COP16: a step towards global biodiversity action

Taking place from 21 October to 1 November 2024 in Cali, Colombia, the 16th Conference of the Parties (COP16) to the United Nations Convention on Biological Diversity (CBD) builds upon the foundations laid during COP15 in 2022, where nations gathered to adopt the Kunming-Montreal Global Biodiversity Framework (KMGBF). This framework outlines ambitious targets for biodiversity preservation and restoration, underscoring a collective commitment to safeguard the planet’s ecosystems.

Held in December 2022 in Montreal, COP15 was a landmark event that resulted in the adoption of the KMGBF. This framework outlines four overarching goals and 23 specific targets aimed at reversing biodiversity loss by 2030. Among these, the 30x30 target – calling for the protection of 30% of global land and marine areas – stands out as a critical benchmark for conservation efforts. Countries also pledged significant financial resources to support biodiversity initiatives, particularly in developing nations, acknowledging that adequate funding is crucial for effective action.

The agreements forged at COP15 serve as a vital roadmap for the discussions and decisions at COP16. As nations prepare, they are expected to assess their progress toward these targets, share best practices and explore innovative solutions to address the urgent challenges posed by biodiversity loss.

COP16 is crucial for several reasons. Most importantly, it marks the first stocktake of the KMGBF, providing a platform for participating countries to assess their progress and share national strategies. The conference aims to turn multilateral goals into concrete actions through the development and implementation of National Biodiversity Strategies and Action Plans (NBSAPs), enabling countries to align their efforts with the framework’s objectives. This stocktake will not only highlight successes, but also expose gaps and challenges that require urgent attention.

Additionally, COP16 represents a key opportunity to elevate the role of indigenous peoples and local communities in biodiversity conservation. The KMGBF acknowledges that these communities are vital partners in safeguarding biodiversity and stresses the importance of including them in decision-making processes. Recognising their contributions is essential for effective and equitable environmental stewardship, as they are often the custodians of rich ecosystems and hold invaluable traditional knowledge.

The financial landscape for biodiversity conservation will also take centre stage at COP16. Developed nations have committed to mobilising at least USD 20 billion annually by 2025 to support conservation efforts in the Global South. This funding is crucial, as it underpins the success of initiatives aimed at curbing biodiversity loss. Ensuring accountability and transparent funding mechanisms will be key to translating these financial commitments into tangible conservation outcomes. Effective monitoring will be essential to track how effectively these funds support biodiversity initiatives.

Colombia’s selection as the host country for COP16 is especially fitting, given its status as one of the most biodiverse nations on the planet. From the Andes mountains to the Amazon rainforest, Colombia boasts a remarkable variety of ecosystems. It harbours about 10% of the world’s species, including more bird, amphibian and butterfly species than any other country. However, the country also faces significant environmental challenges, such as deforestation driven by illegal coca production. Since the 2016 peace agreement with the Revolutionary Armed Forces of Colombia (FARC), coca production has surged, leading to increased land clearing and environmental degradation. By hosting COP16, Colombia seeks to highlight its commitment to environmental sustainability and its leadership in addressing biodiversity loss while fostering inclusive development.

The conference theme, “Peace with Nature”, reflects Colombia’s vision for restoring balance between human activities and natural ecosystems. This theme resonates with the country’s historical context and the ongoing struggles of local communities to reclaim their relationship with the environment.

As delegates gather in Cali, discussions will revolve around key issues such as biodiversity finance, the operationalisation of digital sequence information and the global review process for assessing progress toward the KMGBF targets. A key will be how countries can effectively mobilise financial resources, including private investments, to support biodiversity initiatives. The expectation is that COP16 will lead to commitments and strategies that can be implemented at both national and local levels.

Countries will also negotiate mechanisms for monitoring and evaluating the effectiveness of their NBSAPs. The goal is to ensure that these plans are not just bureaucratic documents but living frameworks guiding concrete actions on the ground. COP16 is expected to produce enhanced reporting frameworks, clear guidelines for national implementation and stronger accountability mechanisms for signatory countries.

The anticipation surrounding COP16 includes specific expectations from various stakeholders. There is a strong desire for clear commitments to incorporate biodiversity considerations into financial decision-making processes. Stakeholders are also looking for the introduction of innovative financing mechanisms that can effectively mobilise both public and private capital for biodiversity conservation. Aligning financial flows with conservation goals will be crucial, not only for protecting ecosystems but also creating economic opportunities in communities most affected by environmental degradation.

Swiss Life Asset Managers firmly believe that biodiversity preservation is a critical priority for sustainable investors. Biodiversity is the foundation of healthy and resilient natural systems, providing essential ecosystem services that support both human well-being and economic development. Recognising this, we have developed extensive expertise in environmental issues and were among the first to launch a biodiversity-focused fund.

As we look forward to COP16, it is crucial that we unite in our efforts to foster a future where biodiversity thrives, ensuring a balanced coexistence between nature and humanity. The outcomes of this conference will be critical in shaping the global response to biodiversity loss and we at Swiss Life Asset Managers are committed to contributing to this vital global endeavour.