Priorities for COP16 Biodiversity
The United Nations Principles for Responsible Investment (UNPRI) releases priorities for COP16 biodiversity, aimed at introducing key policies and recommendations for the COP16.
The United Nations Principles for Responsible Investment believes that the Convention on Biological Diversity (CBD) and the UN Framework Convention on Climate Change (UNFCCC) will help countries fully consider the relationship between nature and climate and take actions.
Related Post: COP15 Reached Convention on Biological Diversity
Key Themes of COP16 Biodiversity
COP16, the 16th Conference of the Parties to the Convention on Biological Diversity, will be held in October 2024 and will focus on the implementation of the Global Biodiversity Framework proposed at COP15. At COP16, the parties will:
- Submit the revised National Biodiversity Strategies and Action Plans, which need to be aligned with the goals in Global Biodiversity Framework.
- Review and strengthen the overall resource flow strategy to ensure that parties can achieve the Global Biodiversity Framework through their efforts.
- Establish a monitoring mechanism for the Global Biodiversity Framework and conduct a comprehensive review of its effectiveness.
- Discuss the implementation of multilateral mechanisms for just and equitable sharing of genetic resources among countries.
Recommendations of UNPRI on COP16 Biodiversity
The United Nations Principles for Responsible Investment proposes the following recommendations to the parties of COP16:
- The National Biodiversity Strategies and Action Plans should provide a favorable environment for the development of natural goals. The National Biodiversity Strategies and Action Plans should be based on the whole-of-government and whole-of-society approaches proposed in Global Biodiversity Framework, providing assistance to investors in achieving natural goals. Countries need to clarify the relevance of natural issues to businesses and investors, and help them manage and address natural-related issues. Regulators should consider introducing mandatory natural information disclosure rules and due diligence requirements that comply with international standards, as well as developing natural taxonomy and sectoral pathways.
- The National Biodiversity Strategies and Action Plans should be implemented in coordination with climate and social goals, and enhance synergies. The parties need to recognize the synergies between nature and climate, integrate National Biodiversity Strategies and Action Plans with Nationally Determined Contributions (NDCs), address forest loss and land degradation issues in an appropriate and equitable manner, expand the deployment and application of natural solutions, and achieve a just transition in economic transition to capture climate and nature co-benefits.
- The parties should develop resource flow strategies, promote private natural capital investment, and align the multilateral financial architecture with sustainable development goals. The parties need to expand private sector natural investment through blended financing and insurance mechanisms, identify and reduce financial resources that harm nature and biodiversity (such as subsidies), and strengthen social and environmental protection through alternative policies. Parties should insure a just and equitable process in any reforms of incentives, and also need to focus on the development of emerging market economies and developing economies.
- The parties should ensure that the biodiversity monitoring framework is relevant to the financial sector and can provide interoperability for climate financing. The parties should ensure that the indicators and methods of the monitoring framework provide guidance for industry transition and achieve biodiversity goals. Given the close relation between climate and nature issues, the monitoring framework needs to avoid double counting of biodiversity financing and climate financing.
- The parties should coordinate efforts to address pollution issues and develop legally binding policies. The parties need to support the transition to a circular economy, set harmonized targets and binding obligations, address natural pollution issues, promote sustainable and equitable economic transition, and optimize the common interests and synergies of biodiversity conservation and climate action.
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