A Paris moment for Biodiversity?

Nearly 200 countries convened in Montreal for the 2022 UN Biodiversity conference (COP-15). After hours of intense negotiations and evolving tension between the global north and global south, the deal was sealed. Countries came to an agreement to stop biodiversity loss by 2030. Is this pact comparable to the Paris Agreement for climate? Only time can tell..

What did these countries actually agree to? the Kunming-Montreal Global biodiversity framework. The intention of the framework is to promote biodiversity conservation, sustainable use of resources and fair distribution of resources. This is captured through 4 Goals and 23 Targets in the framework.

 Some highlights of the framework include the following goals and targets:

• Conserve at least 30% of the planet’s land and water by 2030
• Restore at least 30% of the planet’s degraded land and water by 2030
• Phase out or reform subsidies that harm biodiversity by at least $500 billion per year by 2030, while scaling up positive incentives for biodiversity’s conservation
• Mobilise at least $200 billion per year in funding (international and domestic from both private and public sources) by 2030
• Require large companies, including financial institutions to monitor, assess, and disclose their risks and impacts on biodiversity through their operations, supply and value chains and portfolios

What does this mean for companies?

Although the framework is not legally binding, and does not include country-specific targets, this agreement encourages companies to start assessing and disclosing their impact on biodiversity loss along their operations and value chains (Target 15). At the moment, companies need more support for reporting on biodiversity. Frameworks such as the TNFD and PBAF are currently in development, however the Biodiversity COP-15 appear to be the starting point of global push.