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COP16: A wake-up call to urgent action for biodiversity restoration

COP16: A wake-up call to urgent action for biodiversity restoration

November 01, 2024 - The Kunming-Montreal Global Biodiversity Framework (GBF) marked a historic milestone two years ago, setting ambitious targets for reversing biodiversity loss. Yet, COP16 made it abundantly clear: without swift, targeted action and a redirection of financial flows, subsidies, and incentives toward nature-positive outcomes, these goals will remain out of reach. Achieving the GBF targets will require unprecedented collaboration and accountability from all sectors of society. The time for discussion is over—real, measurable progress must be made. Unfortunately, unresolved negotiation items mean further talks will be required in 2025.

Leadership and collective responsibility at COP16

At COP16, the leadership of the Government of Colombia, under Minister Susana Muhamad, stood out as a shining example of what can be achieved when governments prioritise collaboration. The theme “Peace with Nature” underscored the necessity of building consensus around our shared responsibility for reversing biodiversity loss by 2030. Political commitment is higher than ever before—six heads of state and several finance ministers attended the UN Biodiversity Conferencefor the first time, a clear indication that nature is being recognised as a top priority alongside climate change. Despite this progress, much work remains to be done, and the road to tangible outcomes is still a long one. Business for Nature (a global coalition of 100+ partner organisations as well as forward-thinking companies) clearly summarises these conclusions and key areas of focus:

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COP16: Conclusions and key areas of focus

COP16 highlighted several critical areas where urgent action is needed to secure a nature-positive future:

  1. The urgency of financing nature’s future

    Nature is the foundation of our economies and societies, yet its true value is not reflected in financial systems worldwide. COP16 highlighted the need to close the biodiversity financing gap, but the opportunity to make this shift was missed. One positive outcome was the establishment of the Cali Fund, aimed at using digital sequence information (DSI) to ensure that businesses in specific sectors financially contribute when using nature. This is an important step forward to mobilise private sector finance for nature conservation, but it remains a voluntary effort that requires strong government support to work effectively.

  2. Redirecting harmful subsidies for long-term sustainability

    The USD 2.6 trillion in annual subsidies that harm the environment continue to fuel short-term profits at the expense of long-term sustainability. At COP16, there was some recognition of the need to address these harmful subsidies, but progress on redirecting these resources was slow. Both businesses and governments must act decisively to align economic incentives with sustainable practices, ensuring that financial flows are redirected toward solutions that support nature's restoration.

  3. Collaboration across sectors: The role of people

    COP16 demonstrated the collective will to drive change. Indigenous Peoples and local communities (IPLCs) were formally recognised with the creation of a permanent subsidiary body dedicated to their vital role in biodiversity conservation. This is a historic step towards ensuring that traditional knowledge informs future biodiversity efforts. Additionally, businesses and financial institutions are increasingly recognising their role in advancing the GBF’s goals and are calling for stronger regulations to ensure they contribute meaningfully to a nature-positive future.

  4. Mainstreaming biodiversity into every sector

    A significant highlight at COP16 was the renewed focus on mainstreaming biodiversity across all sectors. This is essential to avoid the failures of past biodiversity frameworks and embed nature into the core of our economic systems. Countries like Colombia and Mexico, along with businesses and financial stakeholders, are leading efforts to make biodiversity a fundamental consideration across industries, ensuring that it is no longer treated as an afterthought.

Moving forward: Scaling up action now

While COP16 achieved important milestones, much more needs to be done to meet the ambitious biodiversity targets of the Global Biodiversity Framework by 2030. As COP17 in Armenia approaches, the need for accelerated, coordinated action has never been greater. We must now scale up efforts exponentially—every sector must prioritise nature and take urgent steps to address the biodiversity crisis before it’s too late. Let COP16 serve as the wake-up call that drives us toward a nature-positive future, where we invest in the regeneration of our planet for generations to come.

Biodiversity is central to our strategy

At VP Capital, we take responsibility ourselves. We recognise the critical role in sustaining both the planet and human wellbeing and have made biodiversity a central focus of our 2024–2028 strategy. We identified investable solutions based on the key drivers of biodiversity loss— pollution, overexploitation, land-use changes and climate change. In 2023, we reinforced our commitment by joining the Finance for Biodiversity Foundation and signing its pledge to align our financial activities with the biodiversity goals as adopted in the Kunming-Montreal Global Biodiversity Framework.

Read more about our biodiversity targets that mark the first steps in our journey to integrate biodiversity into our operations in Insight article: VP Capital sets initiation Biodiversity Targets

Source: UN Biodiversity COP16: A step forward, but not far enough — Business For Nature.

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COP16: A wake-up call to urgent action for biodiversity restoration

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