COP16: A crucial step towards achieving global biodiversity targets
- 01 October 2024 (5 min read)
KEY POINTS
The upcoming United Nations (UN) biodiversity conference, COP16, marks a pivotal next step in implementing the Kunming-Montreal Agreement signed by 196 governments at 2022’s COP15.
The pledge, to halt and reverse biodiversity loss – known as both the Global Biodiversity Framework1 (GBF) and the Biodiversity Plan – aims to protect 30% of the world’s land and seas by 2030, among 23 targets. Its adoption is an historic step further compared to the previous strategic plan for biodiversity in that it not only includes a set of four goals and 23 targets but also a resource mobilisation strategy and a monitoring framework.
This framework was largely welcomed by the private sector - evidenced by around 1,000 business representatives in attendance at COP152 - as it offered clear global goals and a roadmap for business to develop nature strategies and implement actions to preserve and restore biodiversity.
In particular, businesses strongly supported the adoption of target 15, which commits governments to ensure that large companies and financial institutions regularly monitor, assess, and transparently disclose their risks, dependencies and impacts on biodiversity. This is widely seen as paving the way for more effective progress towards nature conservation and restoration. Following this breakthrough, COP16 is now considered an ‘implementation COP’.
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