Archiving the genomes of all species

There is so much bad news about global biodiversity, that it is nice to hear about new undertakings and approaches. One of these is the 'Earth BioGenome Project' which proposes to sequence the genomes of the entirety of life on earth. Given that sequencing services have never been more affordable and more available to scientists, without question, though ambitious this is a feasible undertaking. Still, with perhaps 9 million eukaryotes on the planet, a rough prediction suggests it could take 10 years and several billion dollars to achieve.

The cost suggests a certain agony of choice - what is the best use of that amount of money (in the dream world where money can be freely moved between projects)? Direct application to conservation and management activities, or a catalog of diversity which may be the only way to save some of these species? 

Leonard Eisenberg's tree of life (https://www.evogeneao.com).