COP16 Biodiversity: the key role of companies

The COP16, or the sixteenth Conference of the Parties to the Convention on Biological Diversity (CBD), will take place from 21 October to 1 November 2024 in Cali, Colombia. It follows COP15, which adopted the Kunming-Montreal Global Biodiversity Framework (GBF), a global plan to protect biodiversity by 2050, was adopted. At COP16, governments will meet to review the progress made and update national strategies to align with the GBF targets, which include protecting 30 per cent of land and oceans by 2030, promoting sustainable use of natural resources and reducing pollution.

One of the key objectives of the negotiations will be to mobilise the financial resources needed to implement the Global Biodiversity Framework. Currently, global investment is less than USD 200 billion per year, with the private sector contributing only 20%, according to the State of Finance for Nature 2023 report. The negotiations will also focus on developing monitoring mechanisms to measure countries' progress and ensure transparency. Another key issue will be the Access and Benefit Sharing (ABS), which refers to the fair sharing of the benefits arising from the use of genetic resources, an issue of great interest to businesses.

Alongside governments, businesses will be key players at COP16 in achieving the goals of the Global Biodiversity Framework. More and more companies are recognising that protecting biodiversity is closely linked to their long-term sustainability. Through technological innovation, sustainable production practices and investment in environmental restorationg projects, the private sector can play a decisive role. Businesses at COP16 will have the opportunity to present concrete solutions, engage with key stakeholders and align themselves with global goals, not only as financiers, but also as leaders of initiatives to protect and restore ecosystems.

As reported on the ISPRA website, the COP16 programme will include high-level plenary sessions, working group meetings and side events. The plenary sessions will feature speeches and discussions by government leaders and key stakeholders on the overall themes of the conference. Working groups will focus on specific topics such as financing biodiversity, monitoring progress and adressing threats to biodiversity. Side events will provide a platform to showcase innovative approaches to biodiversity conservation and share best practices. These events will be instrumental in fostering collaboration between different types of actors to achieve our shared global biodiversity goals.

At COP15, countries committed to submit their National Biodiversity Strategies and Action Plans (NBSAPs) by 2024, as required by the Convention on Biological Diversity (CBD). However, many countries have failed to meet this deadline: to date, only 25 countries have submitted their NBSAPs, while 170 others, or around 85%, are still missing from the list. The European Union has submitted its plan, as has Italy, which submitted its National Biodiversity Strategy, which was approved at the end of 2023. However, plans are still missing from several countries that are crucial for global conservation, such as 12 of the 17 mega countries, which alone contain around 70 per cent of the world's biodiversity. These include three of the countries that 'surround' the Amazon, including Colombia, the host country of COP16. The six countries that share the Congo rainforest have also not yet submitted their NBSAPs.

3Bee, the nature tech company leading the development of innovative technologies to monitor, protect and regenerate biodiversity, will participate in COP16 in Cali, from 21 October to 1 November 2024, together with Renewable Matter, the international bioeconomy and circular economy journal. During the event, in collaboration with Materia Rinnovabile, we will provide daily updates through the #COP16to16 segment, focusing on concrete actions and practices that can contribute to the protection of biodiversity. We will closely follow the negotiations on key issues such as the Global Biodiversity Framework (GBF), the Digital Sequence Information (DSI) and biodiversity finance, with the aim of exploring opportunities for collaboration and implementation of strategies that can accelerate the adoption of innovative solutions for ecosystem conservation and long-term sustainability.