The last 16th meeting of the Conference of the Parties to the Convention on Biological Diversity (COP16) represents a pivotal moment in the pursuit of sustainability and environmental protection. Scheduled to take place from 21 October to 1 November 2024 in Cali, Colombia, this summit underscores the urgency of addressing biodiversity loss, a critical element of the global goals set forth to ensure a sustainable future. With only six years remaining to meet biodiversity targets, the event promises to catalyse action across governments, businesses, and civil society.
The role of the private sector in climate action and biodiversity preservation has grown significantly since COP15 in Montreal. Between 700 and 1,000 companies participated in the 2022 summit, marking a turning point for corporate involvement in biodiversity discussions. The Kunming-Montreal Global Biodiversity Framework, renamed The Biodiversity Plan, delivered a strong directive for businesses to assess and disclose their impacts on biodiversity.
This year, momentum has continued to build. Over 130 companies with a combined revenue of $1.1 trillion have urged policymakers to establish robust frameworks to incentivise corporate action on biodiversity. Moreover, more than 400 corporations have embraced the Taskforce on Nature-Related Financial Disclosure (TNFD) recommendations, reinforcing their commitment to sustainable practices.
Notable companies, including Holcim, Tetra Pak, and ENGIE, have already set ambitious nature-related targets, showcasing how private enterprises can align with global society in addressing environmental challenges. However, the effectiveness of these commitments in reversing biodiversity loss remains to be seen.
COP16 serves as a critical deadline for countries to align their National Biodiversity Strategies and Action Plans (NBSAPs) with The Biodiversity Plan. Governments are expected to strengthen regulations, incentivise sustainable practices, and hold corporations accountable.
Several countries are already leading the way. Austria has committed to reducing imports of biodiversity-damaging products, China aims to restrict economic activities within ecological limits, and Spain plans to reform or eliminate half of its harmful subsidies by 2025. The European Union's Nature Restoration Law, a cornerstone of its Biodiversity Strategy for 2030, exemplifies how comprehensive policies can drive systemic change.
Yet, progress has been uneven, with only a handful of the 196 Convention parties submitting updated strategies. Stronger global collaboration and consistent policy enforcement are essential to ensuring progress.
Unlocking opportunities in nature finance
Addressing the $700 billion biodiversity finance gap requires innovative solutions. The Biodiversity Plan has set ambitious goals, including mobilising $200 billion annually from diverse resources and redirecting harmful subsidies amounting to $500 billion annually. Despite these targets, international funding for nature stood at just $247 million at the beginning of 2024, far below the $20 billion annual commitment required by 2025.
Private sector engagement in nature finance is growing, with companies and investors recognising the dual benefits of climate and biodiversity investments. Impact funds, blended finance mechanisms, and sustainable bioeconomy initiatives are becoming focal points, particularly in Latin America.
Charlotte Kaiser of BTG Pactual Timberland Investment Group highlights the convergence of the United Nations' climate and biodiversity agendas as a critical development. Mobilising investment in natural capital can drive significant progress towards economic equality, environmental protection, and climate resilience.
COP16 underscores the importance of partnerships between governments, the private sector, and nonprofit organisations in addressing biodiversity loss. The challenges ahead demand coordinated efforts across borders, leveraging the collective strength of the global society to achieve a sustainable future.
By advancing policies, fostering innovation, and mobilising resources, stakeholders can create transformative change. This alignment with global goals, including Peace and Justice (SDG 16) and Climate Action (SDG 13), will be instrumental in shaping a resilient and equitable world.
COP16 is not just another summit; it is a defining moment in humanity's fight for sustainability. Continued efforts, informed decisions, and unified action are essential to meeting the biodiversity targets and ensuring a future that respects both people and the planet.
For more on COP16 and global biodiversity efforts, explore additional resources and insights on related sustainability initiatives.
More information: https://www.unccdcop16.org/