COP15: These are the key results from the biodiversity summit
This week The United Nations Convention on Biological Diversity, better known as COP15, has finished. Many were eagerly awaiting this conference and the concrete actions. What has been agreed on?
1.
‘Paris’ agreement for biodiversity
Similar to the Paris agreement, a legally binding international treaty on climate change adopted in 2015, the Kunming-Montreal Global biodiversity framework was finalized during the conference. Probably the biggest conclusion of this conference, it has 195 nations agreeing to restore at least 30 percent of land and water by 2030. They have to invest $200 billion to achieve this goal. ‘’A first step in resetting our relationship with the natural world," says Inger Andersen, executive general of the UN environment programme. The head of the UN Development Programme Achim Steiner stresses the importance of biodiversity and calls the agreement historic. “Biodiversity is interconnected, intertwined, and indivisible with human life on Earth. Our societies and our economies depend on healthy and functioning ecosystems. There is no sustainable development without biodiversity. There can be no stable climate without biodiversity.”
2.
$800 million pledge to protect Canada’s nature
In relation to achieving this goal of 30% by 2030, Canadian Prime Minister, Justin Trudeau announced a fund of up to $800 million over seven years, starting in 2023-24, to support up to four Indigenous-led conservation initiatives. Once completed, these projects could protect an additional up to one million square kilometres.
3.
Launch of nature action 100
‘’A new global engagement initiative which focuses on investors driving urgent action on the nature-related risks and dependencies in the companies they own.’’ It seeks to encourage investors and corporations to tackle nature loss. According to Nature Action 100, More than half of the world’s GDP ($44 trillion of economic value generation) is either moderately or highly reliant on nature’s services, and by some estimates, tens of billions of dollars in assets could be at risk of stranding over the next five to 10 years if companies continue to produce deforestation-linked commodities.
4.
Kering and L’OCCITANE Group partner on the Climate Fund for Nature
The luxury fashion and cosmetic brands state their ambition to protect nature with a target to invest in total about $300 million. The fund will support high-quality nature restoration projects and support farmer transitions to regenerative agriculture practices with carbon credits.
5.
New investment mandate to help private wealth tackle deforestation
Global Canopy, an Oxford based non-profit, provides family offices and foundations with a clear pathway to ensure their investments are not driving deforestation. The practical how-to guide from Global Canopy, will help keep the destruction of forests, the conversion of other natural habitats, and associated human rights abuses out of portfolios.
6.
Starting the conversation about biodiversity
For a long time the topic has been standing in the shadow of climate change. Policymakers, politicians and the general public were unaware of the importance of biodiversity. Now that people are finally realizing that it is essential to helping stop climate change and the survival of human beings, appropriate measures can be taken. UN Youth representative for Biodiversity and Food from the Netherlands Evi Vet has been fighting for this. Read her interview with us here.
The outcomes of the conference, especially the biodiversity agreement are a great step forward, and the inclusion of the corporate and finance world is a major and essential step. The impact of wealthy corporations, banks and investors is massive. For example: 221 of the world’s largest single-family offices cover a total net worth of $493 billion, with the individual families’ net worth averaging $2.2 billion. When invested, this money could be funding destruction, contributing to the more than $6.1 trillion in private finance driving deforestation each year.
Though these first results are promising, organizations like WWF warn that it is important to watch over the execution of the set targets. They mention that it didn’t include a mechanism to force governments to act if they fail to deliver on their promises. So far, it is a protection on paper and they are awaiting to see the actions in real life. The importance of this protection seems clear: wildlife populations have declined by an average of 69% since 1970, with an estimated one million plant and animal species at risk of extinction by 2050 – approximately 25% of all species on Earth.
