Catch up on the main nature policy news from February
In a nutshell: COP16.2 outcome / Omnibus package / NBSAP updates / High Seas Treaty updates
COP16.2 concludes with an agreement to mobilize biodiversity finance and monitor GBF progress
After COP16 was suspended in October 2024 following a deadlock in discussions on mobilizing biodiversity finance, in February, countries successfully reached a consensus on key issues to finally bring the summit to a close.
It was great to see delegates agree on a resource mobilization strategy to bridge the $700 billion biodiversity finance gap by 2030, outlining several milestones and priority actions. It includes a focus on increasing private sector investment and redirecting funds through environmentally harmful subsidies (EHS) reform. It also calls for establishing the first-ever ministerial dialogue with Finance and Environment ministers on biodiversity finance.
While countries postponed the decision on a new dedicated fund for biodiversity finance to 2028, it was the first time delegates were able to agree a compromise on the issue. A set of indicators to track the progress of the Global Biodiversity Framework (GBF) was also finalized. Countries determined that the reporting mechanism would include contributions from non-state actors, such as the private sector.
Read Business for Nature’s takeaways from COP16.2 for further insights.
Omnibus Package seeks to water down EU sustainability reporting requirements
The European Union Commission has released its long-awaited Omnibus Package proposal, which introduces several amendments to the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD).
The Commission states that the changes aim to reduce the burden on smaller companies and simplify the reporting landscape, but several organizations argue the package undermines the EU’s environmental commitments and is in-fact, a step towards “full-scale deregulation”.
The proposal seeks to reduce the CSRD’s scope by as much as 80% and delay the start of some reporting requirements to 2028.
What’s more, companies subject to the CSDDD will no longer need to assess the adverse impacts of their indirect business partners. The first phase of implementation would be postponed by a year to 2028.
Before the proposal was released, several companies including Nestlé, Unilever, L’OCCITANE, and the Cocoa Coalition had urged the Commission to move forward with the implementation of the existing directives.
The omnibus package must be adopted by the EU Parliament and Council to come into force. The exact timeline is still unclear, but the Commission has called for the process to be fast-tracked.
Business for Nature will continue to monitor this closely while advocating for the Parliament and Council to safeguard the ambition level that was previously agreed upon, provide certainty for businesses, and focus on practical guidance for the implementation instead. Both CSRD and CSDDD contribute to the implementation of Target 15 of the Global Biodiversity Framework, a transformational target that can generate large-scale business action when effectively implemented.
NBSAP updates
As COP16.2 concluded in Rome, the United Kingdom and Brazil both made announcements related to their National Biodiversity Strategies and Action Plans (NBSAPs). The UK published its updated NBSAP which aims to address all 23 GBF targets. However, the document is extremely high-level and lacks details on how it intends to specifically implement Targets 15 (mandatory assessment and disclosure) and 18 (environmentally harmful subsidies).
Meanwhile, Brazil’s National Biodiversity Commission (Conabio) has issued recommendations for the targets that should form the basis of the country’s NBSAP update. Conabio recommends that Brazil adopts all 23 targets. It suggests the government should establish clear policies tailored to Brazil's context to effectively regulate and incentivize companies to assess and disclose their impacts, risks and dependencies on biodiversity.
Spain and Malawi ratify High Seas Treaty
Spain and Malawi ratified the High Seas Treaty, also known as the Agreement on the Conservation and Sustainable Use of Marine Biological Diversity of Areas Beyond National Jurisdiction (BBNJ).
As a result of these two recent additions, a total of 18 countries, including France, the Maldives, Bangladesh, Singapore and Cuba, have ratified the Treaty. Although the agreement was formally adopted in June 2023, at least 60 countries must ratify it for the Treaty to take effect.
The French government, which is set to host the UN Ocean Conference in June this year, has stated it is "fully mobilized to achieve the 60 ratifications necessary for the agreement to come into force" by the time the conference occurs.
Read the January news update to catch up on previous nature policy stories from around the world.