Can COP 15 Reverse the Current Biodiversity Crisis?
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What Is It?
On December 19, 2022, the United Nations Biodiversity Conference (COP15) concluded in Montreal, Canada, with a historic accord that would direct international environmental action through 2030. On the final day of talks, the Kunming-Montreal Global Biodiversity Framework (GBF), which was presided over by China and hosted by Canada, was approved. The GBF seeks to stop the loss of biodiversity, repair ecosystems, and defend the rights of indigenous people. The plan outlines specific actions to halt and reverse the environmental loss, such as protecting 30% of the planet’s surface and 30% of its degraded ecosystems by 2030. The Global Biodiversity Framework (GBF) consists of four overarching global goals to protect nature: stopping human-induced extinction of threatened species and reducing the rate of extinction of all species tenfold by 2050; sustainable use and management of biodiversity to ensure that nature’s contributions to people are valued, maintained, and enhanced; equitable sharing of the benefits from the utilisation of genetic resources, and digital sequence information on genetic resources; and that adequate protection of the environment is provided for all species. A key topic of contention in negotiations is also addressed, with plans to enhance financing for underdeveloped nations.
By adopting a global biodiversity framework at COP15 in Montreal, the globe pledged to stop and reverse biodiversity loss by 2030, a target praised as the equivalent of limiting global warming to 1.5 degrees Celsius. Building on the initiatives adopted during the UK’s COP and G7 Presidency, including securing the Leaders Pledge for Nature last year that commits world leaders to take action to drive sustainable food production, end the illegal wildlife trade, and tackle climate change, the UK has played a leading role in advancing progress in negotiations throughout the summit. The agreement follows the pledge last week made by the Donor Joint Statement to provide billions of dollars to preserve and rehabilitate nature.
The Role of Business and Finance
A striking feature of the COP15 deal is its interlinkages with business and finance. A full-day event on finance and biodiversity was held as part of COP15. This gave the…
