More progress needed to halt biodiversity loss
Published date: 12 November 2024
Main takeaways from Biodiversity COP16 in Cali, Colombia
The UN Conference of the Parties on Biodiversity (COP16) concluded on 1 November, after 15 days of key negotiations, discussions and events. Known as the "COP of implementation," it sought to operationalize the Kunming-Montreal Global Biodiversity Framework (GBF), the global blueprint to halt and reverse biodiversity loss by 2030.
While some progress was made – such as the inclusion of Indigenous Peoples and local communities, commitments on marine conservation, and advancing benefit-sharing mechanisms for genetic resources through the Cali Fund – several challenges remain, mainly regarding biodiversity financing and monitoring of the GBF.
The discussions around the role of the private sector in biodiversity preservation held a key place in this COP, and GRI’s presence focused on sustaining momentum for biodiversity impact reporting, building on GRI 101, the new Topic Standard for Biodiversity. Senior representatives engaged with partners, reporters and sustainability experts from around the world to explore how sustainability reporting can promote corporate transparency to halt biodiversity loss.
Elodie Chêne, Senior Manager GRI Standards, led the work to develop GRI 101 and was part of GRI’s COP16 delegation. Here, she responds on the main outcomes of the summit.
Challenges in financing and monitoring:
COP16 faced setbacks in securing biodiversity financing. Negotiations on the strategy for resources mobilization to secure US$200 billion annually by 2030, as set in Target 19 of the GBF, did not conclude; and a proposal to create a new fund to support nature restoration efforts in developing countries faced resistance from developed countries. Governments were also expected to present their National Biodiversity Strategies and Action Plans (NBSAPs), outlining how they plan to achieve their biodiversity goals by 2030. By the end of COP16, 119 national targets and only 44 NBSAPs were submitted.
Increased focus on monitoring and accountability:
Implementing the GBF requires robust systems to track progress on biodiversity targets, including standardized indicators and metrics that offer clear benchmarks for transparent and consistent reporting across all stakeholders. In line with these measures, GRI 101 has set a new global baseline in corporate transparency for biodiversity impacts. With over 100,000 downloads since its launch in January this year, our Standard is enabling organizations to disclose their nature impacts, promoting sustainable business practices.
Progress on aligning nature and climate action plans:
Another one of COP16’s achievements was the formal recognition that climate and biodiversity crises are inherently linked. Even though the lack of agreement on financial negotiations stalled potential advancements, significant strides were made toward integrating biodiversity into national climate strategies, particularly in relation to NBSAPs and NDCs. With our Project for Climate Change Standards in the process of being finalized, and COP29 starting in Baku, Azerbaijan, we will seek to provide additional actions to guide reporters on this front. While COP16 yielded steps toward a more inclusive and actionable framework, enhanced collaboration among all stakeholders will be critical to overcoming financial and monitoring challenges.
As global attention shifts to the climate negotiations at COP29, GRI will again be present on the ground, leading the way in demonstrating how sustainability reporting can support organizations around the world to address their inter-connecting sustainability impacts, such as the climate and biodiversity nexus - as reflected in our next new standards, on Climate Change and Energy.