From Kunming-Montreal to Cali: Is the Financial System on Track?
October 17, 2024
Finance for Biodiversity Foundation at COP16
UN CBD COP16
21 October to 1 November 2024
Cali, Colombia
The sixteenth meeting of the Conference of the Parties to the Convention on Biological Diversity (CBD COP16) will be a key moment for global biodiversity. World leaders will gather and discuss measures to halt and reverse biodiversity loss.
Attended by participants from over 190 countries, COP16 will bring together governments, observer organisations, indigenous communities, businesses, youth groups, civil society, academia, and the general public.
Mobilising the finance sector is crucial for achieving successful outcomes at COP16 and aligning financial flows with the Kunming-Montreal Global Biodiversity Framework.
What will be at stake at COP16?
COP16 is the first Conference of the Parties since the adoption of the Global Biodiversity Framework. It is considered an “implementation” COP, and it presents an opportunity for transformative change to address the biodiversity crisis.
Parties to the Convention are expected to show the alignment of their National Biodiversity Strategies and Action Plans (NBSAPs) with the Framework. COP16 will further develop the monitoring framework and advance resource mobilisation.
Among other tasks, COP16 is also due to finalise and operationalise the multilateral mechanism on the fair and equitable sharing of benefits from the use of digital sequence information on genetic resources.
To be successful, it must highlight the necessary actions to be taken by all stakeholders, including the financial sector, to urgently halt and reverse biodiversity loss. Mobilising the finance sector is crucial for achieving successful outcomes at COP16 and aligning financial flows with the Kunming-Montreal Global Biodiversity Framework.
Booth & Pavilion
We are proud to co-host the Finance and Biodiversity Pavilion in the Blue Zone of COP16, hosted at the Valle del Pacífico Centro de Eventos, Cali. This will be a dynamic space dedicated to exploring the critical intersections between finance and nature conservation.
Within the pavilion, you will also find the Finance for Biodiversity Foundation (FfB) booth, a key destination for those interested in engaging with our team, exploring our resources and learning more about our initiatives aimed at reshaping the financial landscape to better account for biodiversity.
Finance for Biodiversity Booth
Finance for Biodiversity (FfB) Foundation will have a designated area within the Finance and Biodiversity Pavilion, thanks to the sponsorship of Federated Hermes Limited, HSBC Asset Management, Storebrand Asset Management, AVIVA, Manulife IM, Eco. Business Fund and Silverstrand Capital.
The FfB booth will be a dedicated space to facilitate networking among financial institutions and engagements with diverse stakeholders, including policymakers and conservationists.
Finance and Biodiversity Pavilion
The Finance and Biodiversity Pavilion, a partnership between Finance for Biodiversity Foundation, UNEP FI and UNDP, will serve as a central hub to discuss the alignment of financial flows with the goals and targets of the Global Biodiversity Framework (GBF). It will feature panel discussions and workshops on sustainable investment strategies, biodiversity impact assessment, innovative financial instruments and policy developments.
COP16 official programme
26 October
Latin American Finance Day
27 October
Business Day
28 October
Finance and Biodiversity Day
29-30 October
High-Level Segment
FfB Programme
The Finance and Biodiversity Pavilion will serve as a central hub at COP16 to discuss the alignment of financial flows with the goals and targets of the Global Biodiversity Framework. Join us for an exciting line-up of panel discussions and workshops on sustainable investment strategies, biodiversity impact assessment, innovative financial instruments and policy developments.
We would love to see you there!
All times are in local Colombian time.
23 October 16:30 – 17:30
Information Session on FfB
This interactive event will showcase the impactful work and overarching mission of the FfB Foundation, including a deep dive into working group initiatives and industry research publications from active member institutions. Attendees will have the opportunity to ask questions about becoming a member and signatory of the FfB Pledge, as well as share ideas with the FfB community on nature positive solutions.
25 October 17:00 – 18:00
Finance for Nature Positive: monitoring and mobilisation of financial flows
The event on “Finance for Nature Positive” is meant to solicit feedback on the FfB Foundation & UNEP FI’s discussion paper providing guidance on how financial institutions can contribute to implementing the Global Biodiversity Framework. The panel will gather key stakeholders to exchange views on nature strategies to reduce the drivers of biodiversity loss and identify opportunities to conserve and restore biodiversity.
26 October 10:00 – 11:00
The Elephant in the Room: Nature and Data
This event will introduce the FfB Biodiversity Data Platform (version 1.0), designed to support financial institutions in selecting the right data provider and data points for specific objectives. Following the presentation, a panel of key data providers and investors will discuss the progress made in company-level nature data. The event and panel aims at presenting the FfB data platform and address the importance of good data for investors to address and measure their impacts on nature effectively.
26 October 14:00 – 15:00
Biodiversity impact and dependency assessments in the finance sector: The time to act is now
This session will feature the launch of two cutting-edge biodiversity measurement guides designed for financial institutions and companies. After the launch, a panel of key organizations and investors will discuss about key topics related to measuring biodiversity impacts and dependencies for investors, including reporting requirements, location and data challenges, and alignment with corporate practices, among others.
27 October 11:30 – 13:30
Integrating nature into sovereign debt
The purpose of this event is to start a practical dialogue for financial institutions and their sovereign counterparts to mobilise private financial flows to countries to halt and reverse biodiversity loss. Including meaningful and operable nature considerations in the assessment of sovereign debt is at the heart of this approach. The panel will stress how integrating nature into sovereign debt can help bridge the current gap between the financial markets and sovereign issuing governments, particularly in emerging markets. The panel will present the views of complementary stakeholders: governments, central banks, public and private financial institutions, multilateral institutions.
27 October 16:45 – 17:45
Alignment of Financial Flows with the GBF: from ambition to implementation
This event will build on the work of the Foundation’s Public Policy Advocacy working group in calling for greater ambition of governments in implementing the Global Biodiversity Framework and aligning financial flows with its goals and targets. The panel aims to encourage dialogue with negotiators about the transition of economic sectors through strong policies, regulations and incentives to halt and reverse biodiversity loss.
29 October 15:45 – 16:45
Target Setting on Nature workshop: perspectives and good practices
In this session, financial institutions discuss how to set nature targets. The FfB Nature Target Setting Framework for Asset Managers and Owners will be presented, and investors will share their perspectives on how to implement the framework.
30 October 10:15 – 11:15
Central Banks and Supervisors actions on nature-related financial risks and transition planning
This panel, held in conjunction with NGFS, will provide a space for exchanging experiences on implementing nature-related financial regulations, bringing together interested parties for open dialogue. The panel will also highlight the need for ambition and transparency in nature transition planning, along with challenges and potential solutions.
30 October 11:15 – 12:15
Financial strategies and products for a positive impact on nature
This event will build on the work of the FfB Foundation’s Positive Impact working group in identifying how financial institutions can generate and support a positive impact on nature. It will focus on innovations and new models that contribute to nature positive outcomes. It will serve to identify solutions able to mobilise and scale public and private funding for nature, as per target 19 of the Global Biodiversity Framework.
30 October 15:15 – 16:15
FfB Pledge: Signatories & Good Practices
During this session, the FfB team will present the key commitments of the FfB Pledge and explain what it entails for financial institutions to become signatories. In addition to announcing and celebrating the newest cohort of signatories, a selection of current members will share best practices from their latest reports on meeting the Pledge commitments. The event will conclude with a question-and-answer session for the audience and the official launch of FfB’s updated Pledge reporting guidelines.
31 October 12:00 – 13:00
Forests Finance: a key solution against climate change, biodiversity loss, and inequality
This event will focus on finance for forests, both to fight deforestation and to protect the integrity of their vital ecosystems. It will showcase the activities of leading organisations that demonstrate how finance plays a critical role in ensuring better practices. It will also promote concrete projects and mechanisms that can help to mobilise and scale finance for the conservation and restoration of forests.
The FfB Foundation activities at COP16
The Finance for Biodiversity (FfB) Pledge was launched in September 2020 as a call on global leaders to take effective measures to reverse biodiversity this decade and to ensure ecosystem resilience. FfB Foundation has been an observer member of the CBD since 2021, and we will organise several activities at COP16, just like we did during COP15.
FfB Foundation involvement at COP16 will occur through the following responsibilities:
Observer member of the CBD since 2021
Member of the CBD Advisory Committee of Resource Mobilisation
Key partner of the COP16 Finance & Biodiversity Day
Our key policy messages and activities
Financial institutions call for governments to strengthen, broaden, and accelerate their national biodiversity policies and strategies. As COP16 approaches, the FfB Foundation and its members will develop more content expressing our position on how COP16 can support the local implementation of the Kunming-Montreal Global Biodiversity Framework towards the alignment of financial flows with the global biodiversity goals and targets.
With our financial institutions’ community, we will focus our policy engagements on the following topics:
Supporting global ambitions
The presence of financial institutions can urge global leaders to take effective actions to halt and reverse biodiversity loss and ensure ecosystem resilience, notably through the alignment of financial flows with global goals and targets.
Implementation of the KMGBF
Engaging with governments and stakeholders to encourage them to implement the KM Global Biodiversity Framework targets (14, 15, 18, and 19) locally through National Biodiversity Strategy and Action Plans (NBSAPs) as outlined in our paper, ‘Aligning Financial Flows: Translating ambition into action’.
Resource mobilisation strategy
Advocate for aligning financial flows from all sources to achieve Goal D and Target 19 of the Kunming-Montreal Global Biodiversity Framework, aiming to mobilise additional resources for biodiversity.
Read more on our policy messages and activities
FfB Foundation Urges World Leaders to Implement Concrete Actions to Align Financial Flows with the GBF Ahead of COP16
This statement calls on world leaders to urgently implement concrete action to align financial flows with the Global Biodiversity Framework.
Closing the biodiversity funding gap is addressing systemic challenges
Emine Isciel of Storebrand Asset Management, co-chair of the FfB Foundation’s Public Policy Advocacy working group, has authored this Op-Ed ahead of the UN CBD COP16 preparatory meetings in May 2024, in Nairobi, Kenya.
Benefits of participation at COP16 as a financial institution
In addition to the 196 country representatives, there will also be high-level attendance by ministers and heads of state. Besides the official negotiating countries, there will also be non-party stakeholders.
Non-state actors attend the UN (United Nations) conference to demonstrate action and progress on voluntary commitments, drive political ambition, and build collaborations on the path to nature recovery. As a financial institution, you can benefit from attending COP16 to achieve two main goals:
