Why is COP16 important for companies?

COP16, the UN conference on biodiversity, will take place from October 21 to November 1, 2024, in Cali, Colombia. The event aims to reverse the loss of biodiversity by 20230. It is essential for companies, as new environmental regulations may be introduced across various sectors. Etifor will participate and present a report on the role of the private sector in biodiversity protection in Italy.

What is COP16 – International Conference on Biodiversity?

The COP16, the UN International Conference on Biodiversity, will be held in Cali, Colombia, from October 21 to November 1. This is the world’s most significant event focused on biodiversity conservation. Taking place every two years, COP16 gathers countries and representatives from around the globe, including governments, scientists, NGOs, and the private sector, to discuss and negotiate strategies aimed at halting and reversing biodiversity loss by 2030.

During COP16, the focus will be on promoting the implementation of the Kunming-Montreal Global Framework, which was agreed upon in 2022 at COP15. At that conference, 196 governments endorsed the Global Biodiversity Framework (GBF), an ambitious plan to halt and reverse biodiversity loss by 2050.

Why is COP16 important for businesses?

COP16 will be a crucial event for companies and other stakeholders, as it will shape the rules and expectations regarding the private sector’s role in biodiversity protection. Businesses increasingly need to evaluate and minimize their impact on the natural environment, integrating these considerations into their operations and reporting on their effects to support global conservation efforts. The conference may introduce new regulations or obligations for various sectors, including agriculture, forestry, fisheries, tourism, energy, and finance.

Etifor will actively participate at COP16

Etifor | Valuing Nature, a B Corp-certified spin-off environmental consultancy company of the University of Padua, which created the WOWnature initiative, will be an active participant at COP16 to promote the transition to a Nature Positive economy.

What will Etifor do during COP16?

1) It will participate in discussions on targets 15 (Integrate legal, administrative or policy measures into commercial and financial institutions) and 19 (Substantially and progressively increase the level of financial resources) of the Global Biodiversity Framework.

2) He will lead a side event ‘Co-creating a Nature-Positive Economy: From Theory to Practice’ on the importance of co-creating a Nature Positive Economy and take part in multiple meetings related to the value of ecosystem services in making private finance compatible with nature. The event will include a panel discussion with experts in the field who will discuss the current status of integrating biodiversity into global economies, presenting examples of actions taken by companies in the global North and South.

3) The report ‘Biodiversity and the Private Sector in Italy’ (‘Biodiversity and the Private Sector in Italy’), drafted by Etifor in collaboration with ISPRA, will be presented, assessing the state of progress of GBF targets 15 and 19 at the Italian level.