Will COP16 turn pledges into action and harness biodiversity data for impact? 

# RepRisk’s take: Biodiversity is at the heart of corporate risk management

# I. Overview

• The 16th meeting of the Conference of the Parties to the Convention on Biological Diversity (COP16) will be held October 21 – November 1, 2024, in Cali, Colombia.
• The conference will be attended by representatives of member countries of the Convention along with a diverse group of stakeholders, government officials, scientists, conservationists and Indigenous people.
• The conference, which is held every two years, provides a vital platform for nations to affirm their dedication to biodiversity and present their progress in meeting the objectives outlined in the 2022 Kunming-Montreal Global Biodiversity Framework (GBF).²
• Moving from the development of frameworks to tangible, measurable action will be a key theme of COP16, highlighting the importance of data for organizations navigating nature-related risk.

The UN Biodiversity Conference COP16 kicked off in Cali on October 21 and will run until November 1. Image: CBD.

# II. Key themes

• National action: The GBF outlines four goals and 23 targets that must be translated into concrete national actions. Parties will discuss strategies for setting national targets and updating their National Biodiversity Strategies and Action Plans (NBSAPs) to align with the GBF. 
• Resource mobilization: Adequate financial resources, capacity-building and technology transfer are essential to fully implement the GBF, particularly for developing countries. In the run-up to COP16, Parties have been working to close the USD 700 billion annual biodiversity finance gap and align financial flows with the Framework’s goals.³
• Access and Benefit-Sharing (ABS): The Convention’s ABS rules set out the equitable use of genetic resources, often relying on Indigenous knowledge. At COP16, Parties will work to finalize a multilateral mechanism for benefit-sharing from the use of digital sequence information (DSI) on genetic resources. If successful, such an agreement could turn genetic data into a valuable new funding source for conservation.⁴

# III. Recap: Key achievements of Climate Week 2023

COP15, held in December 2022 in Montreal, Canada, concluded with the GBF, a landmark agreement to guide global action on nature through to 2030.

• Equitable framework: COP15 concluded with the adoption of the GBF, which sets out concrete measures to reverse biodiversity decline by the end of this decade.
• Clear targets: The conference set clear targets to tackle overexploitation, pollution, fragmentation and unsustainable agricultural practices. The GBF includes an ambitious goal known as “30x30”, which aims to conserve 30% of the planet’s land and water by 2030. 
• Indigenous rights: A plan was established to safeguard the rights of Indigenous peoples and recognize their vital role as stewards of nature. 
• Financial commitment: Developed countries committed to raising at least USD 30 billion per year in international financial support for developing countries to meet biodiversity targets. Additionally, Parties agreed to mobilize at least USD 200 billion annually from public and private sources for biodiversity-related activities.⁵

# IV. Reactions

The GBF has been met with a mix of reactions from the global community: 

• Significant step forward: Many environmental leaders and organizations view the GBF as a crucial step in addressing biodiversity loss. 
• Global commitment: The UN, EU, and countries like the UK and Canada praised the agreement as a turning point for global nature conservation. 
• Concerns over process: Some countries felt pressured into agreement, while others raised issues about funding and the framework’s effects on Indigenous communities. 
• Funding issue: Some developing nations, particularly in the Global South, criticized the proposed financial mechanisms as insufficient for their conservation needs, with some temporarily walking out of the talks over stalled discussions on financial support. 
• Indigenous rights: Indigenous groups have expressed both support and concerns about the framework, with some feeling their rights and contributions are not fully recognized. 
• Accountability: Experts caution that the GBF may be too vague and lacks strong enforcement mechanisms to ensure countries meet biodiversity targets.⁶

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