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Finance for Biodiversity Foundation at COP16

UN CBD COP16

The sixteenth meeting of the Conference of the Parties to the Convention on Biological Diversity (CBD COP16) will take place from 21 October to 1 November 2024 in Cali, Colombia. It’s a key moment for global biodiversity, as 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 Biodiversity Plan goals.

What will be at stake at COP16?

COP16 is the first COP since the adoption of the Biodiversity Plan (formerly called 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 for the Biodiversity Plan. 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 Biodiversity Plan goals.

Overview of the COP16 Official Program

The official agenda for COP16 is still being finalised by the CBD Secretariat 

Current key dates in the Official Program include:

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The activities of the Finance for Biodiversity 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. Finance for Biodiversity (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. 

Finance for Biodiversity (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 Biodiversity Plan 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 Biodiversity Plan: Engaging with governments and stakeholders to encourage them to implement the Biodiversity Plan 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 Biodiversity Plan, aiming to mobilise additional resources for biodiversity.

 

Joining the Finance for Biodiversity Foundation delegation at COP16

All FfB Pledge signatories can join the FfB delegation, and we invite you to be part of the finance sector mobilisation: become a signatory to showcase your commitment to the protection of biodiversity at COP16!

Our next round of new signatories will be celebrated during COP16 CBD in Cali, Colombia. The sign-up period is now open and will close on 6 September.   

  • Read more on becoming a signatory before COP16;  
  • Discover our dedicated COP16 communications and registration packages in our Information Pack (p. 11);  
  • Sign the Finance for Biodiversity Pledge before 6 September to celebrate your commitment  at COP16, and express your potential interest to be part of the FfB COP16 delegation!

Why participate 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 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:  

  • Goal 1: Ask for ambitious implementation measures from governments to meet the goals and targets of the Biodiversity Plan (previously known as GBF)
  • Goal 2: Showcase your progress on biodiversity to demonstrate market leadership on voluntary commitments
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