FfB: COP16 reaches agreements to advance 'Making Peace with Nature'

FfB: COP16 reaches agreements to advance 'Making Peace with Nature'

November 4, 2024

Biodiversity
Biodiversiteit (Pixabay, Nowaja).jpg

The Finance for Biodiversity Foundation (FfB Foundation) acknowledges key outcomes from COP16 in Cali, Colombia, where important agreements were reached to support biodiversity, including the establishment of the 'Cali Fund' and a strengthened role for Indigenous Peoples and local communities. However, progress was tempered by the delay of a much-needed Resource Mobilisation Strategy, which will be revisited when COP16 reconvenes at a later date.

While some developments are promising, the FfB Foundation notes with concern the delay in finalising a comprehensive Resource Mobilisation Strategy. This strategy is critical to secure the $200 billion needed annually by 2030 to support biodiversity efforts, and its postponement leaves a gap in aligning public and private financial flows with biodiversity goals.

'A robust resource mobilisation strategy is essential not only for increasing investments in nature but also for pushing for policies on screening financial flows that harm nature, a regulatory alignment for improved disclosure around private-sector impacts on biodiversity. The FfB Foundation looks forward to its eventual adoption as an important part of the global biodiversity agenda and we stand ready to continue to support governments for this agenda', said Anita de Horde, Executive Director of Finance for Biodiversity Foundation and part of the CBD Advisory Committee of Resource Mobilisation.

The 'Cali Fund' for Digital Genetic Information

One of the positive outcomes of COP16 was the launch of the 'Cali Fund', a new global mechanism to share benefits derived from digital sequence information (DSI) on genetic resources. Industries like pharmaceuticals, biotechnology, and agriculture that rely on DSI will contribute a portion of their profits, directing funds toward developing countries and Indigenous communities.

The fund is designed to support the needs of Indigenous communities, including women and youth, while exempting academic and non-commercial users. With strong monitoring and reporting systems in place, the Cali Fund represents a step forward in inequitable benefit-sharing for biodiversity conservation.

Permanent Voice for Indigenous Peoples in Biodiversity Decisions

Another significant outcome of COP16 was the establishment of a permanent subsidiary body under Article 8(j) of the Convention, which will elevate the participation of Indigenous Peoples and local communities in biodiversity efforts. This new body aims to embed traditional knowledge and Indigenous perspectives into biodiversity policies, further aligning conservation efforts with the rights and contributions of these communities.

Role FfB Foundation

Since 2021, FfB Foundation has been urging world leaders to take immediate action and create the necessary frameworks and incentives that will empower the financial sector to drive positive change for nature and biodiversity by striving for the alignment of public and private financial flows (target 14 and goal D) and disclosure of the private sector (target 15) as reflected in the GBF.

In 2024, FfB Foundation issued a policy paper that also requests governments to mobilise private sector financing and investment (target 19) through the use of private-public instruments and developing taxonomies. This was reflected in the draft Resource Mobilisation Strategy.

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