COP16 to Convene in Colombia with a Focus on Global Biodiversity Protection

Berita Baru, Colombia – From October 21 to November 1, Cali, Colombia, will host the sixteenth conference of the parties (COP16) for the UN Convention on Biological Diversity (CBD). Over 190 countries will gather to drive global efforts aimed at protecting the world’s natural resources under the theme ‘Peace with Nature.’

This will be the first biodiversity conference since the adoption of the Global Biodiversity Framework at COP15 in 2022. The key focus at COP16 will be on the implementation of National Biodiversity Strategies and Action Plans (NBSAPs) and translating the Kunming-Montreal Global Biodiversity Framework into actionable policies. The goal is to protect 30% of land and sea areas by 2030 and restore 30% of degraded ecosystems, as quoted in Forbes on Tuesday (6/7/2024).

Negotiations will also address resource mobilization, technical cooperation, and finalizing mechanisms for fair and equitable Access and Benefit Sharing. COP16 will be closely linked with the upcoming UN Framework Convention on Climate Change (UNFCCC) COP29 in Azerbaijan, highlighting the need to address biodiversity loss and climate change as interconnected crises.

The urgency of these discussions is underscored by the 2019 Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) report, which revealed that around 1 million species are threatened with extinction. The impact on the global economy, health, and food security is increasingly evident, with human activities accounting for 79% of the impact on threatened species.

Sebastian Leape, CEO of Natcap, notes, “In Europe, thousands of companies are now starting to measure and report on biodiversity, water, and pollution. Meanwhile in Japan, more companies have signed up as early adopters of the Taskforce for Nature Related Disclosures (TNFD) than anywhere else. In the rest of the world, progress remains sporadic.” He adds, “The real gap is nature intelligence to align data with frameworks like the TNFD and interpret it for business action.”

Eva Zabey, CEO of Business For Nature, highlights increased corporate engagement since COP15: “The CSRD in the EU is a concrete application of how companies are discussing nature and biodiversity at a board level. It has become more material and recognized.” She also points to the Business For Nature statement signed by 130 businesses, urging governments to accelerate action.

Zabey emphasizes the importance of business priorities at COP16: “Get your own house in order. Understand your impact and dependencies on nature, because it will ensure your business is more resilient and more successful in the future.”

Leape stresses the need for clarity on transition pathways: “Nature is so industry and location specific. Companies need clarity on what is expected of their sector to align with the global biodiversity framework and other nature-related targets.” He also calls for the bold adoption of nature reporting requirements to address Target 15 of the Global Biodiversity Framework.

Addressing harmful subsidies, which total at least $1.8 trillion annually, is also critical. Zabey notes, “It remains a huge elephant in the room, regardless of whether these subsidies are intentional or not.”

Investors play a significant role in supporting nature-positive transitions. Laura Garcia Velez of Lombard Odier Investment Managers expresses the need for new mechanisms to enable nature disclosures and mobilize required investments: “The successful connection between these targets will enable corporates to transition towards business models anchored in nature-based solutions.”

With private finance for nature growing from $9.4 billion to over $102 billion in four years, the focus will be on bridging the nature finance gap and developing innovative financial products. Velez concludes, “We need to see new and innovative products specifically tailored to transform value chains in sectors like forestry, land, and agriculture.”

As COP16 approaches, the emphasis will be on translating ‘Peace with Nature’ into actionable business practices and policies. Zabey finalizes, “There has never been as big a momentum to protect nature across all parts of society. COP16 will provide us with a moment to re-energize and demonstrate we are clearly out of the starting blocks, acting on nature.”