COP16 Biodiversity Summit: What progress was made?

The COP16 Biodiversity Summit came to a dramatic conclusion in the early hours of Saturday 2 November, following two intense weeks of negotiations. As discussions ran into overtime, the number of attendees dropped below quorum before resolutions were passed, leaving a number of significant issues unresolved. Nonetheless, progress was made on several topics, including a new benefit-sharing mechanism for genetic resources and the further inclusion of indigenous peoples and local communities in COP processes. The action wasn’t just in the main negotiating rooms either – important announcements were made from the sidelines, including the Taskforce on Nature-related Financial Disclosures’ (TNFD) launch of new draft guidance on nature transition planning for corporates and financial institutions, and businesses were praised for their enthusiasm and engagement during COP16. 

Although many of the ‘big ticket’ items have been left unresolved, there is still cause to be cautiously optimistic post-COP16. Private sector engagement was reported to be at an all-time high and it is significant that organisations such as the TNFD chose COP16 as a launchpad. Businesses can play an important role in supporting the aims of the Kunming-Montreal Global Biodiversity Framework (agreed at COP15), both as they plan their transitions and consider how to protect and restore nature across their value chains, and in directing financing to areas where it is most needed. Understanding what an organisation’s nature-related dependencies, impacts, risks and opportunities are can kickstart developing a strategy and, longer-term, a detailed plan, and support with responding to upcoming mandatory requirements such as reporting under the Corporate Sustainability Reporting Directive.

We have prepared a briefing which provides an overview of the most significant developments for biodiversity and nature, topics that have been kicked into the long grass for now, and notable announcements.