The Sixteenth Conference of the Parties (COP 16) to the Convention on Biological Diversity has provided a unique platform to showcase commitment in halting and reversing biodiversity loss. But with governments falling short of securing the necessary funding to address the crisis, private sector organizations are called to accelerate their action in embedding nature-positive strategies, embrace biodiversity conservation and lead restoration efforts in order to improve supply chain stability, reduce regulatory risks and enhance market positioning.
COP16 concluded in Cali (Colombia) with some advancements in addressing global biodiversity challenges. Key outcomes included strengthening Indigenous peoples’ and local communities’ role in helping reverse biodiversity loss, and adopting a multilateral mechanism to share the benefits of digital genetic information.
However, there is still an urgent need for increased financial support and accelerated implementation of the Kunming-Montreal Global Biodiversity Framework. COP16 fell short of its full potential, particularly on securing the funding needed to address the biodiversity crisis at the rate and scale required. The pledge of only hundreds of millions of dollars toward the $200 billion annual goal by 2030 has highlighted a significant gap in global commitment to biodiversity conservation and regeneration.
Despite these shortcomings, we saw the power of collective business action outside COP16’s official negotiation rooms. The unprecedented level of private sector engagement throughout the conference signals that a growing number of businesses are committed to building a nature-positive future.
Global businesses rely on nature throughout the supply chain – and business leaders are increasingly recognizing how challenging it is to address biodiversity concerns across these complex networks. While concrete action has been limited, the increase in robust discussions around how companies and their suppliers can collaborate to tackle the biodiversity crisis is a step in the right direction.
With most biodiversity impacts coming upstream in the supply chain, procurement teams have an essential role in addressing these challenges through their purchasing behavior. EcoVadis’ Sustainability Intelligence Suite is giving procurement teams the insights and tools they need to implement a new approach to biodiversity internally and encourage their suppliers to follow suit.
Governments, businesses and civil society work together to address this crisis. By integrating biodiversity considerations into their operations and supply chains, businesses can contribute to a healthier planet and a more sustainable future.
To learn more about EcoVadis’ stance on biodiversity action from governments and the private sector, read our endorsement of the COP16 Business Statement “Renewed Policy Ambition on Nature” and our latest research uncovering trends and opportunities in developing integrated climate and nature strategies: The Other Existential Crisis for Value Chains: Biodiversity Loss and How Businesses Can Turn the Tide.
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