Catch up on the main nature policy news from February
As governments are now actively working on implementing the Global Biodiversity Framework – also called the Biodiversity Plan – policies are being adopted in several countries to create a legislative framework that enables collective action to halt and reverse nature loss by 2030.
In a nutshell: UN CBD COP16 will be in Cali, Colombia / the European Parliament approves landmark nature restoration law / China indicates clear support for mandatory nature disclosure / Ireland publishes new NBSAP / West African states draft regional biodiversity plan.
COP16 will be held in Cali, Colombia
The 16th UN Biodiversity Conference will be held in the city of Cali, Colombia from 21 October to 1 November 2024. ‘Peace with Nature’ is the theme of the conference, and the Colombian government has called for an improvement of the relationship between the current economic model and the environment.
The conference has been labeled as “the people’s COP” by the Colombian Minister of Environment, Susana Muhamad, who said the government will ensure a whole-of-society approach to the event, while specifically encouraging the participation of the private sector and entrepreneurs. The minister also pointed to environmental crimes and the representation and participation of Indigenous Peoples and Local Communities' as key priorities.
Three areas where negotiating governments are expected to make progress:
Translate the Biodiversity Plan (the Global Biodiversity Framework) into resolute national action.
Mobilize and bolster the means of implementation.
Accelerate progress on access and benefit-sharing.
Recently, the Flower of Inírida was unveiled as the official log of COP16, symbolizing the vision of peace with nature – the overarching theme of the conference.
COP16 will be focused on implementation, with stakeholders from all sectors responsible. In particular businesses and financial institutions need to continue to demonstrate action and build on the momentum created at COP15.
We encourage leading businesses, financial institutions and investors to attend COP16 and contribute meaningfully to its success. Subscribe to our newsletter for updates.
The European Parliament approves nature restoration law
The European Parliament voted in favor of the Nature Restoration Law, a landmark deal to restore degraded ecosystems across the EU. The new law aims to restore at least 20% of land and sea areas by 2030, as well as all ecosystems in need of restoration by 2050. This will contribute to the implementation of Target 2 of the Biodiversity Plan.
The deal passed despite some parliamentary groups opposing the law. The version adopted was based on a compromise found with the European Council, consisting of the EU’s member states. It now needs to be formally adopted by the European Council before entering into force.
Read the briefing by the Corporate Leaders Group on why the law is essential to building a resilient economy and restoring biodiversity.
China proposes mandatory nature-related reporting requirements
China’s three largest stock markets, the Shanghai Stock Exchange (SSE), Shenzen Stock Exchange (SZSE) and Beijing Stock Exchange (BSE), propose mandatory disclosure requirements for listed companies.
The proposed requirements cover topics such as governance, strategy, impact, risk and opportunity management, and specific requirements on climate change, ecosystem and biodiversity protection.
These requirements will apply to over 450 listed companies, while small and medium-sized enterprises are introduced to the guidelines on a voluntary basis. The mandatory disclosure will come into effect in 2026 for the 2025 fiscal year.
Business for Nature has supported the effective and ambitious implementation of Target 15 of the Biodiversity Plan by calling for mandatory disclosure of nature-related impacts, risks and dependencies.
Ireland publishes its updated biodiversity plan
Ireland has become the seventh country to release an updated National Biodiversity Action Plan ahead of COP16. The new plan is the country’s first to include legal requirements for public bodies, and includes plans to expand national parks, tackle invasive species, strengthen efforts on wildlife crime and work with communities.
In line with Business for Nature’s recommendations, the new NBSAP aims to strengthen the role of business, mainly through Business for Biodiversity Ireland. Among other things, Business for Biodiversity Ireland is tasked with supporting businesses in assessing nature-related impacts and dependencies and developing specific guidance for small businesses.
West African states draft regional plan to implement the Global Biodiversity Framework (also called the Biodiversity Plan)
The Economic Community of West African States (ECOWAS) held a meeting in Abuja, Nigeria, to coordinate efforts to draft a regional plan focused on the implementation of the Biodiversity Plan.
The 15-country bloc, with member states such as Nigeria, Senegal, Benin, Ghana, Mali and Liberia, aims to develop a regional response to achieve the goals of the Biodiversity Plan (GBF). One of the group’s main priorities is to address biodiversity loss in West Africa, with participants being urged to submit proposals to contribute to protecting at least 30% of terrestrial and marine areas by 2030 (known as the 30x30 target).