COP16.2 Rome. A roadmap established to close the biodiversity finance gap, now focus needs to shift to action
COP16.2 Rome. A roadmap established to close the biodiversity finance gap, now focus needs to shift to action
The resumed UN Biodiversity Conference (COP16.2) in Rome concluded with agreements on critical issues, as governments reached consensus on outstanding issues from Cali, Colombia. Through intensive negotiations and amid geopolitical instability, it was positive that a roadmap and timeline were established to advance the Kunming-Montreal Global Biodiversity Framework (GBF), particularly in addressing the $700 billion biodiversity finance gap – but there remains an urgent need to mobilize financial resources, particularly for developing countries and countries with economies in transition.
Key outcomes demonstrating progress made in Rome:
Resource mobilization
Countries agreed on a resource mobilization strategy with a roadmap to bridge the finance gap by 2030.
While a decision on a new dedicated fund was deferred to COP18 in 2028, discussions will continue on mobilizing additional sources of finance and broadening the global contributor base for biodiversity finance.
The strategy explicitly calls for increased private sector investment in biodiversity, alongside contributions from developed countries and other stakeholders, including through the Global Biodiversity Framework Fund.
Governments committed to prioritizing the reform of environmentally harmful subsidies as a key action, in alignment with Target 18 of the Kunming-Montreal Global Biodiversity Framework (GBF).
A landmark ministerial dialogue for Finance and Environment ministers will be established, creating a high-level platform for advancing biodiversity finance discussions.
Strengthening implementation and monitoring
The agreement on the GBF’s monitoring framework will enable governments to track progress effectively, reinforcing a whole-of-society approach and strengthening accountability.
This includes the headline indicator on Target 15 that will be used to track if governments have put in place “legal, administrative or policy measures” that encourage and enable business and finance to take action and disclose their biodiversity-related dependencies, impacts and risks.
The agreed reporting mechanism will define how to incorporate contributions from non-state actors, including the private sector.
Private sector engagement and the Cali Fund
The decisions made at COP16.2 create greater certainty for companies, emphasizing that investing in nature is a business resilience and innovation opportunity (e.g., freshwater security, pollination, flood and erosion control), not merely a compliance exercise.
Strong private sector momentum on nature is evident, with increasing numbers of companies committing to disclose nature-related risks through TNFD, publishing nature strategies and setting science-based targets for nature.
The Cali Fund, officially launched on the 25 February, provides a crucial tool for companies to contribute to nature conservation and ensure equitable benefit-sharing, particularly with Indigenous Peoples and Local Communities.
“These latest rounds of negotiations have successfully delivered some important agreements towards addressing the biodiversity finance gap. We are encouraged by the strong leadership of the COP Presidency and cooperation from governments in achieving consensus. The adoption of decisions on resource mobilization and a financial mechanism demonstrates countries’ commitment to achieving the goals and targets of the Global Biodiversity Framework.
These outcomes, including agreed timelines, must now translate into accelerated, concrete and tangible action to secure an equitable, nature-positive, net zero future for all. While the overall achievements from COP16.2 in Rome are encouraging, as we look ahead to UNFCCC COP30, it is critical to maintain nature’s prominence on the global agenda and ensure real finance flows. We must recognize the interconnectedness of climate change, nature loss and social inequality, and ensure that we continue to pursue solutions that deliver multiple benefits for economies, the planet, and people. In particular, we encourage all stakeholders to make real efforts to reduce harmful subsidies that skew resource allocation and distort prices. The private sector’s readiness to act to protect, restore and sustainably use nature makes these policy advancements all the more meaningful.”