to-face meetings to finalize a new framework and will be held from April to May next year.

Observers say China is attempting to present itself as a country that mediates conflicts of interest between developed and developing nations over the new biodiversity framework.