Session Summary
Arianna Manili discusses the significance of the biodiversity COP, noting its occurrence every two years, unlike the climate COP, which happens annually.
The last biodiversity COP was crucial, resulting in the adoption of the global biodiversity framework. This framework aims to halt and reverse biodiversity loss by integrating biodiversity considerations into all decision-making processes, emphasising the urgent need for action. A standout target within this framework is the “30 by 30” goal, where countries commit to protecting and restoring 30% of terrestrial and marine areas by 2030. This target parallels the climate goals outlined in the Paris Agreement, such as limiting global temperature increases. Additionally, the framework includes targets aimed at reducing pollution, particularly concerning plastics and pesticides, reaffirming the global commitment to address pollution as part of the biodiversity crisis.
For financial institutions, several targets in the framework are especially pertinent. Notably, one target emphasises the need to align financial flows with biodiversity objectives, ensuring that all financial activities consider their impact on biodiversity. The overall financial requirement to achieve these goals is substantial, estimated at about $700 billion annually. This amount includes $500 billion that must be repurposed from harmful subsidies into positive incentives for biodiversity.
Looking forward to COP 16 in Colombia, Arianna highlights the importance of countries publishing their National Biodiversity Strategies and Action Plans (NBSAPs), akin to the Nationally Determined Contributions (NDCs) in the climate context. These plans will outline specific governmental actions to meet biodiversity targets and inform policy decisions. The COP will also focus on establishing monitoring frameworks to assess progress.
Arianna concludes by stressing the vital role of the private sector in these discussions, emphasising that their involvement is crucial for translating global commitments into actionable strategies that effectively promote biodiversity conservation. Their participation will help ensure a cohesive approach to addressing the intertwined challenges of climate change, biodiversity loss, and pollution.