COP16 summit delivers international call to action for biodiversity

The escalating loss of biodiversity globally was the focus of the United Nation's recent 16th meeting of Conference of the Parties to the Convention on Biological Diversity, also known as COP16, in Colombia, with the fortnight of discussions providing an opportunity for international commitments to change.

In the lead-up to the summit's opening in late October, there were warnings that a number of the global nature targets set at the COP15 Biodiversity Summit in 2022 would not be met.

Biodiversity targets

On the first day of COP16, it was revealed that the target to protect 30% of the world's land and seas by 2030, as set out in the Kunming-Montreal Global Biodiversity Framework (GBF), would be missed and that these targets would not be achieved in oceans globally until 2107. Additionally, despite wealthier countries pledging to contribute $20 billion annually by 2025 as part of the GBF, at the start of COP16 the Framework's fund currently amounted to only $250 million.

These deviations from the 2022 targets set the tone for COP16, emphasising that targets alone are insufficient and that large-scale action, particularly financial, is crucial to address the twin challenges of climate change and ecological degradation.

The conclusions of the COP16 summit were mixed. Unresolved issues included the establishment of a new biodiversity fund intended to help achieve the GBF targets. However, there were a range of positive developments that should assist in international efforts to curb global biodiversity loss.

Financial commitments

Although a new biodiversity fund to help achieve the GBF targets was not secured, there were persistent calls for increased financial commitments..

A few days into COP16, global investors managing $2.5 trillion in assets published a joint letter urging governments to take immediate action on the global biodiversity crisis. The letter recommended that governments set ambitious national targets, publish sector transformation plans, mandate nature-related disclosures, and establish stronger nature-focused financial mechanisms and regulations. By the end of the first week of the conference, COP16 echoed the sentiment of this letter, calling for an end to the deadlock on financial action.

During the second week, Colombia launched its "Peace with Nature" coalition alongside 20 other countries, aiming by 2030 to reduce the decline of nature through the transformation of its inter-relationship with humanity. During the launch, leaders reiterated the urgent need for a financing agreement to avert a nature crisis and warned of the impending "era of human extinction" if nature is not restored.

Consistent calls for financial commitments throughout COP16 did not go unheeded. The European Union reaffirmed its commitment to restoring biodiversity through a financial package of almost €160 million. The EU package aims to assist Africa, Asia, Latin America and the Caribbean in nature restoration, to combat illegal wildlife trafficking, conserve the oceans, leverage private capital to fund these efforts and increase biodiversity certification and nature credits.

Although the desired level of funding was not secured at COP16, a clear message emerged that financial commitments are crucial to preventing biodiversity loss on a global scale.

Indigenous peoples and local communities

COP16 highlighted that the effects of nature loss are often more strongly experienced by indigenous peoples and local communities (IPLCs). In response, parties adopted a new programme of work ensuring that IPLCs play a significant role in achieving the convention's objectives and the GBF targets.

The new "Cali Fund" was established to ensure the fair and equitable sharing of benefits arising from digital sequence information (DSI) on genetic resources. This includes how "pharmaceutical, biotechnology, animal and plant breeding and other industries benefitting from DSI should share those benefits with developing countries and indigenous peoples and local communities." Although this fund operates on a voluntary basis, it encourages large companies to contribute if they are commercially benefitting from DSI uses. It is projected that 50% of this fund will support IPLCs, ensuring that nature is restored where it is most needed.

The increased focus on IPLCs in addressing biodiversity loss signalled the recognition of biodiversity as  a truly global problem that requires global solutions.

Managing invasive alien species

Invasive alien species are recognised as one of the top-five contributors to biodiversity loss that require addressing to enhance the world's natural and native resources. At COP16, this resulted in the proposal of guidelines for managing invasive alien species, including improved cross-border trade regulations, new databases and enhanced e-commerce platforms.

Consolidating policy makers

The countries at COP16 adopted a decision to signal that biodiversity loss is an issue on a par with climate change and to advocate, among other things, the consolidation of biodiversity and climate change policy decisions. The text aims to "strengthen multilateral coordination" and achieve greater policy coherence.

A movement towards this more integrated approach could enable significant progress on substantive solutions to global biodiversity loss.

Osborne Clarke comment

Since COP16 did not achieve its goal of more decisively implementing the GBF, there remains a reliance on individual parties to the convention to take action to reduce biodiversity loss. As COP16 concluded, Antonio Guterres, the UN secretary general, reiterated that "the survival of our planet's biodiversity and our own survival are at stake. We do not have a moment to lose."

At Osborne Clarke, we are committed to supporting companies in the movement towards a more sustainable and biodiverse future. If you wish to discuss any of the COP16 themes or content further, please contact one of our experts.

This insight was written with the assistance of Trainee Solicitor, Mollie Fagg.