Amy Nguyen is a consultant, researcher and writer focusing on the nexus between sustainable business and global value chains. She covers global policy developments on environmental issues, news on the energy transition and supply chain innovation, typically through the lens of the apparel and textile industry.
ceremony of the COP16 summit in Cali, Colombia, on October 21, 2024. The UN Convention on Biological Diversity COP16 held in Cali, Colombia from 21 October to 1 November was set to be a key moment to drive implementation and iron out details of the Global Biodiversity Framework , the landmark agreement made in 2022.
However, still pending are the widespread submissions of National Biodiversity Strategic Action Plans with just 44 of the 196 countries having submitted by the end of COP16. The event was marked by a lack of progress in deciding how the global community will monitor progress towards the headline target of restoring and protecting 30% of nature by 2030.
commented Marco Lambertini, convener of the Nature Positive Initiative in a closing statement at the end of COP16. “Nature's value is often overlooked in accounting frameworks.” said Nathalie Seddon, professor of biodiversity at the Smith School of Enterprise and the Environment and Department of Biology at the University of Oxford, in a statement following the release of the paper by PLOS Climate. The authors advise to consider the impact of nature restoration projects by reviewing the impact on jobs and resilience of local communities too, to enable better policy decisions.
Pippa Howard, chief nature strategist for nature intelligence platform Nature Metrics, echoed this sentiment in our conversation. “If we don’t stop subsidizing, we will continue to be locked into negative activities.” she commented. “Companies across sectors that have the footprint must invest in data to help integrate nature into their daily operations.” she put forward.
One of the main components of Target 15 of the GBF centers around measures to encourage and enable business to monitor, assess and transparently disclose their risks, dependencies and impacts on biodiversity. But, not all attendees of COP16 are hopeful about biodiversity credits. In fact, many are skeptical, branding this instrument a false solution that might be beneficial on a surface level but fail to address real issues and divert critical resources from elsewhere.
“The most striking false solution promoted was the offset and credit push.” relayed Gilbertson. “Biodiversity is complex. Turning it into a unit to be bought and sold and traded on a market is a fundamentally flawed concept.” she argued.
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