The “People’s COP,” COP16 took over Cali, Colombia, in an unprecedented display of unity and purpose, setting new records for engagement and inclusivity. Against the vibrant backdrop of salsa music, local culture, and impact-driven discussions, this event brought together more than 700,000 participants who passed through the green zone—including 23,000 registered delegates, a record for any CBD COP. The whole-of-society approach was evident, as representatives from finance, Indigenous peoples and people of African descent and their communities, youth, and environmental organizations collectively tackled some of the most pressing issues for nature and society.

Under the theme “Peace with Nature,” this year’s conference was deeply rooted in the idea that achieving biodiversity goals requires a collective commitment across all sectors of society. The Colombian COP16 Presidency championed this approach, aligned with the Kunming-Montreal Global Biodiversity Framework’s targets, including protecting 30% of land and sea areas globally, restoring 30% of degraded ecosystems by 2030, reducing pollution, and phasing out harmful subsidies in agriculture and other sectors.

 

Key Highlights: Tackling Biodiversity and Finance Gaps

The conference served as a crucial checkpoint for assessing progress toward the 23 biodiversity targets and four goals set at the COP15. These goals reflect ambitious, globally agreed-upon actions, including an allocation of $200 billion per year from all sources to support biodiversity. Finance and Biodiversity Day—only the second of its kind—was a focal point, drawing over 1,000 finance sector representatives during the day to discuss the urgent need to bridge the biodiversity funding gap and channel resources toward meaningful outcomes. UNEP FI and its partners facilitated over 90 events in the green and blue zone, including the first Finance and Biodiversity pavilion focused on aligning financial flows with national biodiversity strategies and action plans (NBSAPs), emphasizing the importance of preserving ecosystems like the Amazon basin.

In a significant move toward action, UNEP FI member Banco Davivienda, in partnership with the IFC, launched a $50 million biodiversity bond aimed at protecting and restoring Colombia’s biodiversity. This bond is a pioneering example of how the finance sector can innovate to deliver real nature-positive impacts. Finance and Biodiversity Day highlighted the need for robust policy frameworks that can direct finance toward achieving biodiversity goals, making it clear that systemic change relies on multi-stakeholder collaboration. This was just one of the many discussions at Finance and Biodiversity Day that underscored the finance sector’s role in driving nature-positive outcomes at COP16.

 

Landmark Decisions on Genetic Resources and Indigenous Representation

COP16 also achieved historic agreements on sharing profits from digital sequence information (DSI) – genetic codes coming from organism samples that are often shared digitally – and its and fair, equitable distribution—a field where developing communities have often seen little benefit despite the data’s use in high-profit industries like pharmaceuticals and cosmetics. This fund, that could generate as much as $1 billion annually, marks a meaningful step toward equitable benefit-sharing.
Additionally, delegates approved the creation of a permanent body to represent Indigenous People’s and those of African descent and their communities’ interests within the UN’s Convention on Biological Diversity. This permanent body not only provides Indigenous voices with a direct platform but also underscores the critical role their knowledge and practices play in achieving the goals of the Global Biodiversity Framework.

 

Key UNEP FI Publications at COP16: Building a Roadmap for Nature-Positive Finance

COP16 underscored the finance sector’s growing responsibility in translating biodiversity commitments into measurable outcomes. UNEP FI played a pivotal role in this journey by launching a suite of essential publications that provide actionable guidance for financial institutions aiming to support the goals of the Kunming-Montreal Global Biodiversity Framework. These resources are invaluable tools for navigating the complexities of nature-positive finance and integrating biodiversity considerations into decision-making at the highest levels.

1. PRB Sector Action Guidance for Nature: Getting Started in the Agricultural, Forestry, and Mining Sectors: This guidance supports financial institutions in aligning their portfolios with biodiversity goals, specifically within high-impact sectors like agriculture, forestry, and mining. By offering sector-specific insights, this publication encourages financial institutions to drive nature-positive practices where they are most needed.
2. Nature in the Boardroom: Recognizing that biodiversity loss impacts business resilience, this publication outlines strategies for integrating nature considerations into boardroom discussions. It serves as aresource for boards to assess nature-related risks and opportunities, fostering a culture of environmental stewardship at the executive level.
3. From Kunming-Montreal to Cali: Is the Financial System on Track?: Also known informally as the CBD Scorecard, this report evaluates the progress of the finance sector in aligning with the Global Biodiversity Framework’s objectives. It provides a crucial benchmark for financial institutions, highlighting areas where further alignment is necessary to meet the 2030 biodiversity targets.
4. Finance for Nature Positive Discussion Paper: Released in the lead-up to COP16, this paper explores pathways for scaling finance for biodiversity. It serves as a foundational document, sparking dialogue on how the finance sector can accelerate efforts to bridge the biodiversity funding gap.
5. Soft Launch: Priority Actions for Insurance to Contribute to a Nature-Positive and Resilient Future: the soft-launch of the Principles for Sustainable Insurance Guidance on Priority Actions for Insurers to Contribute to a Nature-Positive and Resilient Future.

As COP16 concludes, the path forward demands that financial institutions take a leading role in delivering on the biodiversity commitments set forth in Cali. The insights and frameworks provided in UNEP FI’s publications empower our members to drive tangible, nature-positive impacts. However, the need for substantial and dedicated investments remains urgent. UNEP FI calls on financial institutions worldwide to bridge the remaining gaps by embracing innovative financing mechanisms and aligning their portfolios with nature-positive goals.

Our collective action will be the cornerstone of a future where biodiversity thrives and economic growth is sustainable. UNEP FI remains committed to supporting the financial community in championing biodiversity finance, translating today’s commitments into a resilient, nature-positive legacy for future generations.