A critical moment: The 16th meeting of the Conference of the Parties to the Convention on Biological Diversity (COP16), to be held in Cali, Colombia from Oct. 21 to Nov. 1, represents a critical moment — and possibly a last best chance — in the effort to preserve biodiversity and reverse the destruction of natural ecosystems, writes Director of Nature Alex Novarro.
Private sector engagement: Many wonder whether the business community will show up in Colombia the same way it did in 2022 for COP15 in Montreal. All signs point to yes.
- On July 15 more than 130 companies representing $1.1 trillion in revenue released a letter calling for COP16 negotiators to strengthen policies and regulations to drive corporate action on nature.
- Over 400 companies have adopted The Taskforce on Nature-Related Financial Disclosure (TNFD) reporting recommendations.
- Hundreds of financial institutions have endorsed investor initiatives, such as PRI Spring and Nature Action 100, to engage companies on nature.
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Updated national strategies: COP16 is the voluntary deadline for governments to revise and update their National Biodiversity Strategies and Action Plans to achieve the goals of The Biodiversity Plan, the agreement that came out of COP15. The primary implementation mechanisms for national governments, these plans will also potentially formalize the role and responsibilities of non-state actors, including businesses.
A pivotal opportunity for nature finance: We are not nearly on track to bridge the $700 billion biodiversity finance gap by 2030, and recent negotiations have ended in disarray as countries disagreed on the path forward. Given the continued shortcomings of public sector finance, the private sector must play a critical role in mobilizing funds for ecosystem protection and restoration.
Get more of Alex’s analysis of key themes heading into COP16. And request an invitation to Bloom 24, our nature event in Cali alongside COP 16.
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