The Global Biodiversity Framework and COP15: What does this mean for businesses?
by Cheryl Baldwin, PH.D.
05 December 2022
2022 is expected to be a milestone year for nature. Much like the Paris Agreement for climate, the next Conference of Parties (COP) meeting of the United Nations Convention on Biological Diversity (COP15) aims to finalize a new Global Framework for Biodiversity.
For the first time, business-specific targets are included in the draft framework.
What is COP15?
COP15 is the 15th Conference of the Parties to the UN’s Convention on Biological Diversity (CBD). The December 7-19, 2022, meeting in Montreal, Canada, aims to set an ambitious new Global Biodiversity Framework (GBF). The final framework will guide governmental policy on biodiversity and includes targets that involve business expectations.
What is the Global Biodiversity Framework?
The draft Global Biodiversity Framework (GBF) will be negotiated at COP15 and will set the global policy direction for biodiversity through this current decade, to 2030. To do this, the draft GBF includes 21 targets and 10 milestones to help halt and reverse biodiversity loss by 2030.
Why is the Global Biodiversity Framework relevant for business?
Over half the world’s total GDP – US$44 trillion – is moderately or highly dependent on nature and its services. Further, a nature-positive transition could create US$10 trillion in business opportunity and create 395 million jobs by 2030.
The GBF aims to protect these resources and build on the opportunities. This will be achieved by translating the targets in the framework into policies and regulations at regional and national levels. There will clearly be a connection to company practices from that effort, but uniquely, the following draft targets connect directly to business actions:
Proposed Target 15. All businesses (public and private, large, medium, and small) assess and report on their dependencies and impacts on biodiversity, from local to global, and progressively reduce negative impacts, by at least half and increase positive impacts, reducing biodiversity-related risks to businesses and moving towards the full sustainability of extraction and production practices, sourcing and supply chains, and use and disposal. - The final text will be negotiated at the Conference.
Proposed Target 19. Increase financial resources from all sources to at least US$ 200 billion per year, including new, additional and effective financial resources, increasing by at least US$ 10 billion per year international financial flows to developing countries, leveraging private finance, and increasing domestic resource mobilization, taking into account national biodiversity finance planning, and strengthen capacity-building and technology transfer and scientific cooperation, to meet the needs for implementation, commensurate with the ambition of the goals and targets of the framework. - The final text will be negotiated at the Conference.
What role can businesses play in the GBF?
The GBF is negotiated and finalized by governments, so businesses will not be participating in that process directly. However, it is important for businesses to show their support for the GBF. This can be done a few ways:
- Make public statements of support of the GBF before, during, and after COP15
- Participate in the COP15, December 7th -19th such as the virtual plenary talks at the Nature Positive Pavilion, Finance and Business Day or the Business and Biodiversity Forum
- Engage in Business for Nature, or other non-profit organizations facilitating business action for nature
- Take actions to protect, restore, and sustainably manage nature
Beyond the GBF and COP15, what actions can companies take to support nature and biodiversity?
The following high level business actions are recommended by Business for Nature and their partners:
- Assess your value chains’ impacts and dependencies on nature and prioritize the most materials ones
- Commit to targets that support the aims of halting and reversing biodiversity loss
- Transform actions to not only avoid and reduce impacts, but to also restore and regenerate across land and seascapes
- Disclose progress throughout this process
Where are resources available to help businesses take action on nature and biodiversity?
Business for Nature COP15 Business Advocacy Campaign
Pure Strategies Nature Services
Science Based Targets Network Creating an equitable, nature positive, net-zero future
Task Force for Nature-related Disclosures TNFD Framework
UN Convention on Biological Diversity Global Biodiversity Framework
World Business Council for Sustainable Development Nature Positive
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Photo by Alenka Skvarc on Unsplash.
Written by Cheryl Baldwin, PH.D.
Cheryl Baldwin, Ph.D., is a Vice President of Sustainability Consulting for Pure Strategies where she partners with corporate clients to develop and execute sustainability strategies to improve performance across retail, food and agriculture, home and personal care, and cosmetics industries. She also leads the firms’ global market research to generate new insights to accelerate business transformation.
Cheryl’s recent projects include helping develop sustainability goals for TAZO, create a sustainable packaging strategy and implementation tools for Walmart, and facilitate the development and implementation of a sustainable chemistry program for Ahold Delhaize USA.
Cheryl authored Pure Strategies’ market research reports: Planet-Forward Strategies, Connecting to the Farm, Reaching the New Corporate Frontier, Advancing on the Path to Product Sustainability, and other reports. She wrote the book, The 10 Principles of Food Industry Sustainability and is the lead author/editor for two additional books on sustainability, Greening Food and Beverage Services and Sustainability in the Food Industry and holds U.S. and international patents.
Prior to Pure Strategies, Cheryl led the life cycle research and sustainability standard program for the non-profit ecolabel organization Green Seal. Cheryl also worked in Research and Development for Kraft Foods, Inc. where she was involved in all phases of R&D from novel ingredient development to global product commercialization. Cheryl holds a Ph.D. and M.S. from Cornell University and a B.S. from the University of Illinois, all in Food Science.
Cheryl has been named one of the Top 50 Women Leaders of DC for the second consecutive year, based on a methodical review of women executives and leaders across the area. She was identified for her career track record, including her leadership position at Pure Strategies. The recognition came from Women We Admire (WWA), a membership organization of over 1,200 of the most accomplished women leaders in business, law, consulting, education, non-profit and other sectors. based on a methodical review of women executives and leaders across the area. She was identified for her career track record, including her leadership position at Pure Strategies. The recognition came from Women We Admire (WWA), a membership organization of over 1,200 of the most accomplished women leaders in business, law, consulting, education, non-profit and other sectors.
