COP16 to the Convention on Biological Diversity (CBD)
- 13 December 2024
- Posted by: Greg Coleman
- Category: energy transition
FEP’s recent sessions run on ESG issues, found that the attendees did not have much effort on addressing biodiversity issues and many did not have an action plan to address their impact on biodiversity. To find out more, download the summary report East African Organisations and ESG: Are They Ready for the Challenge?
The concept of Environmental, Social, and Governance (ESG) priorities is increasingly shaping the way we approach global challenges. For businesses, investors, and policymakers alike, ESG frameworks provide a lens through which to evaluate environmental stewardship, social equity, and responsible governance. COP16 to the Convention on Biological Diversity (CBD) offered a critical opportunity to address these pillars by focusing on biodiversity conservation, inclusive decision-making, and equitable benefit-sharing. As the global community places a higher value on sustainability and social justice, COP16’s outcomes are directly tied to the priorities driving ESG initiatives worldwide.
COP16 to the Convention on Biological Diversity (CBD) took place from 21 October to 1 November 2024 in Cali, Colombia, while COP29 to the United Nations Framework Convention on Climate Change (UNFCCC) was held shortly after, from 11 to 22 November 2024 in Baku, Azerbaijan. You can read more about COP29 in our blog post here. In this article, we take a closer look at COP16 to the Convention on Biological Diversity.
COP16 focused on biodiversity conservation efforts, building upon the Kunming-Montreal Global Biodiversity Framework that was adopted in 2022. This conference aimed to tackle some of the world’s most pressing challenges concerning biodiversity loss, ecosystem degradation, and equitable benefit-sharing, with an emphasis on ensuring that conservation efforts are inclusive and just. Key discussions during the conference included the establishment of a subsidiary body to integrate Indigenous peoples more fully into conservation decisions, as well as the introduction of mechanisms for benefit-sharing from genetic resources to acknowledge the contributions of biodiversity-rich regions.
Key outcomes of COP16
One of the standout achievements of COP16 was the establishment of a subsidiary body to include Indigenous peoples and local communities in biodiversity conservation decision-making. This new body will ensure that those who are most directly connected to natural ecosystems are formally involved in policymaking processes. Co-chaired by representatives nominated by UN parties and Indigenous communities, this body is seen as a critical step toward decolonising conservation and valuing traditional ecological knowledge.
Another major milestone was the agreement on benefit-sharing mechanisms for genetic resources, which involves implementing a 0.1% levy on large biotech companies that utilise genetic information sourced from biodiversity. This fee aims to provide financial compensation to biodiversity-rich regions that contribute significantly to the genetic research industry, with a commitment that at least half of the funds raised will be directed toward Indigenous communities.
In addition, the recognition of the role of Afro-descendant communities in conservation was another notable achievement, ensuring that Afro-descendant populations would gain better access to financial resources and greater participation in official conservation conferences.
Implications for energy policy
The outcomes of COP16 also have significant implications for energy policy, particularly in the context of sustainable development and the need to balance energy production with biodiversity conservation. The increased focus on biodiversity conservation and the rights of Indigenous peoples suggests a growing recognition that energy projects, particularly those related to fossil fuels and large-scale renewable energy installations, must take into account their impacts on ecosystems and local communities.
For policymakers, this means that future energy projects will likely face increased scrutiny regarding their environmental and social impacts. There will be greater pressure to ensure that energy developments do not contribute to habitat destruction or biodiversity loss. Additionally, the concept of benefit-sharing, as discussed at COP16, could extend to the energy sector, where communities affected by energy extraction or infrastructure projects may demand compensation or direct benefits.
The recognition of the rights of Indigenous and local communities also implies that their consent and participation will become increasingly crucial in energy planning and development. Projects that fail to engage meaningfully with these communities or that threaten critical habitats may face delays, legal challenges, or even cancellation. This shift aligns with ESG principles, pushing the energy sector toward more responsible and inclusive practices.
The broader push for environmental sustainability also reinforces the importance of transitioning to clean energy sources that have a lower impact on biodiversity. Renewable energy projects, while essential for reducing greenhouse gas emissions, must be designed and implemented in ways that minimise their ecological footprint. The outcomes of COP16 serve as a reminder that the energy transition must not only address carbon emissions but also protect the planet’s biodiversity and respect the rights of all communities involved.
Challenges and gaps
Despite these successes, COP16 was not without its challenges. The conference ended without a clear consensus on a comprehensive funding roadmap for species protection. Lengthy negotiations on financing stretched beyond the official schedule, and a lack of quorum due to early departures of some delegations resulted in the postponement of crucial funding decisions. This lack of resolution left many concerned about the feasibility of achieving the ambitious goals set out in the Kunming-Montreal Framework without adequate financial backing.
Furthermore, the absence of some key global leaders highlighted an ongoing struggle to bring all major players to the table when it comes to biodiversity conservation. Although there was broad representation, the lack of high-level involvement from key countries like the United States, China, and India suggested that the political will to make biodiversity a top priority is still inconsistent among the world’s largest economies.
Moving forward
Overall, COP16 was an important step forward in the fight against biodiversity loss, with a clear focus on inclusivity and equitable sharing of the benefits derived from nature. The emphasis on recognising Indigenous rights, promoting traditional knowledge and ensuring equitable benefit-sharing marks a meaningful shift in global biodiversity policy. However, much work remains to ensure that the ambitious commitments are backed by the necessary financial resources and political will.
As we look ahead, it will be crucial to see how the agreements made at COP16 translate into tangible action on the ground. Now that COP29 has concluded in Baku, Azerbaijan, the outcomes provide a clearer path forward for synergising biodiversity conservation with climate action. The interconnectedness of these issues has become more evident, particularly through COP29’s emphasis on integrating biodiversity considerations into broader climate mitigation and adaptation strategies. This alignment is expected to shape future environmental policies, with a stronger focus on holistic approaches that address both climate and biodiversity challenges together.
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