Nearly 10,000 delegates from almost 200 nations came together at COP15 in Montreal from December 7-19, 2022, at the fifteenth UN Convention of the Parties on Biological Diversity. High-level meetings between official representatives, business and financial institutions, Indigenous communities, NGOs, and youth leaders demonstrated that we are all stakeholders when it comes to nature conservation and biodiversity loss. 

After almost two weeks of political and financial negotiations, the Conference of the Parties agreed to an ambitious set of global targets for the conservation of ecosystems, to help the world conserve, protect, and restore nature. COP 15 included targets on diverting and increasing financial resources to increase funding for nature, and also promoted accountability metrics with which private sector organizations can assess and disclose impacts on biodiversity.

Takeaways from COP15

• The Kunming-Montreal Global Biodiversity Framework (GBF) set 23 global targets for 2030 and 4 more for 2050, which can be broadly divided into three areas. Targets 1-8 aim to reduce threats to biodiversity. Targets 9-13 focus on meeting human needs through the sustainable use of nature and shared access to benefits. Finally, targets 14-23 outline solutions and tools for implementation and mainstreaming.

• When it comes to funding conservation plans, COP 15 acknowledged the need for shared resources. Wealthier nations are to contribute at least $20B each year by 2025, which rises to at least $30B by 2030. The ultimate conservation target is USD $200B funding per year, from both public and private sources. 

• There was also a request to establish a global fund – the Global Biodiversity Framework Fund – to support the implementation of the GBF targets and ensure adequate funds are distributed in a predictable and timely fashion to all nations, including developing countries and small island developing states.

• The conference saw dramatically increased participation from business and financial institutions, who presented new private and blended funding models. These innovative  solutions will assist local communities to meet their conservation goals when it comes to introducing new urban green spaces, reducing pollution risks, or adopting other nature-based solutions.

• Target 15 of the Global Biodiversity Framework requires businesses and financial institutions to reduce harm and increase nature-positive outcomes by complying with disclosure requirements, providing consumers the necessary information required for sustainable consumption, and reporting on access and benefit-sharing measures (ABS).

• There was also recognition of the need to phase out or reform incentives harmful to biodiversity in a proportionate and equitable manner. Target 18 intends to reduce harmful incentives by $500 billion by 2030 with the ultimate goal of scaling up biodiversity-positive and sustainable incentives.

What to expect from COP16

The first major convention on biological diversity since the adoption of the Global Biodiversity Framework, COP 16 will be held in Cali, Colombia, from October 21 to November 1, 2024. Under the theme “Peace with Nature,” the sixteenth Convention on Biological Diversity will gather a diverse array of dedicated parties and stakeholders to review how implementation is progressing on the Framework’s 2030 targets.

Taking place in one of the most biodiverse regions in the world, COP 16 will push forward the progress on the Kunming-Montreal Global Biodiversity Framework. “This event sends a message from Latin America to the world about the importance of climate action and the protection of life,” says H.E. Susan Muhamad, Minister of Environment of Columbia.

Highlighting the growing recognition of the value of the stewardship practices and traditional knowledge of Indigenous peoples, Indigenous organizations will join the conference of the Parties to compare progress reports and implementation methods. The private sector will also be well-represented, presenting new funding and finance models for green investment, as true progress requires both a whole-of-government and a whole-of-society approach.

Over the course of almost two weeks, the delegates at COP 16 will focus on three key areas:

• Examining the implementation of the first 23 targets of Global Biodiversity Framework

  This COP will identify the means to meet the GBF targets. Parties will explore what each member state will do to address the targets, which indicators they will report on, and how they will measure ongoing progress in an evidence-based way. National Biodiversity Strategies and Action Plans (NBSAPs) will document and record each Party’s indicators, measurement methods, and progress. 

• Investing and collaborating to mobilize resources for nature

  Conservation goals and biodiversity plans require funding. COP 15 set finance targets to secure the means of implementation for economies in transition, providing access for all nations by building capacity and financial resources. COP 16 will formalize and strengthen the agreements about how to meet those finance targets and put mechanisms in place to ensure the right resources are mobilized in the right places. Committing to technical and scientific cooperation will help all parties meet their agreed goals. 

• Put methods into operation for access to and benefit-sharing (ABS) of genetic resources

  Historically, the benefit of natural capital and genetic resources has not been equitably shared. COP 16 will explore measures to ensure genetic resources are used in such a way to benefit both providers and users, as well as the ecosystems and local communities in which they are found.  

COP 16 will assess, monitor, and share the progress parties and organisations have made since the landmark agreement in 2022. Parties are expected to share their NBSAPs along with the concrete steps they are taking to assess and disclose the actions aligned with their nature commitments. Innovative funding models will be presented to galvanize green investment, and the performance of monitoring and accountability mechanisms will be measured.

2030 is not the distant future: inclusive participation, concerted effort and bold directed actions are required to meet the ambitious and necessary targets outlined in the Kunming-Montreal agreement. Target 3, for instance, is to protect 30% of the world’s land, waters and seas by 2030. 30x30, as it is colloquially called, will reverse global biodiversity loss, slow species extinction, and strengthen ecological corridors for the entire world.

Nature is the foundation of every business, industry and sector: reversing the loss of biodiversity and aligning with efforts to meet international climate targets will improve future economic prosperity and resilience for everyone. 

COP 15 provided the framework, and COP 16 will need to add the implementation plans to deliver on this at pace if we, as a global society, are to halt the destruction of nature and successfully rebuild our vital natural assets.