The IEEB at COP16 on Biological Diversity

The IEEB at COP16 on Biological Diversity

At COP16 of the Convention on Biological Diversity, the IEEB will highlight the actions carried out to promote the incorporation of nature in the decision-making of the Spanish private sector by participating in parallel events with the rest of the members of the Global Partnership Business and Biodiversity (GPBB).

  • “Positive incentives: Key to progress”. Practical experiences will be shared to inspire the implementation of potential incentives to achieve the goals and targets of the Global Biodiversity Framework.
    October 24, 6:00 p.m. View Details
     
  • “Positive incentives for Ibero-America and exchange of best practices”. It will explore how to foster positive incentives for biodiversity conservation and restoration in Ibero-America and how to mobilize the private sector in the fight against biodiversity loss.
    October 30, 08:30 a.m. View Details

In addition, the MITECO Biodiversity Foundation will participate in other events to publicize its program to support training and job creation for the ecological transition and the land stewardship tool: 

  • “EMPINVEST event on Employment Impact Assessment (EmpIA) to promote the creation of decent employment”. The Biodiversity Foundation will share the employment support programs and the training of professionals for the ecological transition.
    October 25, 4:00 p.m.-5:00 p.m. See details

  • “Enabling private investment to nature-positive activities in the Iberian peninsula: challenges and opportunity”. The FB will show how land stewardship is configured as a useful instrument to promote private financing for restoration projects.
    29 October, 09:00-09:45 h. See details

You can see the entire agenda of side events at this COP16 in https://www.cbd.int/conferences/2024/parallel-meetings

WHAT AGREEMENTS ARE EXPECTED AT THIS COP

The sixteenth edition of this conference (COP16), which will be held from 21 October to 1 November 2024 in Cali, Colombia, has the theme “Peace with Nature” and will be the first COP since the adoption of the Kunming-Montreal Global Biodiversity Framework. 

It will be the COP of implementation, highlighting: 

  • Implementation of the Kunming-Montreal Global Biodiversity Framework. Countries are expected to submit updates to their National Biodiversity Strategies and Action Plans (NBSAPs ). Only 33% of signatory countries have published their NBSAPs or national targets. Spain was one of the first countries to publish its State Strategic Plan for Natural Heritage and Biodiversity to 2030.  
  • Evaluation of implementation. Countries should define indicators to assess the degree of progress on the commitments contained in the Global Biodiversity Framework. Meta 3 commits governments to protect at least 30% of natural spaces, both terrestrial and marine, of high importance for biodiversity and ecosystem functioning, by 2030. Globally, by 2024, only 17.5% of terrestrial ecosystems and 8.5% of marine ecosystems have this condition, so action needs to be accelerated in the next 6 years.   
  • Financing the Kunming-Montreal Global Biodiversity Framework: Negotiation on financial mechanisms will be crucial to ensure that countries can properly implement the plan. Although the global framework points to a gap of USD 700 billion per year until 2030, since 2023 the Global Biodiversity Framework Fund (GBFF) has raised USD 226.9 million, from five countries (including Spain). All indications are that new sources of financing and the mobilization of the private sector will be necessary.  
  • Multilateral Mechanism on the Fair and Equitable Sharing of Benefits Arising from the Utilization of Genetic Resources (Nagoya Protocol). COP16 should finalize and operationalize a multilateral mechanism on the fair and equitable sharing of benefits arising from the use of digital sequence information on genetic resources.

WHY IT MATTERS TO THE PRIVATE SECTOR

The private sector is a key actor in achieving the goals and targets of the Global Biodiversity Framework. At this COP16, aspects that could be of interest will be addressed, highlighting:  

  • How the role of the private sector is reflected in the different NBSAPs. 
  • How the accountability of companies and financial institutions is being regulated as set out in Target 15 of the Global Biodiversity Framework. This goal states that the private sector must identify and assess its impacts and dependencies on nature, act accordingly, and make information public. In this regard, in addition to the European Corporate Sustainability Reporting Directive (CSRD), new regulations have been put in place in countries such as China.  
  • What progress has been made towards the elimination of harmful subsidies referred to in Target 18 of the Global Biodiversity Framework. According to the study published in September 2024 by Earth Track, at least USD 2.6 trillion per year is being allocated to nature-damaging subsidies, so a renewed and more ambitious commitment will be needed to accelerate and align financial flows with results with a positive impact on nature. Likewise, the reforms to be carried out must be fair and take into account all actors, including the business sector.  
  • What new resources and financial instruments will need to be mobilized to close the financing gap of USD 700 trillion per year until 2030. In addition to public financing (both international and at the country level), it will be necessary to align and incentivize private financing with a positive impact on nature.  
 

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