Following the 2022 Biodiversity Conference of Parties, global efforts have been directed toward the ambitious objectives of the Global Biodiversity Framework (GBF). Recently, stakeholders reconvened for the COP16 event in Cali, where discussions centered on securing agreements, resources, and strategic plans to ensure the GBF’s successful implementation by 2030. The event saw both achievements and challenges.
Nina Seega, director for sustainable finance at the University of Cambridge Institute for Sustainability Leadership, shared insights in an interview with FinextraTV about the progress made. She highlighted the establishment of a new subsidiary body focused on indigenous rights and the inclusion of local communities in the Convention on Biological Diversity (CBD). Additionally, a Cali Fund was created to manage digital sequence information, along with agreements aimed at aligning biodiversity efforts with climate initiatives.
Despite these advancements, significant challenges remain, primarily concerning clarity in transitional policies, implementation strategies, and financial inclusion. Seega emphasized the need for continuous updates to National Biodiversity Strategy and Action Plans (NBSAPs). She questioned how emerging markets and developing economies can be expected to produce effective plans without sufficient resources.
NBSAPs are crucial for guiding implementation, and inadequate support can lead to inconsistencies and weak foundations. This highlights the importance of Seega’s work at CISL, which aims to promote financial sustainability and enhance climate-conscious practices.
When discussing the transition in policies and evolving targets, Seega noted that financial institutions and businesses need a clear strategy and enabling policy framework. This clarity is essential for directing investments as economies shift toward sustainability.
The challenges associated with biodiversity, climate, and the financial sector’s role are significant. Seega advocates for continuously ambitious targets underpinned by collaborative frameworks that provide a clear path forward, specifying both actions needed and methods to achieve them.