Key points:
- COP 15 produced a non-binding global agreement between 188 governments
- These quantifiable, time sensitive commitments are already becoming enshrined in local regulations
- The obligation to meet these targets is likely to accelerate growth in companies providing innovative, sustainable and efficient solutions
The latest UN Biodiversity conference, COP 15, took place in December 2022. Significantly, the outcome included an agreement between 188 member countries to adopt the Kunming-Montreal Biodiversity Framework (“Global Biodiversity Framework”; GBF), and work towards specific targets to reduce and mitigate biodiversity loss by 2030 and goals for 2050. The ability to assess the impact of a company and its operations in a meaningful and material way is crucial to driving real progress; in our view, the adoption of the GBF is a positive step towards helping companies reduce their negative impact on biodiversity. While some initial headlines viewed the non-binding nature of the agreement as lacking teeth and falling short in comparison to the 2015 Paris Agreement, on reflection there are numerous reasons why the outcome of COP 15 is likely to be significant. One such reason is the greater inclusion of the private sector, which is expected to aid transparency and alignment between corporates and governments on a larger scale.