The 2024 UN Biodiversity Conference, COP 16, in Cali, Colombia, has marked a turning point for biodiversity considerations within the accounting profession, among other sectors.
The conference, which convened at least 23,000 delegates is the first to follow the adoption of the Kunming-Montreal Global Biodiversity Framework (GBF) by 188 governments two years prior.
The GBF aims to put nature on a path to recovery by 2030 and has set the tone for COP 16’s focus on transforming the relationship with nature.
COP 16 has been dubbed ‘the people’s COP’, with representation from businesses, finance firms, and non-governmental organisations, highlighting the material impact of nature on companies, investors, and economies.
The decisions and partnerships formed at the conference are expected to influence industry practices, particularly in the accounting sector.
Ahead of the conference, the WWF’s Living Planet Report, ‘A System in Peril’, presented data showing a 73% decline in global wildlife populations over the past 50 years.
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By GlobalDataAdditionally, more than 80% of countries had not submitted their National Biodiversity Strategies and Action Plans (NBSAPs) to meet GBF targets, with the UK citing its summer General Election as a reason for missing the deadline.
On 28 October 2024, COP 16’s Finance and Biodiversity Day emphasised the need to align financial flows with the GBF’s vision.
It addressed GBF targets 18 and 19, which call for the reduction of harmful incentives and the mobilisation of $200bn per year for biodiversity.
The Taskforce on Nature-related Financial Disclosures (TNFD) reported a 57% increase in commitments to its voluntary framework for reporting nature-related issues since January, with 502 companies and investors, including KPMG.
COP 16 also witnessed the launch of initiatives such as ‘Integrating Nature Tech: A Guide for Businesses’ and a TNFD-proposed roadmap for improving access to nature-related data.
TNFD states: “The rapid market uptake, particularly among asset managers, highlights the growing appreciation among companies and financial institutions that nature is a material risk issue for their business and a new source of opportunity and potential competitive advantage.”
Earlier in October 2024, ICAEW, through the Global Accounting Alliance (GAA), led a new report outlining actions, advocating for effective public policy aligned with the GBF’s 2030 targets.
