The 16th Conference of the Parties (COP16) to the United Nations Convention on Biological Diversity (CBD) concluded in Cali, Colombia, in early November 2024. While the summit achieved some notable advancements in Indigenous rights and benefit-sharing mechanisms, it fell short in critical areas such as establishing a global biodiversity fund (financing) and implementing effective monitoring frameworks (practice).
What went well:
- Indigenous Rights: A significant milestone was establishing a permanent body within the CBD dedicated to Indigenous peoples. This entity will enable Indigenous communities to directly contribute their extensive ecological knowledge to biodiversity conservation efforts, marking a historic step toward inclusive decision-making.
- Digital Sequence Information (DSI): Delegates agreed on a benefit-sharing mechanism for genetic resources, leading to the creation of the “Cali Fund”. Under this agreement, industries such as pharmaceuticals, cosmetics, agribusiness, and technology that utilise genetic resources are expected to contribute 1% of their profits or 0.1% of their revenue to the fund. This initiative aims to ensure that benefits derived from genetic resources are equitably shared, particularly with countries and communities that are their sources.
- Biodiversity Credits: The International Association for Plant Biotechnology (IAPB) introduced a framework for biodiversity credits, establishing principles to guide the development of high-integrity markets. This framework is intended to incentivise conservation efforts by creating financial value for biodiversity preservation. While the recommendations will have gone a long way to ease concerns, there are many who remain unconvinced by such a market mechanism, fearing greenwashing and unnecessary delays.
- Tropical Forest Finance Facility (TFFF): Led by Brazil, the TFFF was launched with the ambitious goal of raising $125 billion for six rainforest nations. This initiative seeks to mobilise substantial financial resources to protect and restore tropical forests, which are vital for global biodiversity and climate regulation.
- G9 Indigenous Amazon Coalition: A coalition representing Indigenous peoples from Colombia, Brazil, Ecuador, Peru, French Guiana, Venezuela, Suriname, and Guyana was formed to amplify their voices in biodiversity conservation discussions. This coalition aims to ensure that Indigenous perspectives and rights are central to conservation strategies in the Amazon region.
What disappointed:
- Monitoring Frameworks: The conference failed to finalise a new framework for monitoring countries’ progress toward biodiversity targets. Only 44 out of 196 parties have submitted their National Biodiversity Strategies and Action Plans (NBSAPs), despite commitments made under the Kunming-Montreal Global Biodiversity Framework (GBF). Notably, 12 of the 17 megadiverse countries, which collectively harbour approximately 70% of the world’s biodiversity, missed the submission deadline. The absence of a robust monitoring framework to ensure on-the-ground practice only serves to undermine accountability and hampers the assessment of global progress in biodiversity conservation.
- Global Biodiversity Fund: A major setback was the inability to establish a new global biodiversity fund, a key objective of COP16. Opposition from countries including Australia, Japan, the European Union, and China led to a stalemate. This impasse is a significant disappointment, as the $200 billion per year target agreed upon in Montreal remains unmet, leaving a substantial financing gap in efforts to halt biodiversity loss.
Public Financing: The GBF set a target for developed countries to mobilise $20 billion per year by 2025 for biodiversity conservation. However, during COP16, only an additional $163 million was pledged, bringing the total to less than $400 million from seven countries. This shortfall highlights the lack of financial commitment from developed nations, impeding progress toward global biodiversity goals
The outcomes of COP16 underscore the urgent need for enhanced global cooperation and commitment to biodiversity conservation. While strides were made in recognising Indigenous rights and establishing benefit-sharing mechanisms, the failure to secure adequate financing and implement effective monitoring frameworks poses significant challenges. With over a million species at risk of extinction and ecosystems facing unprecedented threats, governments and stakeholders must reconvene with renewed determination to fulfil the promises set out in the Kunming-Montreal Global Biodiversity Framework, backed by the necessary financial resources to ensure meaningful action.
Eoin Murray,
(Guild of Investment Managers and
Exmoor Search and Rescue Team)