The 16th Conference of the Parties (COP16) to the Convention of Biological Diversity (CBD) is set to be of unique significance for global biodiversity conservation. Hosted in Cali, Colombia, from October 21st to November 1st, 2024, it will be the first Biodiversity COP since the adoption of the Kunming-Montreal Global Biodiversity Framework (GBF) in 2022 and marks the transition from commitment to implementation, making it the first "Implementation COP."

The theme chosen for this COP has a strong message: “Peace with Nature”—calling for the urgent need to turn global biodiversity goals into tangible actions as the world faces the dual crises of biodiversity loss and climate change. 

The key goals of this conference include: 

Governments will review the progress made in implementing the Global Biodiversity Framework (GBF) and analyse and assess the alignment of their National Biodiversity Strategies and Action Plans (NBSAPs) with it. The expectation is that clear indicators are set for the 23 biodiversity targets, allowing for better reporting and accountability. 

One of the central themes of COP16 will be bolstering mechanisms to increase financial and technical support for biodiversity conversation initiatives, ensuring that resources reach the countries, communities and projects that need them the most. Based on the targets set in the last COP, the goal is to mobilise at least 200 billion per year in domestic and international biodiversity-related private and public funding by 2030 and raise international flows to developing countries to at least $20 billion per year by 2025. 

Another important aim of this year’s conference is to finalise a mechanism for fair and equitable Access and Benefit Sharing (ABS), clearly defining how genetic resources can be accessed and being just in the manner in which the benefits from their sustainable use are shared between the users—those who utilise the resources—and the providers—those who supply them. 

Businesses will be spotlighted for their necessary part in protecting, restoring, and sustainably using biodiversity. With an expectation of monitoring and disclosing their impacts on nature— many are already doing it— as transparency becomes the rule. Rather than being seen as an imposed responsibility, this should be considered an opportunity for innovation of solutions that promote and protect biodiversity at all levels. 

The conference aims to elevate local and Indigenous knowledge, recognising these communities as crucial stewards of biodiversity. Their contributions are key to the success of protecting global biodiversity. 

The discussions that will take place during COP16 will shape global biodiversity policies and frameworks that directly affect corporate operations, investments and accountability. Below are some of the reasons why businesses should pay close attention:

Leadership in Nature-Positive Initiatives: Businesses must demonstrate their commitment to achieving biodiversity targets by sharing progress and setting ambitious goals. Leading the way on nature-positive initiatives can build corporate reputation and create competitive advantages.

Influence on Policy Development: As governments align their National Biodiversity Strategies and Action Plans (NBSAPs) with the GBF, businesses will have a seat at the table to influence policy decisions that will impact their operations.

Collaboration with Diverse Stakeholders: COP16 will bring together governments, businesses, Indigenous communities, and civil society, offering a rare opportunity to engage with various stakeholders and build partnerships that drive meaningful action.

COP16 taking place in Colombia is highly symbolic. Colombia ranks first in bird and orchid species diversity and second in plants, butterflies, freshwater fishes and amphibians. It also boasts 314 types of ecosystems with rich ecological, biological and climate complexity. Undoubtedly,  Colombia is one of the most biodiverse places on Earth. Yet, it is also a country battling significant challenges to cease the loss of its biodiversity and face the impact of the climate change crisis. With COP16, all eyes are on Colombia and the urgent need to protect its natural wealth. 

Treeconomy is committed to forging strategic partnerships with local nature-based project developers in Colombia as part of our mission to scale up nature restoration worldwide. We are determined to find effective pathways to achieve this, regardless of the diversity and complexity of Colombia’s ecosystems. With our precise remote sensing, AI technology, and rigorous due diligence process, we can do it. We aim to provide project developers access to our services in project monitoring, financing, and brokerage and together drive successful nature-based projects that restore ecosystems, protect biodiversity, and support local livelihoods.

Our commercial team is actively engaging with developers in Colombia. If you’re interested in collaborating, please contact us at hello@treeconomy.com or fill out the form here. We look forward to connecting with you!