The focus of this COP on biodiversity was to review the progress of the framework established during COP15 (the Kumming-Montreal Global Biodiversity Framework, or GBF), and how members’ National Biodiversity Strategies and Actions Plans (NBSAPs) measure up to the framework. This is first opportunity to monitor and gather the progress that’s taken place towards the GBF.
This is the 16th meeting of the conference of the parties to the United Nations Convention on Biological Diversity.
This is the first conference since the adoption of the Kumming-Montreal Global Biodiversity Framework (GBF).
UK Key points from COP16
- Key discussions centred on closing funding gap and mobilising the increased financial resources needed for biodiversity. Target 19 aims to mobilise $200 Billion per Year for Biodiversity, including $30 Billion through international finance.
- Shortfall in overall funding for biodiversity conservation. Options discussed to bridge the funding gap include biodiversity credits.
- Another key issue in discussions was creation of a funding mechanism to increase benefit-sharing from information derived from natural genetic resources (digital sequencing information, or ‘DSI’)
- The UK is co-chairing a new DSI (Digital Sequencing Information) regime to channel profits from genetic sequencing, such as by pharmaceutical firms, back into biodiversity efforts, especially to support indigenous communities.
- As one of the most nature-depleted countries in the world, COP’s outcomes are particularly important for the UK. Achieving nature recovery will require investment from both public and private sectors.
UK Investment in Nature
- To support the global 30by30 target (Target 3: Conserve 30% of Land, Waters and Seas) the government has already adopted legally binding environmental targets for England through the Environment Act.
- To deliver this goal, policy recently released sets out the criteria for land and water to contribute towards the 30by30 target in England. This is to be followed by a full guidance next year.
- The Government Autumn Budget included some investment and financial mobilisation in the natural environment. The Department for Environment, Food & Rural Affairs (Defra) budget saw a slight increase and funding commitments for environmental land management (ELM) schemes to support sustainable farming was maintained.
- Aligning government policy and investment with the commitments made at the conference will be key to get the UK on track to meet the GBF targets.
Biodiversity Credits – The role of Biodiversity Net Gain
- Key discussion also centred around generating private sector investment, including biodiversity credits.
- In England Mandatory Biodiversity Net Gain (BNG) under the Environment Act 2021 requires developers to demonstrate a minimum of 10% net gain in biodiversity.
- BNG, when carried out properly, acts as one green finance mechanism to meet the targets of the GBF – especially when BNG is integrated with emerging Local Nature Recovery Strategies (LNRS).
Conclusions
- The UK has opted to adopt all 23 of the GBF targets, but has not yet published its 2030 NBSAP – its National Biodiversity Strategy and Action Plan.
- The NBSAPs provide a national plan on how each country will protect and restore nature.
- Effective spatial planning is also needed at a national level to bring our updated NBSAP in line with BNG, Environmental Land Management (ELM) schemes and emerging Local Nature Recovery Schemes (LNRS), whilst balancing the needs of housing and development targets.
- Economic risks posed by nature degradation should highlight the urgent need to accelerate GBF targets for governments globally.
- A recent report by the Green Finance Institute, estimates that the deterioration of natural ecosystems could lead to a 12% loss in UK GDP, comparable to the 11% GDP loss from the Covid-19 pandemic in 2020.
- The State of Natural Capital Report for England 2024 highlights the costs for acting later are substantially greater than the costs of acting now.
- The outcomes of COP 16 should provide a renewed global urgency and determination for achieving these goals.
