COP16 takeaways - part two

By Marianne Kettunen , Policy and Institutions Operations Lead, Ellen MacArthur Foundation

‘Veni, vidi, vici’ as COP16 successfully concludes in Rome

The 16th Conference of Parties to the UN Convention on Biological Diversity — commonly known as the Biodiversity COP — resumed its meeting in Rome, Italy, last week, 25 to 27 February. This was after the initial meeting in Cali, Colombia, in October, failed to reach a consensus on the financing and monitoring frameworks for the Global Biodiversity Framework (GBF) adopted in 2022.

Consequently, the resumed COP16 was all about the funding, with a twist of monitoring and reporting in the mix.

Pre-Rome recap

Countries left the Cali negotiations disagreeing how the necessary funds for the GBF implementation could — or indeed should — be made available. While developing countries advocated for the establishment of a new, dedicated global biodiversity fund, this was not supported by developed countries due to concerns over a possible fragmentation of biodiversity funds and related inefficiencies. Furthermore, there was no agreement on the overall strategy for mobilising the necessary USD 200 billion annually for biodiversity conservation by 2030, as foreseen in the 2022 agreement. This gridlock in the funding discussions also resulted in hindering an agreement on the development of a common monitoring framework for countries to implement the GBF.

Post-Rome future

After three days of extensive meetings, countries agreed on a roadmap to develop a permanent financial mechanism under the Biodiversity COP and mobilise funding from all sources to close the funding gap, which will include exploring how best to broaden the contributor base. While the final text leaves the form of the financial mechanism open, it outlines the road to get there. By COP17 in 2026, countries will need to decide on the criteria for the mechanism. By COP18 in 2028, an agreement needs to be reached on whether the mechanism should take the form of a new fund or rely on reforming the existing entities — or a combination of both. The funding mechanism should then be operational by COP19 in 2030.

As for monitoring and reporting, a common global framework for monitoring the implementation of biodiversity targets — the first of its kind — was agreed, as was the process for countries to track their progress. The adopted framework and process are aimed at addressing the lack of transparency and accountability that has undermined the delivery of previous biodiversity targets.

Towards the next Biodiversity COP, with circular economy in mind

COP17 will take place in 2026, hosted by Armenia. In the interim, the Climate COP30 in Brazil this year marks a milestone for biodiversity as well as climate action, with a common expectation that the Amazon-based meeting will aim to bring the biodiversity and climate agendas closer together.

While the circular economy does not feature in the GBF targets, it is highly relevant for the GBF implementation as a systems approach designed to eliminate waste and pollution, circulate products and materials and regenerate nature — reducing emissions and, crucially for biodiversity, the pressure of resource use and land conversion on ecosystems. Therefore, mainstreaming circular economy approaches into the implementation of the GBF will be crucial for achieving its objectives. The National Biodiversity Strategies and Action Plans (NBSAPs) can play a key role in supporting this, with business and civil society using the national NBSAP frameworks and processes as springboards to concrete action.

The agreement on financing reached in Rome is only the start, with securing an actual increase in biodiversity funding as the end goal. Both public and private sources will be a necessary part of the solution, with hopes especially pinned on the latter given the ongoing cuts to countries’ sustainability finance, including cuts by major donors such as the US and the UK to their foreign aid budgets. This is where innovative, synergy-creating approaches that speak to the business sector are needed, with circular, regenerative, and nature-positive approaches playing an integral role.

Learn more about the role of the circular economy in tackling biodiversity loss here