The 16th Conference of the Parties to the Convention on Biological Diversity (COP16) in Cali, Colombia, yielded several significant outcomes. Key achievements included an emphasis on securing financing for biodiversity protection, with initiatives to increase contributions to the Global Biodiversity Framework Fund (GBFF) to help close the biodiversity funding gap. Additionally, the conference advanced the implementation of the Kunming-Montreal Global Biodiversity Framework (KMGBF) goals, with countries presenting updates on their National Biodiversity Strategies and Action Plans to achieve targets like protecting 30% of global land and sea by 2030.
A major topic was the operationalization of benefit-sharing for Digital Sequence Information (DSI), focusing on equitable compensation for genetic resource usage, which has significant implications for scientific research and biodiversity-rich nations. Furthermore, the involvement of Indigenous Peoples and local communities was underscored, as their traditional knowledge and stewardship play a critical role in conservation strategies. Lastly, the conference also addressed synergies between biodiversity and climate action, exploring the role of ecosystems in climate resilience as part of broader environmental and socio-economic sustainability efforts.
Hannah's Key Takeaways:
Indigenous Peoples are the best stewards of biodiversity. Indigenous Peoples have centuries of knowledge and cultural practices deeply rooted in understanding and sustainably managing their natural environments, which has allowed them to protect biodiversity far longer than modern conservation methods. Their lands encompass 80% of the world's remaining biodiversity, illustrating the effectiveness of their stewardship in preserving complex ecosystems. Additionally, their holistic approaches to land management prioritize balance and reciprocity with nature, offering crucial lessons for addressing today’s biodiversity and climate crises.
Government's must deliver subsidy reform to protect nature. Governments can protect nature by phasing out harmful subsidies—such as those that incentivize deforestation, overfishing, and fossil fuel use—and redirecting funds toward sustainable practices that enhance biodiversity. This could involve reinvesting these subsidies in renewable energy, sustainable agriculture, or conservation programs that support ecosystems and local communities. Additionally, by implementing transparent tracking and reporting mechanisms, governments can ensure that subsidies align with environmental goals and are held accountable for progress in biodiversity protection.
Private sector engagement is key to closing the biodiversity funding gap. The private sector is crucial for closing the biodiversity funding gap because governments alone cannot meet the estimated $700 billion annual investment needed to halt biodiversity loss and achieve conservation goals. Businesses depend on ecosystem services—like clean water, pollination, and stable climates—and by investing in nature-positive initiatives, they can reduce operational risks while contributing to biodiversity targets. Companies can engage through sustainable supply chain practices, biodiversity credits, green bonds, and public-private partnerships that drive financial support for conservation, helping align corporate interests with global environmental goals.
Such investments not only contribute to preserving ecosystems but also help companies align with emerging regulatory frameworks and consumer demands for sustainability, ensuring long-term resilience and competitive advantage.
Biodiversity credits are one instrument to engage private sector financing. Biodiversity credits are emerging as an effective tool to close the biodiversity funding gap by creating financial incentives for businesses and investors to support conservation activities directly. These credits allow companies to invest in biodiversity projects—such as reforestation, habitat restoration, or protection of endangered species areas—in exchange for a quantifiable return, typically measured in ecosystem outcomes, similar to carbon credits. By monetizing the preservation of biodiversity, credits attract private-sector capital that might otherwise be unavailable, helping to scale up conservation efforts while aligning with corporate environmental, social, and governance (ESG) goals.
Additionally, biodiversity credits support transparency and accountability in conservation finance, as they usually include standards to measure and verify the ecological benefits achieved. This transparency is appealing to companies seeking to demonstrate concrete sustainability outcomes, which also helps increase market confidence and accelerates investment in nature-positive solutions.
The biodiversity market must learn from our mistakes in the voluntary carbon market: What was repeatedly being said in the panels I participated in was that indigenous peoples must be consulted and integrated in the development of metrics and methodologies to value biodiversity. The notion of putting a price on nature is not aligned with many indigenous world views. Therefore, if IPLCs are to participate in this kind of market, the methodologies must be bottom-up rather than top-down (rules & value definitions imposed by the Global North). I believe ERA's Umbrella Species Stewardship crediting protocol attempts to reconcile these issues and has integrated many lessons learned from the failures of the carbon market such as:
credit pricing: based on the costs of stewardship, not market driven (supply vs. demand)
indicators and metrics: are defined by the land-stewards based on a Theory of Change rather than complex equations, concepts of additionality and permanence enforced by the Global North.
standing forests have inherent value rather than only being valued by high deforestation threat
Less talk, less siloes, more action, more nature: Attending COP16 in Cali was an experience that left me with some mixed feelings. While it was inspiring to see global experts and advocates for biodiversity come together, I couldn't help but feel there was a bit more talk than action. It seemed that groups were largely in echo chambers, mostly engaging with familiar faces and reinforcing existing perspectives. I found myself wishing for more immersive experiences in nature—activities that could help us feel the very essence of what we’re striving to protect. After all, to truly champion biodiversity, we need to reconnect with it firsthand and step outside our bubbles! One of the highlights of my trip was going on a 6 hour hike into the cloud forest. I made new friends, saw a variety of butterflies, tree ferns and fungi! That's what a biodiversity conference should be about!
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