At the forefront of global environmental discussions, COP16, the 16th Conference of the Parties to the Convention on Biological Diversity, has commenced in Cali, Colombia. Known as one of the world's biodiversity hotspots, Colombia holds the honor of being categorized as one of the 17 'megadiverse' countries, making it the perfect backdrop for this significant summit. With over 23,000 participants, including representatives from governments, civil society, and media, attendance at this summit has reached unprecedented levels, marking it as the largest biodiversity conference to date.
The summit, which runs from October 21 to November 1, follows the breakthrough commitments made during COP15 two years prior. At COP15, 196 countries adopted the Kunming-Montreal Global Biodiversity Framework (GBF), which outlined ambitious long-term goals and 23 specific targets aimed at halting and reversing biodiversity loss by 2030. The main thrust of COP16 is to discuss how to implement these agreements effectively.
This year, the focus for many Latin American countries is to highlight the region's pivotal role in global biodiversity preservation against the backdrop of increasing threats from extractive industries, such as mining and oil drilling. Susana Muhamad, Colombia's environment minister and the COP16 president, pointed out the intersection between energy and biodiversity issues, emphasizing the need to create public policies compatible with both sectors. She stated, "Latin America is a powerhouse in renewable energy and biodiversity, and both issues are linked. We need to start discussing this intersection so governments can create public policies to make the two sectors compatible. It’s not enough just to decarbonize. We need to also recover ecosystems to stabilize the world’s climate."
Energy systems have received less attention in past biodiversity conferences, but they are pivotal this year as discussions evolve around their links to natural resources and climate change. Last year, Latin America generated around 62% of its electricity from renewable sources, primarily hydropower, but also from solar and wind, as noted by climate think tank Ember. Despite this progress, the rapid expansion of renewable energy projects has led to increasing conflicts with local communities concerning land use and environmental impacts. Many new mining initiatives across the continent have also generated resistance from indigenous populations, who feel their livelihoods are threatened by pursuits of extraction and production.
For example, Iber Sarapura, from the Alfarcito community, expressed his community's frustrations over lithium mining projects, stating, "We are not opposed to the energy transition, but we are being sacrificed in its name… Water is much more valuable than the mineral." Such sentiments echo across various communities dealing with the dual challenges of transitioning to renewable energy sources and maintaining biodiversity, sparking necessary discussions on how to proceed equitably.
Financial support plays a central role at COP16, where countries are urged to mobilize adequate resources to support biodiversity initiatives. Developed nations had previously pledged $20 billion annually to assist developing countries with their conservation targets, but stark financing gaps remain, requiring renegotiation before meaningful progress can be achieved. Gillian Guthrie, Chief Technical Director at Jamaica’s Ministry of Housing, Urban Renewal, Environment and Climate Change highlighted this by saying, "Funds are alarmingly insufficient. Developing countries need to mobilize resources domestically—and they face the additional challenge of combating poverty, hunger, and inequality."
According to projections, Commonwealth nations alone recognize the need for at least $200 billion annually to adequately address biodiversity conservation efforts, widening the dialogue on how international finance systems can enable such efforts. The onset of multifaceted crises, including rising debts and conflicts, complicates financing strategies at this summit, emphasizing the urgent need to synchronize conservation and development goals.
On the finance side, discussions are expected to help guide investors toward more sustainable and nature-positive investments. A rise in demand for guidance on recognizing nature-related risks and engaging with regulatory requirements is particularly pressing as companies increasingly recognize the need to address their impacts on biodiversity. Newton’s law of conservation applies here; stakeholders involved are pressed to rethink how biodiversity is treated within the frameworks of finance and investment.
The role of international cooperation also extends to the burgeoning biodiversity credit market. This market has gained traction, prompting the establishment of principles for integrity and governance. The launch event attracted interest from various stakeholders, including governments, NGOs, and private entities, and aims to direct investments toward restoring ecosystems and reducing deforestation.
Experts believe incorporating local and indigenous knowledge is indispensable for devising effective conservation strategies. Sustainable practices not only empower local communities but also enrich the framework through which biodiversity efforts can thrive. Recognizing the historical and ecological significance of indigenous lands and rights must be part of the dialogue as nations outline their action plans moving forward.
The importance of having actionable finance plans cannot be overstated. The lack of funding has frequently hindered conservation efforts, and this summit serves as a reminder of the need for proactive measures within financial systems aimed at addressing both human inequalities and environmental degradation. The discussions at COP16 could lead to significant strides toward closing the funding gap and ensuring development and biodiversity conservation go hand-in-hand.
The dialogue at COP16 continues to evolve, focusing efforts on securing ambitious financial commitments and creating frameworks built on mutual cooperation. Engaging various stakeholders and integrating their perspectives is invaluable as countries strive to fulfill their pledges to protect our planet's biodiversity. Will this biodiversity summit spur meaningful actions amid the continuing crisis? Time will tell, but the stakes have never been higher for global ecological health and sustainability.
