COP15: Nations adopt landmark Global Biodiversity Framework

The parties to the UN Convention on Biological Diversity have adopted the Kunming-Montreal Global Biodiversity Framework (Framework), which will guide the next decade of global action on biodiversity. The Framework contains some key targets that will impact on government policy, reporting mechanisms and land use practices, which is designed to ensure that biodiversity becomes a consideration in government, corporate and land based decision making.

Snapshot

• The 15th Conference of the Parties to the Convention on Biological Diversity (COP15) concluded on 19 December 2022 in Montreal, Canada.
• The parties have adopted the Framework, which sets a ‘2030 mission’ to take urgent action to halt and reverse biodiversity loss to put nature on a path to recovery by 2030. The Framework includes 4 goals for 2050 and 23 action-oriented targets to be completed by 2030. These include ensuring effective conservation and management of at least 30% of the world’s lands, inland waters, coastal areas and oceans.
• The Framework will influence how biodiversity is integrated into decision making and policy development, including for financing, biodiversity monitoring and reporting, and best practice operations and policy development, with the Australian Government already taking some action on biodiversity matters ahead of the Framework.

The Vision: Living in Harmony with Nature by 2050

In the Framework, the parties have reiterated the vision of ‘Living in Harmony with Nature’ by 2050 adopted in last decade’s Strategic Plan for Biodiversity 2011-2020, where:

‘By 2050, biodiversity is valued, conserved, restored and wisely used, maintaining ecosystem services, sustaining a healthy planet and delivering benefits essential for all people.’

Figure 1: The Kunming-Montreal Global Biodiversity Framework hierarchy (HSF)

The Framework sets out 4 long-term goals for 2050, which at a high level seek that:

• Integrity, connectivity and resilience of all ecosystems are maintained, enhanced or restored
• Biodiversity is sustainably used and managed
• Monetary and non-monetary benefits of genetic resources are shared equitably
• Adequate means of implementation (e.g. financing, capacity-building) to fully implement the Framework are secured and equitably accessible.

The Framework sets out 23 global targets to be initiated immediately and achieved by 2030 to enable achievement towards the 2050 goals.

The targets are directed towards halting loss, minimising and avoiding harm, and effectively restoring, conserving and managing land and resources in a range of areas. These include protecting ecosystems, combatting alien species, halting human induced extinction of threatened species, reducing pollution, sustainable agriculture and production, sustainable urbanisation and reducing global consumption footprint.

Key specific targets include ensuring that, by 2030:

• loss of areas of high biodiversity importance is brought close to zero;
• at least 30% of degraded areas are under effective restoration;
• at least 30% of terrestrial, inland water, and coastal and marine ecosystems are effectively conserved and managed;
• reducing by at least 50% the rates of introduction and establishment of invasive alien species;
• reducing excess nutrients lost to the environment by at least 50%; reducing by at least 50% the overall risk from pesticides and highly hazardous chemicals; and
• significantly increasing green and blue spaces in urban and densely populated areas sustainably, by mainstreaming the conservation and sustainable use of biodiversity in urban planning, and contributing to sustainable urbanisation.

Where to from here?

We expect that the Framework will have many implications across the private and public sector, including in relation to financing opportunities, biodiversity risk-related reporting, and general changes in regulation.

Private financing

The Framework identifies that significant government and private sector financial resources are required to reach the targets. The Framework seeks to address funding through targets for:

• Increasing and enhancing financing (Target 19): Substantially and progressively increase the level of financial resources from all sources (domestic, international, public and private) to implement national strategies and plans, and mobilising at least USD$200 billion per year by 2030. Avenues include leveraging private finance, promoting blended finance, biodiversity offsets and credits, optimising co-benefits and synergies of finance targeting the interrelated biodiversity and climate change crises.
• Phasing out of incentives (Target 18): Identify by 2025, and eliminate, phase out or reform incentives, including subsidies harmful for biodiversity. Progressively reducing incentives by at least USD$500 billion per year by 2030, starting with the most harmful incentives, and scaling up positive incentives for the conservation and sustainable use of biodiversity.

On 17 December 2022, the Australian Federal Minister for Environment and Water announced that Australia will host a global Nature Positive Summit in 2024 to “supercharge” private investment in protecting and repairing biodiversity. The Australian Government intends for the summit to focus on ways to encourage private finance for repair and restoration projects and developing tools to better measure the economic value of nature to enable better investment decisions.

Monitoring and reporting on biodiversity progress

Target 15 of the Framework seeks that governments take legal, administrative or policy measures to encourage and enable business (in particular large and transnational companies and financial institutions) to monitor, assess and disclose their risks, dependencies and impacts on biodiversity along their operations, supply and value chains and portfolio.

We expect that government action in pursuit of this target, in particular, will increase pressure on business to act on biodiversity protection and better monitor and report on progress.

In this regard, we note the Task Force on Nature-related Financial Disclosures (the biodiversity equivalent of the climate change TCFD) is expected to be finalised in September 2023 and is set to become the best practice expectation on biodiversity risk reporting for large businesses.

Overarching policies and regulation

Target 14 of the Framework calls for full integration of biodiversity and its values into policies, regulations, planning and development processes, and environmental assessments across all levels and government and across all sectors.

We expect that this overarching target could lead to an evolution of best practice planning and development, and impact on a broad range of governmental decision-making.

If you would like to understand what the Framework could mean for you or your business, please do not hesitate to get in touch.

By Kathryn Pacey, Heidi Asten, Melanie Debenham, Peter Briggs, with Rachel Foo and Paige Mortimer