Biodiversity and Nature-related Disclosures

BIODIVERSITY AND NATURE-RELATED DISCLOSURES

2. A QUICK OVERVIEW OF GLOBAL ACTION ON BIODIVERSITY

2.1 THE KUNMING-MONTREAL GLOBAL BIODIVERSITY FRAMEWORK B iodiversity loss and ecosystem degradation is driven by the complex interaction of unsustainable consumption , pollution, climate change, invasive species, land use and habitat conversion, and weak policies and enforcement to protect such ecosystems. If humanity continues this course of action, which is already impacting communities around the world, it could have unimaginable socioeconomic consequences at a global scale. The first United Nations (UN) Convention on Biological Diversity (CBD) celebrated in 1992 recognized for the first time in international law the conservation of biodiversity as “a common concern of humankind”. 4 Later on, in 2011, 20 biodiversity targets were put forth by the CBD to establish a common 10-year action framework—known as the Aichi Biodiversity Targets—for countries to tackle biodiversity loss in unison. However, by 2020, a UN assessment 5 found that none of the Aichi targets had been fully achieved at a global level. O nDecember 19th, 2022, 188governments agreed toa landmarkdeal toguideglobal actiontoprotect biodiversity and restore ecosystems. Chaired by China and hosted in Montreal, the UN Biodiversity Conference of the Parties (CBD COP 15) was a critical steppingstone for tackling global biodiversity loss by establishing a new Global Biodiversity Framework (GBF). The Kunming-Montreal GBF includes 4 long-term goals (2050 Vision for Biodiversity) and 23 action-oriented targets which, if achieved, will result in the slowing of nature loss by 2030. The Four Kunming-Montreal GBF Goals are: Goal 1. Reducing the rate of species extinction by tenfold by 2050. Goal 2. Supporting the achievement of sustainable development by improvements in the management and use of biodiversity, including ecosystem services. Goal 3. Equitable sharing of the monetary and non-monetary benefits of the applications of genetic resources. Goal 4. Providing adequate resources (financial, technical, capacity-building, etc.) to allow for full implementation of the Kunming-Montreal Global Biodiversity Framework. In addition, the 23 short-term targets include restoring 30% of the global marine and terrestrial ecosystems, as well as the effective management of 30% of oceans, lands, and coastal areas by 2030 (known as the 30X30 target). Others include reducing to near zero the loss of areas of high biodiversity and halving global food waste. Regarding nature-related climate finance, the targets suggest phasing out reforming subsidies that harm biodiversity by at least US$500 billion per year and mobilizing at least US$200 billion per year from public and private sources. 4 The 1992 Earth Summit in Rio de Janeiro, Brazil, gave birth to three sister Conventions—on Biodiversity, Climate Change and Desertification—in response to the unique challenges that each pose to humanity. 5 Secretariat of the Convention on Biological Diversity, Global Biodiversity Outlook 5 – Summary for Policy Makers (2020). Link.

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February 2023