COP16 in Colombia: what to expect

When we talk about COP—short for “Conference of the Parties”— we’re talking about the highest governing body of an international convention (a treaty or a written agreement between players in international law) ✍️.

It is made up of accredited observers 👀 as well as delegates from the convention’s member states 🎖️.

The purpose of the COP is to examine the “implementation of the Convention and any other legal instruments that the COP adopts and make decisions necessary to promote the effective implementation of the Convention 💼.”

Not all conventions have such a summit 🗣️, but those that do, are organized by the United Nations 🌐 and are the centerpiece of international climate negotiations. 🏛️

This year’s COP16 to the UN Convention on Biological Diversity (CBD) will be held in Colombia, a region rich in biodiversity 🐆🦜🌳 and facing unique climate challenges 🌧️. Beyond just speeches and pledges, these conferences set legally binding agreements and financial goals 💰, laying the groundwork for the future of global climate action 🌱.

So, what’s on the agenda for COP16, and how does it tie into green finance?

Let’s dive in! 🌊✨

Objectives of the COP16

COP16, the first major UN conference on biodiversity since the adoption of the Kunming-Montreal Global Biodiversity Framework 🌱aims to build on the commitments made during COP15 in 2022, where 196 governments approved the Global Biodiversity Framework (GBF), a roadmap to halt and reverse biodiversity loss by 2050.

The conference will center on evaluating the progress of the 23 targets set by the framework, including:

1. Conserving 30% of global land and marine areas by 2030 🌊.

2. Reducing pollution and promoting sustainable resource use ♻️.

3. Restoring 30% of degraded ecosystems by 2030 🌿.

One critical theme at COP16 will be securing the financial resources needed to achieve these ambitious goals 💰.

Leaders will discuss potential funding sources and mechanisms for channeling investments into biodiversity conservation. Additionally, a major negotiation topic will involve setting up monitoring and reporting mechanisms 📊 to ensure accountability and transparency in biodiversity initiatives. Furthermore, the conference will address issues related to access to genetic resources and the fair and equitable sharing of benefits arising from their use, a principle known as Access and Benefit-Sharing (ABS).

🗓️ Event Highlights

COP16 will feature a mix of high-level plenary sessions, working group meetings, and side events:

• Plenary Sessions 🎙️ will include speeches and discussions from global leaders and key stakeholders on critical biodiversity issues.

• Working Groups 🧑‍💻 will delve into specific topics such as financing biodiversity, tracking progress, and addressing threats to ecosystems.

• Side Events 🌐 will showcase innovative conservation approaches and best practices, fostering collaboration among various sectors to meet global biodiversity targets.

You can check more details about the schedule here.

Why Colombia?

Hosting COP16 places Colombia at the forefront of climate action in Latin America.

As one of the most biodiverse countries on Earth 🌳🌺, Colombia faces unique climate and environmental challenges, making it an ideal setting for this pivotal summit. The nation’s rich ecosystems and resources underscore the importance of conserving biodiversity, not only for Colombia but as a model for the entire region.

COP16 in Colombia will likely drive green investments across Latin America, setting benchmarks in conservation, renewable energy 🌞, and sustainable land use. The conference will also emphasize the role of urban planning and regional cooperation in protecting biodiversity 🏞️, with a focus on how cities can enhance biodiversity through thoughtful development. By showcasing Colombia's commitment to conservation, COP16 aspires to inspire similar ambitious goals and actions in other regions.

💼 How COP16 affects global financial commitments 🦠

So, one crucial question: how to scale up funding for nature recovery and restoration? Despite numerous high-profile initiatives, current financing for biodiversity hovers around $35 billion annually, far below the estimated $700 billion needed each year to reverse the biodiversity crisis 🌿.

Closing this gap will require mainstreaming finance for nature, shifting from one-off “hero” investments to standardized, scalable models that can be replicated across regions and ecosystems.

The biodiversity finance gap is driven by two key needs:

1. $200 billion to mobilize finance from diverse sources for sustainable conservation projects (aligned with target 19 of the Global Biodiversity Framework).

2. $500 billion to phase out harmful subsidies that damage ecosystems, aligning with target 18.

During Climate Week NYC in September, experts, NGOs, and financial institutions explored solutions to this financing challenge 💸. One example involved insurance as a financial tool to protect ecosystems.

To meet the massive funding requirements of the biodiversity framework, COP16 aims to set the groundwork for replicable financial structures that can accelerate nature financing at the scale needed 🌐. This approach will not only increase the flow of funds but also reduce the time required to bring meaningful projects to life.

As governments, asset managers, and NGOs come together at COP16, the hope is to shift biodiversity finance from niche interventions to mainstream investments, creating financial momentum that is large enough to close the biodiversity finance gap by 2030.

COP16, the UNEP FI and what this “jargon” means to you ☀️

At COP16 the UN Environment Programme Finance Initiative (UNEP FI) will mobilize its network of over 500 banks, insurers, and investors to drive the finance sector’s role in supporting biodiversity goals.

The conference will include key events like Finance and Biodiversity Day on October 28, where financial institutions will discuss aligning portfolios with biodiversity targets. Major themes will include mobilizing the required $700 billion annually to halt biodiversity loss, developing market standards for biodiversity credits, and enhancing partnerships with Indigenous and local communities for equitable nature finance.

Through these discussions, UNEP FI aims to accelerate private sector involvement in biodiversity conservation, promoting sustainable financial structures that are scalable, standardized, and capable of addressing the global biodiversity crisis effectively.

The potential policy shifts from COP16 are huge as green bonds, carbon credits, and climate-resilient infrastructure are likely to be big beneficiaries.

Conclusion 📊🌐

COP16 isn’t just for policymakers and institutional investors; it’s a critical event for private citizens who are interested in sustainable investing and making a positive impact.

As Colombia sets the stage for ambitious biodiversity and climate commitments, COP16 will showcase global trends in green finance, highlight new investment opportunities in sustainable projects, and address the standards needed to make climate-aligned investments effective and transparent.

For private investors, following COP16 can provide insights into emerging markets in biodiversity credits, green bonds, and nature-positive businesses that align profit with purpose 🌱💸.

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