COP 16 Midpoint Round-up

COP 16 Midpoint Round-up

COP 16 is now into its second week. Talks and negotiations have focused on resource mobilisation and a proposal for a new global instrument for biodiversity finance. Also being addressed are the scientific and technical needs to support GBF implementation.

Reflecting the scale of the challenge to halt and reverse nature loss, it’s disappointing to note that 162 of the 197 countries who agreed to the Kunming-Montreal Global Biodiversity Framework did not submit their national plans on how they would implement the GBF goals and targets before the beginning of COP 16.

However, there are some positives and calls to action emerging from the summit so far:

The TNFD announced that 502 organisations globally have now committed to adopting TNFD-aligned nature-related risk management and corporate reporting.

Also from the TNFD, two discussion papers were published during the first week of COP 16. The first sets out draft guidance on nature transition planning for corporates and financial institutions, and the second outlines a roadmap to upgrade market access to decision-useful nature-related data. You can read more here:

  • TNFD published draft guidance on nature transition planning at COP16
  • Bloomberg NEF published the Biodiversity Finance Factbook, analysing the funding gap for biodiversity. It notes that 55% of global GDP is moderately or highly dependent on biodiversity, and the cost of inaction is steep. A fivefold increase in biodiversity financing is needed.
  • Trellis published  The State of Biodiversity and Business 2024. The findings are based on a survey of 106 sustainability professionals at large and midsized companies. It found that:
  1. One-quarter treat protecting nature and biodiversity as a high priority.
  2. Half the companies based in Europe are taking significant actions.
  3. Four-fifths of respondents say the companies they work for are not doing enough to address nature and biodiversity.
  4. About half of the companies surveyed are taking at least some action to address their impact on nature. One-quarter have started “small-scale or pilot projects,” while most of the rest have begun “significant actions to address some of the impacts we’ve identified.” Only a few claim they are addressing “most or all of the impacts we’ve identified.”

The Finance for Biodiversity Foundation launched FABRIC – Fostering Action for Biodiversity through Responsible Investment in Clothing. This initiative aims to address the significant environmental impact of the textile industry, focusing particularly on apparel retailers. It seeks to coordinate stewardship actions that promote responsible practices towards nature and align the industry with global biodiversity targets. You can read more about it here.

Accelerate, The Business Pact for Climate and Nature

At BITCI, we have our own call to action: to Accelerate the transition to a sustainable, low-carbon economy and a more inclusive society where everyone thrives. To support our members in contributing to accelerated action, BITCI has launched a new collective initiative which builds on our Low Carbon Pledge and will help businesses develop Climate Transition Plans that align with net-zero goals, with a focus on Nature, Scope 3 emissions, and Just Transition.

We are building a Centre of Excellence for developing Climate Transition Plans, supported by a dynamic Community of Practice. Businesses will receive expert guidance to create and implement credible Climate Transition Plans. We invite businesses to join us in this effort—develop a plan, set a net-zero target, disclose your progress, and become leaders in climate action!

Find out more about Accelerate, The Business Pact for Climate and Nature here.