COP16 on Biodiversity: what to expect and why it is crucial for companies

As the world turns its attention to the urgent need for biodiversity conservation and Europe takes significant steps, such as approving the Nature Restoration Law, COP16 on Biodiversity stands as 2024’s most important event for nature conservation. Global leaders, scientists, and industry stakeholders will gather in Cali, Colombia, to shape the future of our planet’s ecosystems. What will be discussed, and why should companies and citizens care? This article uncovers the key facts and explains why COP16 is not just another international conference but a critical milestone to define how we protect and sustain our natural world for future generations.

COP16: what it is and where it will take place

COP16 on Biodiversity refers to the 16th meeting of the Conference of the Parties (COP16) under the Convention on Biological Diversity (CBD). The event will be held in Cali, Colombia, from October 21 to November 1, 2024. 

Although less well-known than the COP dedicated to climate change, the COP on biodiversity is just as important. Representatives worldwide, including governments, scientists, NGOs, and the private sector, will discuss and negotiate strategies to sustainably protect and manage biodiversity.

What are the objectives of COP16?

The primary objectives of COP16 are centred around advancing global efforts to protect Biodiversity, ecosystems, and the services they provide. The COP16 seeks to build on the commitments made during COP15 (Kunming-Montreal) in 2022, where 196 governments (also called parties) from all around the world approved the Global Biodiversity Framework (GBF), an ambitious pathway to halt and reverse biodiversity loss by 2050. The conference will focus on assessing the progress made by countries in implementing the framework’s goals, which include conserving 30% of the world’s lands and oceans by 2030, reducing pollution, and promoting sustainable use of natural resources.

What are the negotiations of COP16 about

The GBF Negotiations at COP16 will revolve around several key issues that represent challenges to biodiversity conservation. One of the central topics will be the financial resources required to achieve the ambitious goals set out in the Global Biodiversity Framework and where/from whom to get these resources. 

Discussions will likely cover how to mobilise and distribute funding, especially for developing countries, which often face the most significant challenges in implementing biodiversity conservation measures. Another important area of negotiation will be related to the mechanisms for monitoring and reporting on the progress of biodiversity targets. Additionally, the conference will address issues related to access to genetic resources and the fair and equitable sharing of benefits arising from their use, a principle known as Access and Benefit-Sharing (ABS).

Why is COP16 important for companies?

For companies, COP16 will probably be the most critical COP on Biodiversity for now since it will influence regulations and expectations regarding the private sector’s role in biodiversity conservation. Businesses are increasingly being called upon to assess and mitigate their impacts on Biodiversity, integrate biodiversity considerations into their operations, and report and disclose their impacts and dependencies to contribute to global conservation efforts. This conference could result in new guidelines or requirements for companies from different industries, including but not limited to agriculture, forestry, fisheries, tourism, energy production and the financial sector.

What is the COP16 program?

The program for COP16 will include a mix of high-level plenary sessions, working group meetings, and side events. This year’s event is expected to be more open to citizens than the previous COPs and promote participation from marginalised groups like Indigenous peoples and local communities (IPLCs).

Plenary sessions – blue zone – will feature speeches and discussions by government leaders and key stakeholders on the conference’s overarching themes. Working groups will delve into specific topics such as financing Biodiversity, monitoring progress, and addressing threats to Biodiversity. 

Side events – green zone – will provide a platform for showcasing innovative approaches to biodiversity conservation and sharing best practices. These events will be vital for promoting collaboration among different kinds of actors to achieve our common global biodiversity goals.

Etifor’s participation during the COP16

Safeguarding biodiversity has always been one of Etifor’s goals. Over the years, we have become one of the few Italian organisations to be part of critical international networks. We are Italy’s Hub of Capitals Coalition and the Science-Based Targets Network (SBTN) members, both part of the Business for Nature initiative. The latter is a global coalition that aims to incentivize companies to make concrete commitments to a Nature Positive economy, protecting and restoring biodiversity. We are proud to have signed the agreement that aims to implement the Biodiversity Plan (Global Biodiversity Framework) to halt and reverse nature loss by 2030, joining many other organizations around the world.

In line with these commitments, Etifor will participate in several activities at the upcoming COP. Aware of the importance of this event for the world and the global environmental agenda, Etifor will actively participate in the next COP from multiple fronts, with a delegation travelling to Cali next October. We will participate in discussions about targets 15 (“Integrate legal, administrative or policy measures within business and financial institutions”) and 19 (“Substantially and progressively increase the level of financial resources”) of the Global Biodiversity Framework.

What activities are we planning at COP16?

• We will discuss goals 15 (Integrate legal, administrative or policy measures within commercial and financial institutions) and 19 (Substantially and progressively increase financial resources) of the Global Biodiversity Framework.
• We will conduct a side event on the importance of co-creating a Nature Positive economy and take part in multiple meetings related to the value of ecosystem services to make private finance compatible with nature.
• We will present the report “Biodiversity and the Private Sector in Italy”, prepared by Etifor in collaboration with ISPRA, which assesses the progress of GBF Goals 15 and 19 at the Italian level.

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