COP16: Sustaining the momentum on biodiversity
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Article Type
Sustainability Soapbox
Topic
Responsible Investing
Published
October 18, 2024
Read time
2 mins
Author
Robin Honeyman
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The next UN Biodiversity Conference of the Parties (COP16) is set to start on Monday, 21 October 2024, and it promises to be a pivotal moment in the effort to halt biodiversity loss and restore ecosystems. COP16 will build on momentum from COP15 with countries expected to publish, and begin to implement, their National Biodiversity Strategies and Action Plans (NBSAPs).

 

At COP15 in 2022, the international community agreed on a set of ambitious targets dubbed the Kunming-Montreal Global Biodiversity Framework (GBF). The GBF sets the goals of protecting 30% of the planet’s land and oceans by 2030, reducing pollution from plastics and excess nutrients, and restoring at least 20% of degraded ecosystems. Importantly, the GBF has a target to mobilise $200 billion a year for biodiversity initiatives by 2030, emphasising the need for increased financial resources.

 

This ambition is a large leap forward but COP16 aims to go a significant step further by ensuring countries not only commit to these goals, but also develop the necessary strategies to achieve them. These NBSAPs translate global targets into national actions (like the Nationally Determined Contributions for climate change commitments). These roadmaps will outline specific measures, timelines, and resources needed to meet the GBF ambition. Of the 196 adopters of the GBF, only 23 countries have published NBSAPs to-date.

 

In addition, COP16 will include discussions on financing biodiversity, including providing money for solutions and, perhaps more importantly, reducing subsidies for harmful activities. To meet the $200 billion annual target set by the GBF, innovative financing mechanisms will be explored, including biodiversity credits, green bonds, and public-private partnerships.

 

COP16 looks set to provide much-needed clarity on biodiversity action, not least for corporates and financial institutions. While the topic of biodiversity and nature have quickly risen to the top of priority lists for asset owners and managers, there has so far been a lack of top-down guidance of the specific priority areas that require immediate action. The national plans (NBSAPs) will make their way into national policy and legislation providing a clear message from governments – a message that will be backed up with government’s putting their money where their mouth is.

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Author

Robin Honeyman
Responsible Investment Associate
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