During the last two weeks of October 2024, the 16th Conference of the Parties (COP16) of the Convention on Biological Diversity (CBD) took place in Cali, Colombia. The conference focused on the implementation of the Global Biodiversity Framework (GBF) —a comprehensive set of 23 global targets aimed at halting and reversing biodiversity loss by 2030.
The conference brought together nearly 200 national delegations, alongside diverse stakeholders including businesses, NGOs, youth and women representatives, and indigenous and local communities, fostering an inclusive platform for global collaboration and alignment.
COP16, often referred to as the “Implementation COP,” focused on activating negotiations to accelerate progress on the global biodiversity agenda. At the heart of discussions were the status of the National Biodiversity Strategies and Action Plans (NBSAPs) and negotiations around resource mobilization. These topics had a key role in both formal negotiations and side events, underscoring the dual importance of national strategies and financial resources to drive action.
Main outcomes from the formal negotiation
The table below outlines the main outcomes from the formal negotiation. For a complete overview, visit CBD- Important Agreements Reached towards making peace with nature or explore the COP16 summary by Carbon Brief.
Topic |
Main outcome |
Development of National Biodiversity Strategies and Action Plans (NBSAPs) |
Out of 179 parties, 119 submitted national targets and only 44 submitted NBSAPs. |
Financing (Resource mobilization and financial mechanism) |
Proposition to create a Global Financing Instrument for biodiversity under the authority of the COP. Discussions were suspended and will reconvene at the following meeting. |
Digital Sequencing Information (DSI) |
Establishment of the Cali Fund, a mechanism for channeling contributions from companies using Digital Sequence Information (DSI) from genetic resources. |
Synergies with other conventions |
No agreement was reached, but there was overall awareness on the need to enhance coordination and synergies between climate and biodiversity. |
Marine conservation
|
Adoption of Ecologically or Biologically Significant Marine areas (EBSAs), that will facilitate the marine conservation moving forward. Parties agreed on updated criteria to identify and protect critical ocean areas. |
Indigenous & local communities
|
Establish a permanent Subsidiary Body related to Indigenous Peoples and Local Communities (IPLCs). |
One Health Approach |
Endorsement of the holistic “One Health” approach that connects ecosystem health with human and animal health. |
What’s at stake for businesses in Belgium?
Since the development of the GBF targets in 2022, a broad perception emerged that the framework included a specific “business goal”: Target 15. This target emphasizes the responsibility of businesses to assess, disclose, and reduce biodiversity-related risks and negative impacts.
This target sits closely to voluntary framework set by the Taskforce on Nature-related Financial Disclosures (TNFD), and the compliance agenda under the Corporate Sustainability Reporting Directive (CSRD), particularly its E1-E4 standards, and their interplay with social standards, such as those addressing affected communities (S3).
While Target 15 is a critical target for businesses, COP16 served as an important reminder that business engagement with the GBF cannot be confined to a single target. A narrowed perspective can increase business risks and make companies overlook long term strategic opportunities. As such, KPMG has mapped potential business contributions to the different GBF targets. This mapping provides an overview of various sectors and how specific actions can drive transformative change.
Disclosures and increased transparency will set the stage for the wider stakeholder community to demand action. However, understanding the entirety of the GBF and the commitments made by signatory parties is a critical point where the disclosed business impacts, risks, and opportunities lie. This wider perspective enables businesses to anticipate short-, medium-, and long-term risks and opportunities—not only within their countries of operation but also throughout their sourcing regions.
Recognizing that all 23 targets of the GBF are relevant to businesses, the following list provides examples of how companies can align with and anticipate the trends set by the GBF in the near future:
Target |
Business consideration (non-exhaustive) |
Target 2: Conserve 30% of Land, Water, and Seas |
Without strategic planning on business growth (M&A, etc.), policy developments aimed at land restoration and conservation could disrupt planned business expansion, both in operational territories and sourcing regions. |
Target 3: Restore 30% of degraded ecosystems |
|
Target 18: Reduce harmful incentives by $500 billion per year, and scale up positive incentives |
A forecasted shift in incentives across sectors—such as pesticides, mining practices, and extensive agriculture—highlights the need for vigilance. Oversight of regulatory changes in both operating and sourcing countries could mitigate risks and unlock business opportunities in the face of these transitions. |
Target 13: Increase the sharing of benefits from genetic resources, digital sequence information, and traditional knowledge |
Sectors such as agriculture, cosmetics, and pharmaceuticals, that use Digital Genetic Information (DSI) from genetic resources are expected to contribute 1% of their profits or 0.1% of their revenue to the newly agreed Cali Fund. |
Target 19: Mobilize $20 billion per year for biodiversity from all sources |
To reach this goal, policymakers and society are likely to expect businesses to take greater ownership, demonstrate proactive action, and allocate more resources across their supply chains. |
How to move forward
The Global Biodiversity Framework (GBF) presents an unprecedented opportunity for businesses to redefine their relationship with nature. Beyond serving as a compliance agenda, the GBF outlines a clear roadmap for action, inviting forward-thinking companies to take the lead.
Although perceptions of COP16’s negotiation outcomes were mixed, the conference marked a significant turning point for business engagement with biodiversity. In the corridors and side events, COP16 showcased meaningful progress—from the development of frameworks and tools like TNFD to advancements in metrics, case studies, and nature-based technology solutions. The range of actionable opportunities for businesses is expanding at an unprecedented pace.
The landscape is shifting rapidly, and those who lead the way today will be the innovators of tomorrow. With the right commitment, businesses can secure a sustainable future for both them and the planet. The stage is set; now is the time to act.
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