Who Gives a COP? UN Biodiversity Summit Expectations
Oct 16, 2024
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Hugh Bromley, BNEF’s Head of Food, Agriculture and Nature, and Alistair Purdie, a BNEF team member, delve into the upcoming UN Biodiversity Summit in Cali, Colombia. They highlight the urgent need to address the funding gap in the Global Biodiversity Framework and the various national biodiversity strategies. The discussion uncovers the tensions around profiting from genetic data and emphasizes the significance of collective action among nations to combat biodiversity loss and integrate Indigenous voices in negotiations.
Biodiversity COP16 aims to assess global biodiversity strategies while addressing funding challenges critical for conservation efforts.
Incorporating Indigenous Peoples and Local Communities' perspectives in biodiversity policy is essential for equitable and effective conservation strategies.
Deep dives
Understanding Biodiversity vs. Nature
Biodiversity refers specifically to the variety of life forms within a particular habitat or ecosystem. It encompasses the range of different species, their genetic variations, and the ecosystems they inhabit, underscoring the importance of species diversity for ecological resilience. In contrast, nature includes all natural resources, both biotic and abiotic, extending beyond just living organisms to include elements like air, water, and geology. Recognizing this distinction is crucial for effective discussions about conservation and sustainable practices as biodiversity plays a key role within the broader context of nature.
The Significance of Biodiversity COP16
Biodiversity COP16 in Cali, Colombia, serves as a critical follow-up to previous agreements, particularly the landmark Global Biodiversity Framework established at COP15. This meeting will gather around 14,000 delegates from 196 parties, including key environmental ministers and heads of state, to evaluate progress on the framework's goals. It aims to assess member countries' submissions of National Biodiversity Strategies and Action Plans while addressing the challenges and commitments that lie ahead. This event is pivotal for setting the agenda for biodiversity action and accountability moving forward.
The Challenge of Financial Mobilization for Biodiversity
Mobilizing sufficient financial resources for biodiversity conservation remains a prominent challenge, with an estimated annual gap of $800 billion in funding needed to meet the goals of the Global Biodiversity Framework. The framework outlines a target of raising $200 billion each year to support biodiversity initiatives, yet only a fraction of that is currently being mobilized. Emerging markets and developing economies are particularly emphasized, as they harbor significant biodiversity yet face pressures from both development and exploitation. Addressing these financial needs through effective commitments and international cooperation is crucial for achieving biodiversity targets.
The Role of Indigenous Peoples in Biodiversity Conservation
Indigenous Peoples and Local Communities (IPLCs) are recognized as vital stewards of biodiversity, yet they often face marginalization in global negotiations. Recent efforts have begun to include their perspectives in discussions about biodiversity policy, highlighting the importance of their traditional knowledge and practices. However, the diversity of views among IPLCs can complicate their representation and ability to advocate effectively. Ensuring their active participation and securing financial support for IPLC-led conservation efforts is essential for more equitable and effective biodiversity strategies.
This month, 196 parties are converging in Cali, Colombia for the 16th United Nations Conference on Biological Diversity (COP16). Less famous but no less significant than its climate-focused sibling (which will take place in Baku, Azerbaijan, a few weeks later), COP16 offers a chance to negotiate and assess strategies for protecting global biodiversity, with a focus on implementing the targets agreed upon at COP15 in Montreal two years ago. That’s critical, because as one of today’s guests points out, 100% of global economic activity is based to some degree on nature.
To preview COP16, Dana is joined by Hugh Bromley, BNEF’s Head of Food, Agriculture and Nature, and team member Alistair Purdie. Together they discuss BNEF’s outlook for this meeting, published in the research note Expectations for Biodiversity COP16: Cali Fauna Dreamin'.They also discuss the funding gap for the Global Biodiversity Framework, the National Biodiversity Strategies and Action Plans, and the contentious issue of profiting from genetic data.