In December 2022, the world united to confront the nature crisis, with 196 countries adopting the Global Biodiversity Framework (GBF) at the UN Biodiversity COP15 in Montreal. Dubbed “nature’s Paris moment,” this marked a pivotal step in addressing global nature loss. The GBF set a clear roadmap for society to halt and reverse nature loss by 2030. However, two years later, progress remains slow, and the upcoming COP16 in Colombia represents a crucial opportunity for policy-makers, businesses, scientists, and civil society to shift gears from planning to action.
The Urgency of COP16
The stakes for COP16 couldn’t be higher. The Planetary Health Check reveals that six out of nine planetary boundaries have already been breached, from atmospheric carbon dioxide levels to changes in land and water use. A seventh breach is imminent. Failing to stem the loss of biodiversity threatens catastrophic consequences that could far outweigh the impacts of the 2008 financial crisis or the COVID-19 pandemic. Biodiversity is the foundation upon which our societies and economies rest, and its decline puts everything at risk.
Despite the gravity of the situation, delivering the Global Biodiversity Framework won’t be easy. It demands an unprecedented level of collaboration between governments and businesses to accelerate efforts and build on the modest progress made since COP15.
COP16: An Opportunity for Collaboration
COP16 serves as an implementation COP, offering a unique chance for governments and businesses to move into “delivery mode” and reverse nature-destructive trends. Bold action is needed to ensure the commitments made under the Global Biodiversity Framework are translated into measurable outcomes. Governments must step up their efforts by creating ambitious national plans, while businesses must integrate nature-positive strategies into their operations.
While some countries are making strides, progress has been uneven. Only 44% of governments have updated their National Biodiversity Strategies and Action Plans (NBSAPs) or national targets since COP15. This slow progress underscores the urgency of COP16, where policy-makers must push for ambitious national policies that not only address nature loss but also create incentives for businesses to act.
Bold Policies for Nature: The Role of Governments
Governments have a critical role to play in halting nature loss by implementing bold policies that encourage businesses to take action. One key area is the mandatory nature-related disclosure. For example, China plans to require 450 listed companies to disclose nature-related information by 2026, in line with Target 15 of the Global Biodiversity Framework. This move exemplifies how regulatory frameworks can drive corporate responsibility.
However, much more needs to be done to create a nature-positive economy. One of the biggest barriers to progress is the continuation of environmentally harmful subsidies (EHS), which currently amount to a staggering $2.6 trillion annually. These subsidies, equivalent to 2.5% of global GDP, accelerate ecosystem destruction and species extinction. COP16 presents an opportunity to address this issue by pushing for the fast and effective reform of EHS, as outlined in Target 18 of the GBF.
Business and Biodiversity: Time to Step Up
Businesses must also play a pivotal role in delivering the Global Biodiversity Framework. Mandating nature-related disclosures, as some countries are starting to do, is a crucial first step. But companies need to go beyond compliance. They must actively reduce their environmental footprint, align their operations with nature-positive practices, and work in collaboration with governments and civil society to achieve the 2030 targets.
The Business for Nature coalition has developed 20 policy recommendations in collaboration with over 150 partners to encourage governments to adopt measures that will support corporate action on biodiversity. These recommendations are grouped into five key areas, including the reform of harmful subsidies and the adoption of nature-related disclosures. More than 230 businesses, with a combined revenue of $1.7 trillion, have endorsed these recommendations.
Moving Beyond Promises: Delivering the Global Biodiversity Framework
COP16 represents a historic opportunity to move beyond promises and begin implementing the Global Biodiversity Framework. Governments must lead the way by enacting policies that enable and encourage businesses to adopt nature-positive strategies. Meanwhile, businesses must recognize that their survival depends on the health of the ecosystems that underpin their operations.
The road ahead will be challenging, but the consequences of inaction are far greater. The world has come together to acknowledge the scale of the nature crisis, and now it must come together again to take decisive action at COP16. This conference could mark the moment when humanity finally begins to turn the tide on nature loss and move towards a sustainable, nature-positive future.
As the world gathers in Colombia next week for COP16, the spotlight will be on how governments and businesses can work together to build on the early progress made since COP15. This is a crucial moment in the fight to protect the natural world, and the outcomes of this conference will shape the future of our planet for generations to come.
Conclusion: The Time for Action is Now
The Global Biodiversity Framework set the stage for a global effort to halt and reverse nature loss by 2030. COP16 offers the opportunity to transform commitments into action. Governments must implement bold policies, such as nature-related disclosures and subsidy reform, while businesses must integrate biodiversity into their core strategies. Together, they can pave the way towards a nature-positive future, but the time for action is now. Failure to act at COP16 could have devastating consequences, not only for nature but for human societies and economies as well.
