AXA IM: COP16 has important outcomes but crucial issues remain unresolved

AXA IM: COP16 has important outcomes but crucial issues remain unresolved

November 21, 2024

Climate Change
Klimaat (01)

Benoît Galaup, ESG Analyst at AXA IM, provides his analysis of COP16, highlighting its successes and significant outcomes, and the area's where progress fell short. 

 

COP16 delivered important outcomes for indigenous people and local communities

Such as a global levy on products using genetic data and stronger representation in biodiversity conservation. Parties adopted a new programme of work, Article 8(j), through which the rights, contributions and traditional knowledge of indigenous peoples and local communities are further embedded in the global agenda and UN CBD processes. This body should guarantee that the voices of these populations will be better heard and taken into account during future negotiations. Another decision was taken to recognise the role of people of African descent in implementing the Biodiversity Plan.

It fell short of the expected progress on several critical issues such as funding, and the establishment of a monitoring system

Contrary to expectations, parties did not adopt a framework for monitoring progress against the Biodiversity Plan. This was considered critical as the lack of a monitoring system was a key factor leading to the failure of the previous strategic plan for biodiversity. Although the draft document prepared before COP16 was reported to be quite consensual, dissent emerged during COP16 around some indicators to monitor implementation of the Global Biodiversity Framework, for example those on monitoring pesticide use. In the end, countries seemed to have run out of time while discussing other controversial issues. 

A record level of private sector participation confirmed that biodiversity is becoming a strategic priority for the sector

COP16 attracted an unprecedented 23,000 registered attendees, including 100 ministers and approximately 3,000 corporate delegates—a significant increase compared to the previous event. This robust private sector participation, along with numerous new announcements and commitments, reaffirmed the growing momentum and mobilisation around biodiversity action.

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