Dear Co-Chairs:

1. I have the honour to deliver this statement on behalf of the Group of 77 and China. Our Group is still considering various aspects pertaining to financial rules, taking into account that the details addressed in the documents prepared by the Co-Chairs on this matter require further review and analysis.

2. Noting that pursuant to Article 47 of the Agreement, the COP should adopt, at its first meeting, among others, financial rules, we would like to mention that any option or model that might be considered for the purposes of such rules requires appropriate approaches that take into account the special requirements of developing countries, including Least Developed Countries (LDCs), the Landlocked Developing Countries (LLDCs) and the Small Island Developing States (SIDS) in line with the Agreement. These approaches must also effectively support these countries regarding commitments under financial rules while addressing the related challenges.

3. Along similar lines, the Group wishes to reiterate the importance of the full and effective participation of developing countries, in particular for the LDCs, LLDCs and SIDS, in the works and activities of the COP and in the implementation of the Agreement. In this regard, effective steps should be foreseen to ensure appropriate and timely funding and contributions for supporting the participation of developing countries in the related meetings, including the Conference. Appropriate avenues for ensuring that proper and timely funding is always available to support participation of developing countries in such meetings and activities, should be explored.

4. Rules concerning contributions should be responsive to the challenges faced by developing countries. Limiting force majeure circumstances to natural disasters and public health emergencies should not preclude other situations in which developing States encounter difficulties in meeting their financial commitments. Various forms of crises, global economic shocks, and other external factors may adversely affect the ability of developing countries to fulfill their obligations.
5. We further wish to underscore the importance of funding to support the implementation of the BBNJ Agreement, enabling developing States to fulfill their obligations and secure their rights in the conservation and sustainable use of marine biological diversity in areas beyond national jurisdiction. In this regard, we emphasize that financial resources under the BBNJ Agreement should be adequate, accessible, new, additional, and predictable.

6. In the previous meeting of the Preparatory Commission, our Group, with respect to Rule 3.5, underlined that any cost estimates not foreseen in the draft programme of work must be duly circulated among States. Our Group is pleased to see that this observation has been taken into account. In line with this, and for the sake of practical utility and clarity, a minimum of 72 hours would be appropriate to allow for consideration of such estimates by States.

7. Our member States will go into further detail in this context, and we look forward to the discussions.

I thank you!