What Biodiversity Developments Happened at COP16?

COP16, or “Biodiversity COP” 2024, is coming to a close after a 12 days packed with nature information. 

It marked the 16th meeting of the Conference of the Parties to the Convention on Biological Diversity and the first since the adoption of the Kunming-Montreal Global Biodiversity Framework (KMGBF).

The conference brought notable progress in understanding the value of biodiversity, but missed the mark in some areas. 

Melanie Nakagawa, Chief Sustainability Officer at Microsoft, says: “Of the many UN conferences I've attended during my two decades in sustainability, COP16 has been unique.

“Besides being the largest-ever biodiversity COP, the energy and spirit of inclusivity here in Cali are one of a kind. 

“Preserving our world's biodiversity is the foundation of a sustainable future and without strong, intentional cross-sector partnerships we will only continue to lose ground in our fight against this climate crisis. 

“Seeing a diverse group of leaders coming together with this shared desire to collaborate has been inspiring.”

The goals for COP16

Government representatives and companies from around the globe flocked to Cali, Colombia to review progress on the KMGBF.

This framework commits to mobilising US$200bn per year for biodiversity, including US$30bn through international finance.

Countries were given the goal of updating their National Biodiversity Strategies and Action Plans (NBSAPs) and governments hoped to create a framework for biodiversity monitoring. 

Genetic resources were a hot topic, with governments aiming to create a mechanism to share the benefits of them fairly. 

The conference was focussed on the theme of Peace with Nature. 

Progress on the Kunming-Montreal Global Biodiversity Framework

Despite hopes of getting closer to the KMGBF finance goals, talks on the issues were gridlocked. 

On 21 October 2024, the summit’s Finance Day, just US$163m was pledged to the Global Biodiversity Framework Fund out of the needed US$200bn. 

This money brings the fund’s total to US$400m, only 0.2% of what the framework says is needed every year. 

Hopes remain that talks will continue after COP16 and more funding will be raised to preserve natural resources.

Alexandra Pinzon, Head of Biodiversity at ShareAction, says:  "It was encouraging to see the momentum behind tough questions, such as how to tackle a much-needed reform of international financial architecture in order to improve impacts on nature. 

"Biodiversity is gaining importance as a stewardship theme among financial institutions but overall the investment community has not moved fast enough in the past two years to significantly reduce its impacts.

"With just six years left to meet global goals to protect nature, we need to see a step-up in ambition and action from finance leaders, to ensure they are effectively supporting the companies they own and finance to protect our vital ecosystems.

The United Nations Environment Programme (UNEP) World Conservation Monitoring Centre (WCMC) released a report in October 2024 that says the world must act faster to reach the KMGBF goals. 

Target 3 of the KMGBF is an agreement to conserve 30% of the Earth’s land and seas by 2030, but the Protected Planet Report 2024 finds that protected and conserved areas must almost double on land and more than triple in the ocean to achieve this. 

António Guterres, Secretary General of the United Nations, says: “We can – and must – save the ecosystems that sustain us and keep our climate goals within reach.

“The survival of our planet — and our own — is on the line.

“Let us choose wisely. Let us choose life. Let us make peace with nature.”

The good news from COP16

It’s not all missed targets – the Taskforce on Nature-related Financial Disclosures (TNFD) got a huge boost in its numbers.

Dr Julia Baker, Lead of Nature Services at Mott MacDonald, says: “We’re seeing growing momentum for ‘mainstreaming’ the work of the TNFD. 

“Over 500 businesses are now committed to these voluntary disclosures on nature-related impacts and dependencies. 

“What’s fantastic to see is that early TNFD adopters with an integrated mindset are achieving the best outcomes for nature, people and planet.”

Leaders also came together to recognise the leadership of the Presidents of Colombia and Brazil in taking integrated action. 

Dave Lütkenhaus, Global Sustainability and Innovation Director at Diageo, says: “Over 70 global leaders have rallied behind Presidents Gustavo Petro and Luiz Inácio Lula da Silva, applauding their commitment to integrated action on climate, nature and food systems.

“Convened by Groundswell, this letter highlights a historic chance for transformative change as Colombia and Brazil lead the way from UN Biodiversity COP16 to UN Climate Change COP30 in my home country, Brazil.”

Despite bottlenecks in some areas, COP16 still served its purpose in getting leaders around the world both thinking and talking about nature and biodiversity. 

Lorenzo Saa, Chief Sustainability Officer at Clarity AI, says: “If we are to make meaningful change, we need to move beyond talk. 

“To capitalise on this momentum, we must act swiftly to make biodiversity a core component of sustainable investment, not a sideline consideration. 

“The urgency we are feeling here should be translated into action, fully integrating biodiversity into our strategies to build resilient, future-ready portfolios.”

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