What does COP16 mean for your company's biodiversity strategy?
As the world gathers in Cali for COP16, biodiversity is once again in the spotlight. But what will this major event mean for businesses, and how can companies align their strategies with the latest global targets?
In this edition of Biodiversity Talks, 3Bee's weekly newsletter, we look at the ongoing COP16 negotiations and their potential impact on your company's biodiversity strategy.
What is COP16 on Biodiversity?
The COP16, or the sixteenth Conference of the Parties to the Convention on Biological Diversity (CBD), is currently taking place in Cali, Colombia, from 21 October to 1 November 2024. This conference follows COP15, where the Kunming-Montreal Global Biodiversity Framework (GBF) was adopted as a global plan to protect biodiversity by 2050. At COP16, governments are meeting to review the progress made and update national strategies to align with the GBF targets, including protecting 30 per cent of land and oceans by 2030, promoting sustainable use of natural resources and reducing pollution.
What are the objectives of the negotiations at COP16?
A key objective of the negotiations is to mobilize the financial resources needed to implement the Global Biodiversity Framework. Currently, global investment is less than USD 200 billion per year, with the private sector contributing only 20%, according to the State of Finance for Nature 2023 report. The negotiations are also focusing on developing monitoring mechanisms to measure countries' progress and ensure transparency. Another key issue will be the Access and Benefit Sharing (ABS), which refers to the fair distribution of benefits arising from the use of genetic resources, a topic of great interest to businesses.
COP16: the role of companies
Companies are emerging as key players at COP16 in achieving the goals of the Global Biodiversity Framework. More companies are recognizing that protecting biodiversity is closely linked to their long-term sustainability. Through technological innovation, sustainable production practices, and investment in environmental restoration projects, the private sector can significantly contribute. Companies present at COP16 are seizing the opportunity to showcase concrete solutions, engage with key stakeholders, and align with global goals — not just as financiers, but also as leaders in initiatives to protect and restore ecosystems.
A prominent theme in the negotiations has been the development of tools and metrics to assess biodiversity-related risks and impacts, both at the governmental level and in the private sector. The approval of the GBF in 2022, coupled with the heightened attention surrounding COP16, has accelerated biodiversity reporting, a crucial step for driving corporate transformation.
However, only 43% of large companies report on biodiversity impacts and risks, while less than 10% assess their dependencies on biodiversity, even though the loss of nature is estimated to cost the global economy between USD 4 trillion and USD 20 trillion annually. The next two years will be crucial for accelerating data collection and disclosure to drive meaningful change in biodiversity conservation efforts.
To support businesses, municipalities, and nature parks in this transition, the 3Bee Environmental Platform offers an integrated reporting solution for nature, biodiversity, and climate. It helps organizations comply with GRI and ESRS standards and progress toward environmental regeneration and resilience. Combining satellite data, field technology, and public databases, the platform provides real-time insights into biodiversity and climate risks, enabling users to assess site health and prioritize actions. The goal is to define a tailored climate and biodiversity strategy that addresses specific needs and drives meaningful impact.
The delay in national biodiversity plans
At COP15, countries committed to submit their National Biodiversity Strategies and Action Plans (NBSAPs) by 2024, as required by the Convention on Biological Diversity (CBD). However, many countries have missed this deadline: to date, only 25 countries have submitted their NBSAPs, while 170 others, or around 85%, are still outstanding. The European Union and Italy have both submitted their plans, with Italy’s National Biodiversity Strategy approved at the end of 2023. Yet, several critical countries for global conservation are still missing, including 12 of the 17 megadiverse countries, which together host approximately 70% of the world's biodiversity. This includes three nations surrounding the Amazon, as well as the six countries that share the Congo rainforest, none of which have submitted their NBSAPs.
3Bee’s Commitment at COP16
At COP16, 3Bee is taking an active role in advancing biodiversity conservation by showcasing its cutting-edge nature tech solutions. In collaboration with Renewable Matter, 3Bee is providing daily updates through the #COP16at4 series, offering insights into the progress and key takeaways from the ongoing negotiations. These updates focus on the major themes emerging from the discussions, including the mobilization of financial resources for biodiversity, the development of effective monitoring mechanisms, and advancements in policies related to Digital Sequence Information (DSI).
Virginia Castellucci , Head of Sustainability & Advocacy, is representing 3Bee at key events to share insights on how technology can accelerate the transition to a nature-positive future. Virginia will be presenting at the Reimagining Nature with the Nature Tech Collective event on 30 October from 9 am to 10 am in the Blue Zone at the Nature Positive Pavilion, where she will discuss how 3Bee’s innovative solutions can contribute to ecosystem conservation and long-term sustainability.