COP-16, the 16th United Nations Conference on Biological Diversity, will take place from October 21st to November 1st, 2024.

This COP’s host, Colombia, is one of the world’s most biodiverse countries, which could not be more fitting, given COP-16 will be the first biodiversity COP since the adoption of the Kunming-Montreal Global Biodiversity Framework (GBF) at COP-15 in 2022. It is also the #UNDecadeofEcosystemRestoration – aimed at preventing, halting and reversing nature loss.

Centered around three primary pillars, COP-16 will be critical as we move from the commitments set in the GBF to action and implementation:

1. Translating the Biodiversity Plan into concrete international action
2. Mobilising and bolstering the means of implementation of the 23 targets set for 2030
3. Accelerating the progress on access and sharing of benefits coming from utilisation of genetic resources

What outputs can businesses expect and how can Digby Wells support?

While COP brings nations together to shape biodiversity policy, its outcomes will have important consequences for business-biodiversity action. Digby Wells is well-prepared to support clients with these changes. Specifically, we can expect:

• Plans surrounding Target 15 of the GBF, where governments are expected to take legal, administrative, or policy measures to enable businesses and financial institutions to assess, disclose, and reduce biodiversity-related risks and negative impacts and maximize positive impacts. This means businesses can expect increased accountability for their biodiversity footprints. Digby Wells supports our clients by conducting biodiversity assessments, addressing data gaps through site surveys, and supporting with reporting. We also help develop biodiversity action plans, set targets aligned to frameworks such as the TNFD and SBTN, and implement corporate biodiversity strategies and risk assessments.
• Plans surrounding Target 3 (30x30), which aims to protect 30% of the earth's land and oceans by 2030. This may introduce new restrictions, obligations, or opportunities for those working in, or near, areas of significant conservation concern. We are already helping clients identify priority locations for biodiversity action in ecologically sensitive areas and assisting companies in valuing current biodiversity assets and natural capital that they may not yet be cognisant of.
• Policy and regulatory updates, related to resource mobilization, fiscal action, tax incentives, biodiversity finance, and operational requirements. More incentive and encouragement for companies who positively engage with biodiversity goals and position themselves as leaders and first movers. This means moving beyond understanding biodiversity as purely a business risk and compliance issue, to seeing it as a strategic and valuable opportunity. Digby Wells provides expert guidance to help companies explore and capitalise on these opportunities.

Alongside these regulatory outcomes, we anticipate that COP-16 will provide greater recognition of Indigenous and local communities as nature stewards. Digby Wells has extensive experience engaging with such communities on biodiversity impacts and actions, ensuring that businesses consider community dependencies on nature and implement strategies which respect local knowledge and livelihoods.

As businesses are increasingly called to commit to the 2030 biodiversity targets, Digby Wells is ready to guide them through this journey. Our team of biodiversity, climate, social, and Environmental and Social Governance experts, is already working with our clients to stay ahead of anticipated changes and make real implications in implementing the GBF.

We support businesses in aligning with global biodiversity frameworks like the GBF, from meeting new disclosure requirements to identifying key impacts, dependencies, and risks along their value chain, and moving beyond compliance to identifying opportunities. We are excited for the outcomes of COP-16 and encourage the momentum to implement action and hopefully exceed biodiversity goals. We will be posting key outcomes from the conference, and the possible implications thereof for business, so stay updated on this page!

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