{"id":5106,"date":"2023-01-07T15:35:52","date_gmt":"2023-01-07T12:35:52","guid":{"rendered":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/?p=5106"},"modified":"2023-01-07T15:35:55","modified_gmt":"2023-01-07T12:35:55","slug":"adoption-of-a-new-global-biodiversity-framework","status":"publish","type":"post","link":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/adoption-of-a-new-global-biodiversity-framework","title":{"rendered":"Adoption of a New Global Biodiversity Framework"},"content":{"rendered":"<p><a href=\"https:\/\/www.gibsondunn.com\/wp-content\/uploads\/2023\/01\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms.pdf\">Click for PDF<\/a><\/p>\n<table>\n<tbody>\n<tr>\n<td valign=\"top\" width=\"550\">\n<p class=\"Content\">On 19 December 2022, representatives from 188 countries adopted a new agreement at the United Nations (\u201c<strong>UN<\/strong>\u201d) Biodiversity Conference in Montreal, Canada, to guide global action on nature.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn1\" name=\"_ftnref1\">[1]<\/a>\u00a0 The agreement, the Kunming-Montreal Global Biodiversity Framework (\u201c<strong>GBF<\/strong>\u201d), is the result of several years of negotiations under the auspices of the UN Convention on Biological Diversity<strong>\u00a0(<\/strong>\u201c<strong>CBD<\/strong>\u201d or the<strong>\u00a0\u201cConvention<\/strong>\u201d),<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn2\" name=\"_ftnref2\">[2]<\/a>\u00a0the first summit having taken place in Kunming, China, in October 2021.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn3\" name=\"_ftnref3\">[3]<\/a>\u00a0\u00a0The GBF aims to \u201c<em>halt and reverse<\/em>\u201d biodiversity loss through a series of specific goals and targets.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn4\" name=\"_ftnref4\">[4]<\/a>\u00a0 Its cornerstone is the target to conserve 30% of the world\u2019s land and 30% of the world\u2019s oceans by 2030, widely known as the 30\u00d730 pledge.<\/p>\n<p class=\"Content\">The GBF is one of a handful of CBD agreements<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn5\" name=\"_ftnref5\">[5]<\/a>\u00a0but has the potential to become one of the most significant in moving the dial on nature loss and degradation to date. \u00a0Described as a \u201c<em>landmark<\/em>\u201d agreement,<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn6\" name=\"_ftnref6\">[6]<\/a>\u00a0a \u201c<em>huge, historic moment<\/em>,\u201d<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn7\" name=\"_ftnref7\">[7]<\/a>\u00a0and a \u201c<em>major win for our planet and for all of humanity<\/em>\u201d<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn8\" name=\"_ftnref8\">[8]<\/a>, the GBF was signed against a backdrop of global regulatory developments and investor pressure urging action to address climate change and the interconnected biodiversity loss crisis.<\/p>\n<p class=\"Content\">We share below our insights on the new framework and how it is expected to shape national and international policies and regulations relating to biodiversity, with implications for global organizations and financial firms.<\/p>\n<\/td>\n<td valign=\"top\" width=\"520\">\n<p class=\"TableContent2\"><strong>Key Highlights<\/strong><\/p>\n<ul class=\"TableContent2\">\n<li>In December 2022 at COP 15, 188 countries adopted a new Global Biodiversity Framework (\u201c<strong>GBF<\/strong>\u201d) under the UN <a title=\"Convention on Biological Diversity \u2014 Bio-Bridge Initiative\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/convention-on-biological-diversity-bio-bridge-initiative\">Convention for Biological Diversity<\/a> to \u201chalt and reverse\u201d biodiversity loss.<\/li>\n<li>GBF includes four \u201c<em>overarching global<\/em>\u201d goals and 23 targets for 2030 to protect nature.<\/li>\n<li>Seen as a landmark agreement, the GBF aims to conserve 30% of the world\u2019s land and 30% of the world\u2019s oceans by 2030.<\/li>\n<li>A number of the GBF target will impact the \u00a0private sector-including those related to disclosure and transparency, reduction of pollution risks \u201c<em>from all sources<\/em>,\u201d reduction of subsidies \u201c<em>harmful to biodiversity<\/em>\u201d by at least $500 billion per year by 2030, and mobilization of at least $200 billion per year to implement national biodiversity goals.<\/li>\n<li>GBF is likely to spur additional actions at the domestic and international levels and lead to enhanced and new voluntary (and eventually mandatory) rules on nature-related issues.<\/li>\n<li>A number of initiatives across the financial sector have already expressed support for the GBF and its objectives. \u00a0For example, a new coalition of institutional investors (Nature Action 100) was announced at COP 15 and will focus on identifying and supporting critical private sector actors in key sectors.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"Content\"><strong>I. Background to COP15<\/strong><\/p>\n<p class=\"Content\">The meeting of the Conference of the Parties (\u201c<strong>COP<\/strong>\u201d) to the CBD takes place every two years with a view to advancing the goals of the Convention.\u00a0 The CBD, which opened for signature in 1992 at the Earth Summit in Rio de Janeiro<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn9\" name=\"_ftnref9\">[9]<\/a>\u00a0and entered into force in 1993, is an international treaty with three objectives\u2014(i) the conservation of biological diversity; (ii) the sustainable use of the components of biodiversity; and (iii) the fair and equitable sharing of the benefits derived from the use of genetic resources.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn10\" name=\"_ftnref10\">[10]<\/a>\u00a0 The CBD has nearly universal participation, with 196 States Parties including Belgium, Brazil, China, France, Germany, Singapore, the UAE, and the United Kingdom. The United States signed the treaty in 1993 but has not ratified it.\u00a0 (The U.S. nonetheless\u00a0<a href=\"https:\/\/www.theguardian.com\/environment\/2022\/dec\/17\/cop15-us-biodiversity-cbd\">participates<\/a>\u00a0at the COPs and, as we discuss below, COP15 has implications for U.S. entities and other global organizations.)<\/p>\n<p class=\"Content\">In 2010, at COP10 in Nagoya, Japan, the Parties adopted a revised and updated Strategic Plan for Biodiversity, including the Aichi Biodiversity Targets for 2011\u20132020 (\u201c<strong>Aichi Targets<\/strong>\u201d), to achieve a goal of \u201c<em>living in harmony with nature<\/em>\u201d by 2050.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn11\" name=\"_ftnref11\">[11]<\/a><\/p>\n<p class=\"Content\">In 2019, however, a\u00a0<a href=\"https:\/\/www.un.org\/sustainabledevelopment\/blog\/2019\/05\/nature-decline-unprecedented-report\/\">report<\/a>\u00a0by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (\u201c<strong>IPBES<\/strong>\u201d) concluded that nature was declining globally at rates unprecedented in human history.\u00a0 In 2020, the\u00a0<a href=\"https:\/\/www.cbd.int\/gbo5\"><em>Global Biodiversity Outlook 5<\/em><\/a>, a CBD report, found that, despite progress in some areas, governments had failed to meet the Aichi Targets.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn12\" name=\"_ftnref12\">[12]<\/a><\/p>\n<p class=\"Content\">These findings set the tone for the next COP\u2014COP15\u2014whose key purpose was to agree on global nature targets for 2030 and 2050.\u00a0 The meeting opened on 7 December 2022 and, following a \u201c<em>sometimes fractious<\/em>\u201d two-week meeting<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn13\" name=\"_ftnref13\">[13]<\/a>\u00a0and reservations voiced by several States including on the sensitive and critical topic of financing, the GBF was adopted and the updated draft agreement published in the last few hours of COP15.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn14\" name=\"_ftnref14\">[14]<\/a>\u00a0\u00a0Alongside the GBF, COP15 adopted a number of other decision texts that spell out more technical details, including monitoring mechanisms, resource mobilization, and areas for future work.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn15\" name=\"_ftnref15\">[15]<\/a><\/p>\n<p class=\"Content\"><strong>II. Why are COP15 and Biodiversity Important to Organizations and Investors?<\/strong><\/p>\n<p class=\"Content\">In our\u00a0<a href=\"https:\/\/www.gibsondunn.com\/cop15-biodiversity-firmly-back-on-the-regulatory-agenda\/\">previous alert<\/a>, we touched on some of the key reasons why biodiversity loss poses a risk to companies and investors. \u00a0Most businesses depend on <a title=\"Call for Application: MSc. Programme on \u201cScience-Policy-Practice Interfaces on Biodiversity, Ecosystem Services and Climate Change\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-application-msc-programme-on-science-policy-practice-interfaces-on-biodiversity-ecosystem-services-and-climate-change\">ecosystem services underpinned by biodiversity<\/a>.\u00a0 For example, a 2020 report from the World Economic Forum (\u201c<strong>WEF<\/strong>\u201d) found that\u00a0<strong>more than 50%<\/strong>\u00a0of the world\u2019s GDP ($44\u00a0trillion) is moderately or highly dependent on nature and its ecosystems\u2014and is therefore at risk of disruption due to nature loss.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn16\" name=\"_ftnref16\">[16]<\/a><\/p>\n<p class=\"Content\">Today, the WEF ranks <a title=\"Global Biodiversity Information Facility \u2014 Data Papers on Freshwater Species\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/global-biodiversity-information-facility-data-papers-on-freshwater-species-2\">biodiversity loss as a\u00a0<strong>top three<\/strong>\u00a0<strong>risk<\/strong>\u00a0to the global<\/a> economy.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn17\" name=\"_ftnref17\">[17]<\/a><\/p>\n<p class=\"Content\"><strong>Chart 1.\u00a0 Examples of Global Biodiversity Risks<\/strong><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn18\" name=\"_ftnref18\">[18]<\/a><strong><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn18\" name=\"_ftnref18\"><\/a><\/strong><\/p>\n<table class=\"BoxContent\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr valign=\"\">\n<td width=\"200\">Up to\u00a0<strong>$577 billion<\/strong>\u00a0in annual global crop production is at risk from pollinator loss<\/td>\n<td width=\"200\">Around\u00a0<strong>40%<\/strong>\u00a0of the global population is adversely affected by land degradation<\/td>\n<td width=\"200\"><strong>100-300 million<\/strong>\u00a0people are at increased risk of floods and hurricanes due to coastal habitat loss<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"BoxContent\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr valign=\"\">\n<td width=\"200\">Collapse of wild pollinator populations, marine fisheries, and timber production alone could reduce global GDP by\u00a0<strong>$2.7 trillion annually<\/strong>\u00a0by 2030<\/td>\n<td width=\"200\">Wildlife is the source of\u00a0<strong>70%<\/strong>\u00a0of novel pathogens and loss of natural habitats substantially increases the risk of global pandemics via human encroachment<\/td>\n<td width=\"200\">Coral reefs alone generate\u00a0<strong>$36 billion<\/strong>\u00a0per year for the global tourism industry.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"BoxContent\" border=\"0\" cellspacing=\"0\" align=\"center\">\n<tbody>\n<tr valign=\"\">\n<td width=\"200\"><strong>60%<\/strong>\u00a0of coffee varieties are in danger of extinction due to <a title=\"Public Awareness on Climate Change\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/public-awareness-on-climate-change-2\">climate change<\/a>, disease and deforestation.<\/td>\n<td width=\"200\"><strong>25%<\/strong>\u00a0of drugs used in modern medicine are derived from rainforest plants<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"Content\">Companies and investors are increasingly appreciating and focusing on these material, systemic risks posed by biodiversity loss.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn19\" name=\"_ftnref19\">[19]<\/a><\/p>\n<p class=\"Content\">With these global risks, however, also come opportunities for both the <a title=\"Request for Proposal on Analysis of Public Sector Climate, Forest, and Land Use Strategies and Determination of Investment Readiness Score\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/request-for-proposal-on-analysis-of-public-sector-climate-forest-and-land-use-strategies-and-determination-of-investment-readiness-score\">public and private sectors<\/a>. \u00a0A recent\u00a0<a href=\"https:\/\/openknowledge.worldbank.org\/bitstream\/handle\/10986\/35882\/A-Global-Earth-Economy-Model-to-Assess-Development-Policy-Pathways.pdf?sequence=1&amp;isAllowed=y\">World Bank report<\/a>\u00a0estimates that \u201c<em>nature-smart<\/em>\u201d policies can reduce the risk of ecosystem collapse and are \u201c<em>win-win<\/em>\u201d policies in terms of biodiversity and economic outcomes.\u00a0 Meanwhile, the WEF\u2019s\u00a0<em>Future of Nature and Business Report<\/em><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn20\" name=\"_ftnref20\">[20]<\/a>\u00a0found that \u201c<em>nature-positive<\/em>\u201d solutions could create over $10\u00a0trillion in business opportunities and provide 395\u00a0million more jobs by 2030. Investment in nature can prove to be not just a cost-effective but even a profitable solution for addressing the broader societal objective of biodiversity loss.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn21\" name=\"_ftnref21\">[21]<\/a>\u00a0 This growing awareness is reflected in investment in \u201c<em>nature-based solutions<\/em>\u201d (\u201c<strong>NbS<\/strong>\u201d),<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn22\" name=\"_ftnref22\">[22]<\/a>\u00a0which is expected to grow in the light of the GBF\u2019s package of actions relating to resource mobilization, mechanisms for planning, and capacity-building and development, and technical and scientific cooperation, as discussed below.<\/p>\n<p class=\"Content\">Against this backdrop of urgency and interest, it was no surprise to many that, for the first time, the conference featured a dedicated Finance Day. \u00a0There were a number of initiatives and <a title=\"National Engineered Wood Sector Development Framework\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/national-engineered-wood-sector-development-framework\">developments emanating from the financial sector<\/a> both in the run up to, at, and following the COP15, including:<\/p>\n<ul>\n<li class=\"Content\">The UN Principles of Responsible Investment (\u201c<strong>UN PRI<\/strong>\u201d), a UN-supported international network of financial institutions, coordinated a call by 150 global financial institutions with more than $24 trillion in assets under management, on governments to adopt the GBF and committed to work within their own organizations to support the effective alignment of the proposed vision from the CBD of \u201c<em>Living in Harmony with Nature by 2050<\/em>.\u201d<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn23\" name=\"_ftnref23\">[23]<\/a><\/li>\n<li class=\"Content\">The topic of \u201c<em>biodiversity credits<\/em>\u201d and establishing a voluntary market for these developing financial instruments was keenly debated at the COP, and in parallel the WEF and the Biodiversity Credit Alliance are exploring market options for biodiversity credits.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn24\" name=\"_ftnref24\">[24]<\/a><\/li>\n<li class=\"Content\">A new coalition of institutional investors,\u00a0<a href=\"https:\/\/www.prnewswire.com\/news-releases\/at-cop15-investors-announce-nature-action-100-to-tackle-nature-loss-and-biodiversity-decline-301699719.html\">Nature Action 100<\/a>, was announced at COP15. The group will identify most critical private-sector actions and work with companies to address nature loss and degradation, focusing initially on 100 companies in key sectors (i.e., those deemed to be systemically important to the GBF\u2019s goal of reversing nature and biodiversity loss by 2030).<\/li>\n<li class=\"Content\">The World Benchmarking Alliance (\u201c<strong>WBA<\/strong>\u201d) published a new\u00a0<a href=\"https:\/\/www.worldbenchmarkingalliance.org\/news\/nature-benchmark-press-release-2022\/\">Nature Benchmark<\/a>\u00a0at COP15\u2014an assessment of 389 companies\u2014which found that just 5% understand their impact on nature and less than 1% know how much their operations depend on nature.<\/li>\n<\/ul>\n<p class=\"Content\"><strong>III. The GBF\u2019s Global Roadmap to 2030<\/strong><\/p>\n<p class=\"Content\">The overarching aim of the GBF is for people to \u201c<em>liv<\/em>[e]<em>\u00a0in harmony with nature<\/em>\u201d by 2050. \u00a0To achieve this vision, the GBF has set out a \u201c<em>mission<\/em>\u201d to \u201c<em>halt and reverse<\/em>\u201d biodiversity loss by 2030.\u00a0 It adopted four \u201c<em>overarching global<\/em>\u201d goals and 23 targets for 2030 to protect nature, which are described in more detail below:<\/p>\n<p class=\"Content\"><strong>(A) The GBF\u2019s Four Goals<\/strong><\/p>\n<p class=\"Content\">The GBP\u2019s four overarching global goals include:<\/p>\n<table width=\"695\" cellspacing=\"0\" align=\"center\">\n<tbody>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Goal<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\"><strong>Goal Summary<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Goal A<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Halting \u201c<em>human-induced extinction<\/em>\u201d of known threatened species and reducing the rate and risk of extinction of all species \u201c<em>tenfold<\/em>\u201d by 2050<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Goal B<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Sustainable use and management of biodiversity to ensure that \u201c<em>nature\u2019s contributions to people . . . are valued, maintained and enhanced<\/em>,\u201d for the benefit of present and future generations by 2050<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Goal C<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Fair and equitable sharing of the \u201c<em>benefits from the utilization of genetic resources, and digital sequence information on genetic resources<\/em>\u201d and protection of traditional knowledge associated with genetic resources<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Goal D<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Ensuring that adequate means of implementing the GBF are accessible to all Parties, and in particular the Least Developed Countries and Small Island Developing States<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"Content\">Although Goal D does not specifically mention either the public or the private sector, is it regarded as one of the most relevant goals for the corporate and financial services sector. \u00a0Adequate means of implementation, including financial resources, capacity-building, and technical and scientific cooperation are seen as key to ensure the success of the GBF and \u201c<em>progressively clos<\/em>[e]<em>\u00a0the biodiversity finance gap of 700 billion dollars per year<\/em>.\u201d<\/p>\n<p class=\"Content\"><strong>(B) The GBF\u2019s 23 Targets<\/strong><\/p>\n<p class=\"Content\">The GBF\u2019s targets (of which nine incorporate specific 2030 targets) cover the following areas:<\/p>\n<table width=\"695\" cellspacing=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\"><strong>Target Summary<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 1<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"Content\">Spatial planning to bring the loss to areas of high biodiversity importance to\u00a0<strong>close to zero<\/strong>\u00a0by 2030<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 2<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Effective\u00a0<strong>restoration<\/strong>\u00a0of\u00a0<strong>at least 30%<\/strong>\u00a0of degraded terrestrial, inland water, and coastal\/marine ecosystems by 2030<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 3<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Effective\u00a0<strong>conservation<\/strong>\u00a0of\u00a0<strong>at least 30%<\/strong>\u00a0of degraded terrestrial, inland water and coastal\/marine ecosystems by 2030 (i.e., 30 x 30), recognizing indigenous and traditional territories, where applicable<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 4<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2t\">Ensure urgent management actions to stop human-induced extinction of species and restore genetic diversity<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2t\"><strong>Target 5<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"Content\">Ensure that the use, harvesting, and trade of wild species is sustainable, safe, and legal, and reduce the risk of pathogen spill-over<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 6<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Eliminate, reduce, or mitigate impacts of <a title=\"Webinar: Forest Invasive Species\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/webinar-forest-invasive-species\">invasive alien species<\/a> on biodiversity<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 7<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Reduce pollution risks and negative impact of pollution \u201cfrom all sources\u201d to non-harmful levels by 2030, including reducing excess nutrients lost by at least 50% including through more efficient nutrient cycling and use, reducing the \u201coverall risk from pesticides and highly hazardous chemicals\u201d by at least 50% including through <a title=\"Integrated Pest Management\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/integrated-pest-management\">integrated pest management<\/a>, and working towards \u201celiminating plastic pollution\u201d<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 8<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Minimize the impact of <a title=\"FBL 207: Climate Change\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/study\/fbl-207-climate-change\">climate change<\/a> and ocean acidification on biodiversity<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 9<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Ensure that the management and use of wild species is sustainable, thereby supporting especially those most dependent on biodiversity<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 10<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Ensure that areas under agriculture, aquaculture, fisheries, and forestry are <a title=\"Facilitating stakeholders to apply multi-sectoral forum for mitigating conflicting interests for sustainable management of mangroves (2013-2015).\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/research\/facilitating-stakeholders-to-apply-multi-sectoral-forum-for-mitigating-conflicting-interests-for-sustainable-management-of-mangroves-2013-2015\">managed sustainably<\/a><\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 11<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Restore, maintain, and enhance contributions to people, such as regulation of air, water, and climate, soil health, pollination and reduction of disease risk, through <a title=\"Request for Proposals: Nature-based Solutions\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/request-for-proposals-nature-based-solutions\">nature-based solutions<\/a> and ecosystem-based approaches<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 12<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Significantly increase the area, quality, and connectivity of access to and benefits from green and blue spaces in urban and densely populated areas, including by ensuring biodiversity-inclusive urban planning, enhancing native biodiversity, ecological connectivity and integrity<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 13<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Take effective legal, policy, administrative, and capacity-building measures to ensure the fair and equitable sharing of benefits from genetic sources<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 14<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Ensure the full integration of biodiversity into policies and regulations, including <a title=\"FBL 204: Ecological Impact Assessment and Environmental Planning\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/study\/fbl-204-ecological-impact-assessment-and-environmental-planning\">environmental impact assessments<\/a> (\u201c<strong>EIAs<\/strong>\u201d), across all levels of government and sectors, and progressively align all public and private activities, fiscal and financial flows with the GBF<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 15*<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Take legal, administrative, or policy measures to encourage and enable large and transnational companies and financial institutions to \u201cmonitor, assess, and transparently disclose\u201d their biodiversity risks, dependencies, and impacts through their operations, portfolios, supply, and <a title=\"Value chain development for selected forest-based products to enhance community livelihoods\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/value-chain-development-for-selected-forest-based-products-to-enhance-community-livelihoods\">value chains<\/a>, including by providing more information to consumers and reporting on compliance with regulations<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 16<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Ensure that people are encouraged to make sustainable consumption choices, including by establishing supportive policy, legislative, and <a title=\"Call for Proposal: Analytical Study on National Energy Policy and Regulatory Frameworks\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-proposal-analytical-study-on-national-energy-policy-and-regulatory-frameworks\">regulatory frameworks<\/a>, and, by 2030, reduce \u201cthe global footprint of consumption,\u201d halve global food waste, and reduce waste generation<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 17<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Establish, <a title=\"Call for national experts: strengthening capacity among African forestry stakeholders for implementing REDD+ in Anglophone and Lusophone Africa\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-national-experts-strengthening-capacity-among-african-forestry-stakeholders-for-implementing-redd-in-anglophone-and-lusophone-africa\">strengthen capacity<\/a> for, and implement biosafety measures<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 18<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Eliminate or reform incentives which are \u201c<em>harmful to biodiversity<\/em>\u201d (e.g. subsidies) by 2050, by progressively reducing them by at\u00a0<strong>least $500 billion per year by 2030<\/strong>, while scaling up positive incentives for <a title=\"Biodiversity conservation\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/knowledge-base\/biodiversity-conservation\">biodiversity conservation<\/a> and sustainable use<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 19<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Increase the level of financial resources to implement <a title=\"National Bamboo Development Strategy and Action Plan\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/development-of-the-national-bamboo-development-strategy-and-action-plan\">national biodiversity strategies and action plans<\/a> by mobilizing\u00a0<strong>at least $200 billion<\/strong>\u00a0per year (from public and private sources) and increasing international financial flows from developed to developing countries to\u00a0<strong>at least $20 billion<\/strong>\u00a0per year by 2025 and\u00a0<strong>$30 billion<\/strong>\u00a0by 2030<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 20<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Strengthen capacity-building, access to, and transfer of technology and R&amp;D for the <a title=\"Call for MSc and PhD Applications 2020\/2021 \u2013 Africa Center of Excellence for Climate Smart Agriculture and Biodiversity Conservation\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-msc-and-phd-applications-2020-2021-africa-center-of-excellence-for-climate-smart-agriculture-and-biodiversity-conservation\">conservation and sustainable use of biodiversity<\/a><\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 21<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Ensure that the best available data, information, and knowledge accessible to decision-makers and the public to guide governance, awareness-raising, education, monitoring, and R&amp;D management<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 22<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Ensure the full, equitable, inclusive gender-responsive representation and participation in decision-making related to biodiversity<\/p>\n<\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"84\">\n<p class=\"TableContent2\"><strong>Target 23<\/strong><\/p>\n<\/td>\n<td width=\"540\">\n<p class=\"TableContent2\">Ensure gender equality in the implementation of the GBF<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"TableContent2\">* Target 15 is the GBF\u2019s private sector-focused target for businesses and financial institutions.\u00a0 However, as the WEF has noted in its most\u00a0<a href=\"https:\/\/www3.weforum.org\/docs\/WEF_Biodiversity_Targets_for_Business_Action_2022.pdf\">recent report<\/a>, multiple other goals and targets are relevant to the private sector and create both risks and opportunities for global organizations and financial institutions.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn25\" name=\"_ftnref25\">[25]<\/a><\/p>\n<p class=\"Content\"><strong>(C) The CBD\u2019s Next Steps \u00a0<\/strong><\/p>\n<p class=\"Content\">The next UN <a title=\"Scholarships to Cover Biodiversity Conferences\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/scholarships-to-cover-biodiversity-conferences\">biodiversity conference<\/a> will be held in Turkey in 2024.\u00a0 In the interim, the CBD\u2019s subsidiary bodies will continue to meet and develop the scientific, reporting, and monitoring foundations for the GBF. \u00a0Meanwhile, the Global Environment Facility (\u201c<strong>GEF<\/strong>\u201d) will create a new biodiversity-specific trust fund, as outlined in the final agreement.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn26\" name=\"_ftnref26\">[26]<\/a><\/p>\n<p class=\"Content\">In parallel, at the domestic level, States Parties to the CBD will be expected to revise their <a title=\"Action Plan for the National Engineered Wood Sector Development Framework\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/action-plan-for-the-national-engineered-wood-sector-development-framework\">National Biodiversity Strategies and Action Plans<\/a> (\u201c<strong>NBSAPs<\/strong>\u201d) to \u201calign\u201d them with the goals and targets set out in the GBF (Art. 34(a)) by COP16\u2014the next <a title=\"COP15: Five key takeaways from the UN biodiversity summit\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/cop15-five-key-takeaways-from-the-un-biodiversity-summit\">biodiversity summit<\/a>.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn27\" name=\"_ftnref27\">[27]<\/a>\u00a0 COP15 also agreed that the CBD Parties should submit national reports containing agreed headline indicators in 2026 and 2029.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn28\" name=\"_ftnref28\">[28]<\/a><\/p>\n<p class=\"Content\">Implementation of the GBF, however, will also likely continue outside of the narrow context of the CBD.\u00a0 For example, about 60% of the Earth\u2019s ocean surface lies outside national jurisdictions\u2014and beyond the reach of national legislation. \u00a0To preserve biodiversity on the high seas (and on the seafloor), States would need to adopt a complementary sets of biodiversity rules and targets.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn29\" name=\"_ftnref29\">[29]<\/a><\/p>\n<p class=\"Content\"><strong>IV. Broader Implications and Developments of Note for Corporations and Financial Institutions<\/strong><\/p>\n<p class=\"Content\">The GBF is not a legally binding international treaty, but it is nonetheless expected to affect national policies, regulations, and plans globally as governments seek to give effect to their new biodiversity commitments. \u00a0As we have seen, global financial institutions are already both supporting and urging such actions.<\/p>\n<p class=\"Content\">With its more measurable targets and an \u201c<em>enhanced implementation mechanism<\/em>,\u201d the GBF is thought to be more robust\u2014and more likely to be successfully implemented\u2014than its predecessor, the 2010 Aichi Targets.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn30\" name=\"_ftnref30\">[30]<\/a>\u00a0 The GBF\u2019s system of reporting, monitoring, and \u201c<em>ratcheting up<\/em>\u201d of ambition over time is expected to result in more concrete actions.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn31\" name=\"_ftnref31\">[31]<\/a>\u00a0 This approach draws on the implementation framework underpinning the 2015 Paris Agreement on Climate Change (\u201c<strong>Paris Agreement<\/strong>\u201d).\u00a0 The Paris Agreement\u2014which requires countries to regularly submit their national climate plans for review and increase their climate targets over time\u2014has already had significant impact both on domestic legislation (across all levels of government) and voluntary measures by the private sector.\u00a0 The GBF, already (aspirationally) described as the \u201c<em>Paris Agreement for Nature<\/em>,\u201d could potentially be as far-reaching.<\/p>\n<p class=\"Content\">At the same time, while the GBF contains some specific targets, not all are quantitative.\u00a0 Quantifying and standardizing national commitments (both in targets and in financial investment) is seen as necessary to ensure implementation.<\/p>\n<p class=\"Content\">Depending on the degree of implementation by governments and\/or voluntary adoption by the private sector, there are a number of specific aspects of the GBF which could lead to changes in the scope, nature, and increased costs of business and compliance for various organizations as illustrated below.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn32\" name=\"_ftnref32\">[32]<\/a>\u00a0\u00a0It will be important for individual businesses, management, and boards to track and proactively consider the potential impact of these developments on their operations, investment decisions, and compliance.\u00a0 For instance:<\/p>\n<ul>\n<li class=\"Content\"><strong>Impact of GBF Substantive Targets \u2013 Expansion of <a title=\"Creating New Protected Areas\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/creating-new-protected-areas\">Protected Areas:<\/a><\/strong>\u00a0The GBF\u2019s substantive targets could have significant implications for business, in particular those that already enjoy a significant degree of support among governments.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn33\" name=\"_ftnref33\">[33]<\/a>\u00a0Currently, around 17% of land and 8% of marine areas globally are protected.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn34\" name=\"_ftnref34\">[34]<\/a>\u00a0\u00a0The GBF commitment in Target\u00a03 to expand protected areas to at least 30% of the world\u2019s land, coastal areas, and oceans by 2030 is likely to have material implications for a number of businesses, including agriculture, fisheries, mining, and logging, which may see a contraction in areas available for their operations, while other sectors, such as tourism, consumer products, cosmetics, and pharmaceuticals, may see growth.\u00a0 Moreover, it is expected that the 30% target may be revised upwards in the future in view of other scientific <a title=\"Mapping of the remaining un-protected natural forests and assessment of their resources and threats as a roadmap to conserve eastern afromontane biodiversity hotspot in Ludewa, Tanzania (2015-2016).\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/research\/2-mapping-of-the-remaining-un-protected-natural-forests-and-assessment-of-their-resources-and-threats-as-a-roadmap-to-conserve-eastern-afromontane-biodiversity-hotspot-in-ludewa-tanzania-2015-2016\">assessments suggesting that protecting biodiversity requires 30-50% of Earth\u2019s land and sea to be set aside for nature<\/a>.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn35\" name=\"_ftnref35\">[35]<\/a><\/li>\n<li class=\"Content\"><strong>Finance \u2013 Phasing out of Subsidies:<\/strong>\u00a0The implementation of Target\u00a018 could reshape international financial flows by redirecting $500 billion every year in subsidies that are seen to have a negative impact on biodiversity and putting those funds to a different use. While specific sectors are not named in the GBF, this commitment is expected to\u00a0<a href=\"https:\/\/www.theguardian.com\/environment\/2022\/feb\/17\/world-spends-18tn-a-year-on-subsidies-that-harm-environment-study-finds-aoe\">target subsidies<\/a>\u00a0for agriculture, fisheries, and hydrocarbons.<\/li>\n<li class=\"Content\"><strong>Respecting Indigenous Rights \u2013 Implications for Land Use and Operations:<\/strong>\u00a0The GBF incorporates Indigenous Rights into various targets.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn36\" name=\"_ftnref36\">[36]<\/a>\u00a0This will shape how governments and the private sector conduct operations in areas with an Indigenous population and heighten the need for securing their free, prior, and informed consent.<\/li>\n<li class=\"Content\"><strong>Respecting Human Rights<\/strong>: The GBF also expressly states that implementation should follow a human rights-based approach and acknowledges the human right to a clean, healthy, and sustainable environment in line with the\u00a0<a href=\"https:\/\/digitallibrary.un.org\/record\/3983329?ln=en\">U.N. General Assembly Resolution<\/a>\u00a076\/300 of 28 July 2022.<\/li>\n<li class=\"Content\"><strong>Disclosure, Increased Transparency, and Commitments:\u00a0<\/strong>Finally, Target\u00a015 calls on large and transnational companies and financial institutions to \u201c<em>monitor, assess, and transparently disclose<\/em>\u201d their risks and impacts on biodiversity throughout their operations, portfolios, supply, and value chains by 2030. Many Parties, as well as Business for Nature, a corporate coalition, had\u00a0<a href=\"https:\/\/www.reuters.com\/business\/sustainable-business\/how-business-helped-drive-historic-agreement-nature-cop15-2022-12-21\/\">called<\/a>\u00a0on the COP15 delegates to make Target\u00a015 mandatory for all companies.\u00a0 While the GBF did does not make the target \u201c<em>mandatory<\/em>\u201d or set concrete benchmarks and does not bind private actors, it may nonetheless have significant impacts and enhance impetus in this area, which has already seen some development.<\/li>\n<\/ul>\n<p class=\"Content\">The disclosure-related Target 15 builds on a growing number of existing regulations and standards and will likely spur additional actions, as summarized below:<\/p>\n<ul>\n<li class=\"Content\"><strong><em>Existing National and Regional Regulations<\/em><\/strong>\u00a0\u2013 As noted in our\u00a0<a href=\"https:\/\/www.gibsondunn.com\/cop15-biodiversity-firmly-back-on-the-regulatory-agenda\/\">previous alert<\/a>, a number of regulations already apply to corporates and\/or investment funds in Europe (for example in the UK, France, and the EU<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn37\" name=\"_ftnref37\">[37]<\/a>) and globally that already incorporate specific biodiversity and nature-related disclosures. As with other ESG-related disclosures and standards, alignment across regulatory and <a title=\"United Nations Industrial Development Organisation \u2014 Innovative Solutions towards Net-Zero\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/united-nations-industrial-development-organisation-innovative-solutions-towards-net-zero\">industry sectors in the development<\/a> of further or enhanced biodiversity disclosures will be key for industry generally.\u00a0 Organizations should, however, be prepared to encounter a host of new and potentially inconsistent rules and regulations across countries.<\/li>\n<li class=\"Content\"><strong><em>Global Standards and Frameworks<\/em><\/strong>\u00a0\u2013 Prior to COP15, the Taskforce on Nature-Related Financial Disclosure (\u201c<strong>TNFD<\/strong>\u201d) released the third version of its\u00a0<a href=\"https:\/\/tnfd.global\/news\/tnfd-releases-third-beta-framework\/\">beta framework<\/a>\u00a0(v0.3) for nature-related risk management and disclosures, which includes guidance on target-setting developed with the Science Based Targets Network (\u201c<strong>SBTN\u201d<\/strong>).<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn38\" name=\"_ftnref38\">[38]<\/a>\u00a0Calls on business and financial institutions to assess and disclose their biodiversity impacts and risks have only increased since COP15.\u00a0 In response, the International Sustainability Standards Board (\u201c<strong>ISSB<\/strong>\u201d<strong>)<\/strong>\u00a0<a href=\"https:\/\/www.ifrs.org\/news-and-events\/news\/2022\/12\/issb-describes-the-concept-of-sustainability\/\">announced<\/a>\u00a0that it will research \u201c<em>incremental enhancements<\/em>\u201d to complement the Climate-Related Disclosures Standard (S2) (currently under development), including in relation to \u201c<em>natural ecosystems<\/em>.\u201d<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn39\" name=\"_ftnref39\">[39]<\/a>\u00a0 There are already calls to make the ISSB standard (once completed) mandatory.<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn40\" name=\"_ftnref40\">[40]<\/a><\/li>\n<\/ul>\n<p class=\"Content\">While mandatory disclosure may be some years away, in the meantime the GBF may result in the enhancement of existing <a title=\"United Nations Development Programme \u2014 Pathfinder Award for Innovation in Nature Conservation\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/united-nations-development-programme-pathfinder-award-for-innovation-in-nature-conservation\">national and regional regulations and accelerate the development<\/a> and proliferation of new voluntary (and eventually mandatory) rules on nature-related disclosure across different jurisdictions and regulatory regimes.\u00a0 This could in turn affect long-term investment decisions and regulatory compliance for businesses across the value chain.<\/p>\n<p class=\"Content\"><strong>V. Conclusion<\/strong><\/p>\n<p class=\"Content\">There have already been a number of private-sector related developments relating to biodiversity, which indicate that these issues are gaining real momentum and traction in the financial markets. \u00a0These include the launch of a number of new biodiversity funds,<a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftn41\" name=\"_ftnref41\">[41]<\/a>\u00a0the expansion and enhancement of biodiversity criteria in sustainable bonds and sustainability-linked loans, and the developments in the voluntary biodiversity credits market.<\/p>\n<p class=\"Content\">The <a title=\"Global Biodiversity Information Facility \u2014 Data Papers on Freshwater Species\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/global-biodiversity-information-facility-data-papers-on-freshwater-species\">Global Biodiversity<\/a> Framework reflects a further, important milestone in this journey.\u00a0 The full impact of COP15 may not be visible until COP16, when CBD Parties are called to publish their national biodiversity action plans.\u00a0 However, the private sector is rightly taking note of the key emerging operational impacts on business (such as respect for Indigenous and human rights, and transparency and reporting of risks and impacts on biodiversity) and its corresponding complexities and costs of implementation alongside the growth and economic opportunities for market participants.<\/p>\n<p class=\"Content\">____________________________<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref1\" name=\"_ftn1\">[1]<\/a>\u00a0\u00a0 \u00a0\u00a0 Conf. of the Parties to the Convention on Biological Diversity, U.N. Doc. CBD\/COP\/15\/L.25,\u00a0<a href=\"https:\/\/www.cbd.int\/doc\/c\/e6d3\/cd1d\/daf663719a03902a9b116c34\/cop-15-l-25-en.pdf\"><em>Kunming-Montreal Global Biodiversity Framework<\/em><\/a>, Draft Decision Submitted by the President (Dec. 18, 2022) [hereinafter \u201c<strong>GBF<\/strong>\u201d].<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref2\" name=\"_ftn2\">[2]<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0 Convention on Biological Diversity,\u00a0<em>opened for signature<\/em>, June 5, 1992, 1760 U.N.T.S. 79 (entered into force Dec. 29, 1993) [hereinafter \u201c<strong>CBD<\/strong>\u201d].<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref3\" name=\"_ftn3\">[3]<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<em>See<\/em>\u00a0Gibson Dunn\u2019s Client Alert on COP 15 (Part I) and related regulatory developments published in October 2021:\u00a0<a href=\"https:\/\/www.gibsondunn.com\/cop15-biodiversity-firmly-back-on-the-regulatory-agenda\/\">COP 15 Biodiversity Firmly Back On The Regulatory Agenda<\/a>.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref4\" name=\"_ftn4\">[4]<\/a>\u00a0\u00a0 \u00a0\u00a0\u00a0<em>See\u00a0<\/em>CBD,\u00a0<em>Nations Adopt Four Goals, 23 Targets for 2030 in Landmark UN Biodiversity Agreement<\/em>,\u00a0<a href=\"https:\/\/www.cbd.int\/article\/cop15-cbd-press-release-final-19dec2022\">CBD Press Release<\/a>\u00a0(Dec. 19, 2022) [hereinafter \u201c<strong>CBD Press Release<\/strong>\u201d].<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref5\" name=\"_ftn5\">[5]<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<em>See, e.g.<\/em>,\u00a0<a href=\"https:\/\/bch.cbd.int\/protocol\">Cartagena Protocol on Biosafety<\/a>\u00a0to the Convention on Biological Diversity,\u00a0<em>opened for signature<\/em>, May 15, 2000, 2226 U.N.T.S. 208 (entered into force Sept. 11, 2003);\u00a0<a href=\"https:\/\/www.cbd.int\/abs\/\">Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization<\/a>\u00a0to the Convention on Biological Diversity,\u00a0<em>opened for signature<\/em>\u00a0Feb. 2, 2011, 3008 U.N.T.S. 3 (entered into force Oct. 12, 2014).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref6\" name=\"_ftn6\">[6]<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<em>See\u00a0<\/em>CBD Press Release.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref7\" name=\"_ftn7\">[7]<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0 UK International Environment Minister Zac Goldsmith, quoted in\u00a0<a href=\"https:\/\/www.carbonbrief.org\/cop15-key-outcomes-agreed-at-the-un-biodiversity-conference-in-montreal\/\">CarbonBrief<\/a>,\u00a0<em>COP15: Key outcomes agreed at the UN biodiversity conference in Montreal<\/em>, 20 Dec. 2022 [hereinafter\u00a0<strong>CarbonBrief,\u00a0<em>COP15: Key outcomes<\/em><\/strong>].<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref8\" name=\"_ftn8\">[8]<\/a>\u00a0\u00a0 Canadian Environment Minister Steven Guilbeault, quoted in\u00a0<em>id<\/em>.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref9\" name=\"_ftn9\">[9]<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0 The other key Rio Summit treaties include the UN Framework Convention on Climate Change (\u201c<strong>UNFCCC<\/strong>\u201d) and the UN Convention to Combat Desertification (\u201c<strong>UNCCD<\/strong>\u201d).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref10\" name=\"_ftn10\">[10]<\/a>\u00a0 \u00a0\u00a0 CBD, art. 1.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref11\" name=\"_ftn11\">[11]<\/a>\u00a0\u00a0\u00a0 CBD, Decision X\/2, \u201c<em>The Strategic Plan for Biodiversity 2011-2020 and the Aichi Biodiversity Targets<\/em>,\u201d Doc. No. UNEP\/CBD\/COP\/DEC\/X\/2, 29 October 2010.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref12\" name=\"_ftn12\">[12]<\/a>\u00a0\u00a0\u00a0 The\u00a0<em>Global Biodiversity Outlook 5<\/em>\u00a0found,\u00a0<em>inter alia<\/em>, that \u201c[b]<em>iodiversity is declining at an unprecedented rate, and the pressures driving this decline are intensifying. None of the Aichi Biodiversity Targets will be fully met, in turn threatening the achievement of the <a title=\"Call for Project Grant 2021: Sustainable development and climate change.\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/call-for-project-grant-2021-sustainable-development-and-climate-change\">Sustainable Development Goals and undermining efforts to address climate<\/a> change.\u201d<\/em><\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref13\" name=\"_ftn13\">[13]<\/a>\u00a0\u00a0\u00a0 CBD,\u00a0<em>Nations Adopt Four Goals, 23 Targets for 2030\u00a0<\/em>i<em>n Landmark UN Biodiversity Agreement<\/em>,\u00a0<a href=\"https:\/\/www.cbd.int\/article\/cop15-cbd-press-release-final-19dec2022\">CBD Press Release<\/a>, 19 Dec. 2022.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref14\" name=\"_ftn14\">[14]<\/a>\u00a0\u00a0\u00a0CarbonBrief,\u00a0<em>COP15: Key outcomes<\/em>.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref15\" name=\"_ftn15\">[15]<\/a>\u00a0<em>\u00a0\u00a0 See, e.g.<\/em>, Conf. of the Parties to the Convention on Biological Diversity, U.N. Doc. CBD\/COP\/15\/L.26,\u00a0<a href=\"https:\/\/www.cbd.int\/doc\/c\/179e\/aecb\/592f67904bf07dca7d0971da\/cop-15-l-26-en.pdf\"><em>Monitoring framework for the Kunming-Montreal global biodiversity framework<\/em><\/a>, Draft Decision Submitted by the President (Dec. 18, 2022); Conf. of the Parties to the Convention on Biological Diversity, U.N. Doc. CBD\/COP\/15\/L.27,\u00a0<a href=\"https:\/\/www.cbd.int\/doc\/c\/e0b8\/a1e2\/177ad9514f99b2cff9b251a2\/cop-15-l-27-en.pdf\"><em>Mechanisms for Planning, Monitoring, Reporting and Review<\/em><\/a>, Draft Decision Submitted by the President (Dec. 18, 2022); Conf. of the Parties to the Convention on Biological Diversity, U.N. Doc. CBD\/COP\/15\/L.29,\u00a0<a href=\"https:\/\/www.cbd.int\/doc\/c\/22fb\/be2c\/02e31154c4d4429de03caefe\/cop-15-l-29-en.pdf\"><em>Resource Mobilization<\/em><\/a>, Draft Decision Submitted by the President (Dec. 18, 2022); Conf. of the Parties to the Convention on Biological Diversity, U.N. Doc. CBD\/COP\/15\/L.34,\u00a0<a href=\"https:\/\/www.cbd.int\/doc\/c\/8dee\/c6c9\/1b34223e8d6f6285df0e7a49\/cop-15-l-34-en.pdf\"><em>Long-term strategic approach to mainstreaming biodiversity within and across sectors<\/em><\/a>, Draft Decision Submitted by the Chair of Working Group I (Dec. 19, 2022).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref16\" name=\"_ftn16\">[16]<\/a>\u00a0\u00a0\u00a0\u00a0<em>See<\/em>\u00a0World Economic Forum,\u00a0<a href=\"https:\/\/www3.weforum.org\/docs\/WEF_New_Nature_Economy_Report_2020.pdf\">Nature Risk Rising<\/a>: Why the Crisis Engulfing Nature Matters for Business and the Economy (2020).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref17\" name=\"_ftn17\">[17]<\/a>\u00a0\u00a0\u00a0\u00a0<em>See<\/em>\u00a0World Economic Forum,\u00a0<a href=\"https:\/\/www3.weforum.org\/docs\/WEF_The_Global_Risks_Report_2022.pdf\">The Global Risks Report<\/a>\u00a0(2022).\u00a0 The top two global risks over a 10-year horizon are \u201c<em>climate action failure<\/em>\u201d and \u201c<em>extreme weather<\/em>.\u201d<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref18\" name=\"_ftn18\">[18]<\/a>\u00a0\u00a0\u00a0\u00a0<em>See\u00a0<\/em>Global Environment Facility,\u00a0<a href=\"https:\/\/www.thegef.org\/what-we-do\/topics\/land-degradation\"><em>Land Degradation<\/em><\/a>; Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES),\u00a0<a href=\"https:\/\/ipbes.net\/news\/Media-Release-Global-Assessment\"><em>Nature\u2019s Dangerous Decline \u2018Unprecedented\u2019; Species Extinction Rates \u2018Accelerating\u2019<\/em><\/a>, Media Release (May 5, 2019); OECD,\u00a0<a href=\"https:\/\/www.oecd.org\/environment\/resources\/biodiversity\/G7-report-Biodiversity-Finance-and-the-Economic-and-Business-Case-for-Action.pdf\">Biodiversity: Finance and the Economic and Business Case for Action<\/a>\u00a0(Report prepared by the OECD for the French G7 Presidency and the G7 Environment Ministers\u2019 Meeting, 5-6 May 2019) (2019); World Economic Forum,\u00a0<a href=\"https:\/\/www3.weforum.org\/docs\/WEF_New_Nature_Economy_Report_2020.pdf\">Nature Risk Rising<\/a>: Why the Crisis Engulfing Nature Matters for Business and the Economy (2020); World Bank,\u00a0<a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2021\/07\/01\/protecting-nature-could-avert-global-economic-losses-of-usd2-7-trillion-per-year\"><em>Protecting Nature Could Avert Global Economic Losses of $2.7 Trillion Per Year<\/em><\/a>, Press Release (July 1, 2021); UK Government Office for Science,\u00a0<a href=\"https:\/\/www.gov.uk\/government\/publications\/biodiversity-statement-by-international-scientific-advisers\/cop15-international-science-advisors-statement-english-html#fn:8\">COP15 International Science Advisors\u2019 Statement<\/a>\u00a0(Dec. 5, 2022).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref19\" name=\"_ftn19\">[19]<\/a>\u00a0\u00a0\u00a0 For example, a recent assessment (November 2022) conducted by\u00a0<a href=\"https:\/\/www.cdp.net\/en\/articles\/media\/new-data-shows-companies-recognising-biodiversity-risks-but-majority-not-turning-commitments-into-action\">CDP<\/a>\u00a0showed almost half the companies covered recognising biodiversity as a risk and considering it in their strategies and circa 31% making public commitments and\/or endorsements of biodiversity-related initiatives.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref20\" name=\"_ftn20\">[20]<\/a>\u00a0\u00a0\u00a0\u00a0<em>See<\/em>\u00a0World Economic Forum,\u00a0<a href=\"https:\/\/www3.weforum.org\/docs\/WEF_The_Future_Of_Nature_And_Business_2020.pdf\">The Future of Nature and Business<\/a>,\u00a0<em>New Nature Economy Report II<\/em>\u00a0(2020). \u00a0\u201c<em>Nature-positive<\/em>\u201d refers to the goal that calls for zero net loss of nature from 2020, a net increase by 2030 and full recovery by 2050.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref21\" name=\"_ftn21\">[21]<\/a>\u00a0See studies by Verdone and Seidl on the value of investing in restoration and degraded landscapes who estimate that at a global level each US dollar invested in restoring degraded forests gives back between US$7 and US$30 in economic benefits. (Verdone, M., Seidl, A. (2017). Time, space, place, and the Bonn Challenge global <a title=\"Field Practical Training in Forest protection and Ecological restoration at Kimboza Forest Reserve\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/field-practical-training-in-forest-protection-and-ecological-restoration-at-kimboza-forest-reserve\">forest restoration target Restoration Ecology<\/a> 25(6): 903\u2013911).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref22\" name=\"_ftn22\">[22]<\/a>\u00a0\u00a0\u00a0 U.N. Env\u2019t Prog.,\u00a0<a href=\"https:\/\/www.unep.org\/resources\/state-finance-nature\">State of Finance for Nature<\/a>\u00a0(2021).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref23\" name=\"_ftn23\">[23]<\/a>\u00a0\u00a0\u00a0 UNPRI,\u00a0<em>150 financial institutions, managing more than $24 trillion, call on world leaders to adopt ambitious Global Biodiversity Framework at COP15<\/em>,\u00a0<a href=\"https:\/\/www.unpri.org\/news-and-events\/150-financial-institutions-managing-more-than-24-trillion-call-on-world-leaders-to-adopt-ambitious-global-biodiversity-framework-at-cop15\/10926.article\">COP 15 Announcement<\/a>\u00a0(Dec. 13, 2022).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref24\" name=\"_ftn24\">[24]<\/a>\u00a0\u00a0\u00a0 A financial instrument which can be used by organizations to help finance activities that deliver absolute positive biodiversity gains.\u00a0\u00a0<em>See also<\/em>\u00a0World Economic Forum,\u00a0<a href=\"https:\/\/www.weforum.org\/agenda\/2022\/12\/biodiversity-credits-nature-cop15\/\"><em>How biodiversity credits can deliver benefits for business, nature and local communities<\/em><\/a>\u00a0(Dec. 9, 2022).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref25\" name=\"_ftn25\">[25]<\/a>\u00a0\u00a0\u00a0\u00a0<em>See\u00a0<\/em>World Economic Forum,\u00a0<a href=\"https:\/\/www3.weforum.org\/docs\/WEF_Biodiversity_Targets_for_Business_Action_2022.pdf\">The Post-2020 Global Biodiversity Framework and What it Means for Business<\/a>\u00a0(Dec. 2022) [hereinafter \u201c<strong>WEF, The Post-2020 GBF<\/strong>\u201d].<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref26\" name=\"_ftn26\">[26]<\/a>\u00a0\u00a0\u00a0 Conf. of the Parties to the Convention on Biological Diversity, U.N. Doc. <a title=\"Vacant: Resource Mobilization Officer\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/vacant-resource-mobilization-officer\">CBD\/COP\/15\/L.29,\u00a0<em>Resource Mobilization<\/em><\/a>, Draft Decision Submitted by the President (Dec. 18, 2022) (requesting the GEF to establish a Special Trust <a title=\"Global Biodiversity Information Facility (GBIF) invites proposals for project funding\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/global-biodiversity-information-facility-gbif-invites-proposals-for-project-funding\">Fund called the Global Biodiversity<\/a> Framework Fund (\u201c<strong>GBF<\/strong><strong> Fund<\/strong>\u201d) \u201cin 2023, and until 2030\u201d to support the framework).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref27\" name=\"_ftn27\">[27]<\/a>\u00a0\u00a0\u00a0\u00a0<em>See\u00a0<\/em>Conf. of the Parties to the Convention on Biological Diversity, U.N. Doc. CBD\/COP\/15\/L.27,\u00a0<a href=\"https:\/\/www.cbd.int\/doc\/c\/e0b8\/a1e2\/177ad9514f99b2cff9b251a2\/cop-15-l-27-en.pdf\"><em>Mechanisms for Planning, Monitoring, Reporting and Review<\/em><\/a>, Draft Decision Submitted by the President (Dec. 18, 2022), Art. 1(a).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref28\" name=\"_ftn28\">[28]<\/a>\u00a0\u00a0\u00a0\u00a0<em>See id.<\/em>, Art. 1(b).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref29\" name=\"_ftn29\">[29]<\/a>\u00a0\u00a0\u00a0 This could take the form of a separate treaty instrument, like Biodiversity Beyond National Jurisdictions (\u201c<strong>BBNJ<\/strong>\u201d), which is currently being negotiated within the framework of the United Nations Convention on the Law of the Sea (\u201c<strong>UNCLOS<\/strong>\u201d), while the exploitation of the seafloor would be governed by the International Seabed Authority.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref30\" name=\"_ftn30\">[30]<\/a>\u00a0\u00a0\u00a0\u00a0<a href=\"https:\/\/www.carbonbrief.org\/cop15-key-outcomes-agreed-at-the-un-biodiversity-conference-in-montreal\/\">CarbonBrief<\/a>,\u00a0<em>COP15: Key Outcomes.<\/em><\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref31\" name=\"_ftn31\">[31]<\/a>\u00a0\u00a0\u00a0\u00a0<em>See, e.g.<\/em>, GBF, Sec. J (\u201c<em>Responsibility and Transparency<\/em>\u201d) (setting out \u201c<em>effective mechanisms for planning, monitoring, reporting and review<\/em>\u201d).\u00a0\u00a0<em>See also\u00a0<\/em>Conf. of the Parties to the Convention on Biological Diversity, U.N. Doc. CBD\/COP\/15\/L.27,\u00a0<em>Mechanisms for Planning, Monitoring, Reporting and Review<\/em>, Draft Decision Submitted by the President (Dec. 18, 2022) (adopting an \u201c<em>enhanced multidimensional approach to planning, monitoring, reporting and review<\/em>\u201d in order to \u201c<em>enhanc<\/em>[e]\u00a0<em>implementation<\/em>\u201d of the CBD and the GBF).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref32\" name=\"_ftn32\">[32]<\/a>\u00a0\u00a0\u00a0 In particular, the WEF expects that these changes will help level the playing field for businesses that have been proactive in addressing their impacts on nature, while imposing \u201c<em>growing transition risks<\/em>\u201d on those who have not worked on adopting a nature-positive approach.\u00a0 Some of the regulator- and business-driven approaches to halting and reversing biodiversity decline include: 1. Deforestation-free supply chains and supply-chain environmental and social due diligence; 2. Net positive impact (NPI) approaches; 3. Financial institutions\u2019 policies to address drivers of biodiversity loss; 4. Extended producer responsibility (EPR) schemes; 5. <a title=\"Training on applied ethnobotany and the use of payments for ecosystem services\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/news\/training-on-applied-ethnobotany-and-the-use-of-payments-for-ecosystem-services\">Payment for ecosystem services<\/a> (PES); and, 6. Regenerative agriculture.\u00a0\u00a0<em>See\u00a0<\/em>WEF,\u00a0<em>The Post-2020 GBF<\/em>.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref33\" name=\"_ftn33\">[33]<\/a>\u00a0\u00a0\u00a0\u00a0<em>See, e.g.<\/em>, High Ambition Coalition,\u00a0<a href=\"https:\/\/www.hacfornatureandpeople.org\/more-than-100-countries-now-formally-support-the-global-target-to-protect-at-least-30-of-the-planet-by-2030\"><em>More than 100 Countries Now Formally Support the Global Target to Protect at Least 30% of the Planet\u2019s Land and Ocean by 2030<\/em><\/a>, Statement (June 30, 2022).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref34\" name=\"_ftn34\">[34]<\/a>\u00a0\u00a0\u00a0\u00a0<em>See\u00a0<\/em>U.N. Env\u2019t Prog. et al.,\u00a0<a href=\"https:\/\/livereport.protectedplanet.net\/\">Protected Planet Report 2020<\/a>\u00a0(May 19, 2021).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref35\" name=\"_ftn35\">[35]<\/a>\u00a0\u00a0\u00a0 This is at the same time seen as key to tackling climate change. \u00a0A\u00a0<a href=\"https:\/\/ipbes.net\/sites\/default\/files\/2021-06\/20210609_workshop_report_embargo_3pm_CEST_10_june_0.pdf\">joint report<\/a>\u00a0by the IPBES (referenced above) and the Intergovernmental Panel on Climate Change (\u201c<strong>IPCC<\/strong>\u201d) in 2021 emphasized that biodiversity and climate challenges can only be solved in tandem. \u00a0<em>See also\u00a0<\/em>WEF,\u00a0<em>The Post-2020 GBF<\/em>, at 45.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref36\" name=\"_ftn36\">[36]<\/a>\u00a0\u00a0\u00a0 This includes Goal C, as well as spatial planning (Target 1), conservation (Target 3), customary sustainable use (Target 5 and 9), financial resources (Target 19), data, information, and knowledge (Target 21), access to justice, information, and participation (Target 22).\u00a0 There are also specific references to \u201c<em>traditional knowledge<\/em>\u201d (Goal C, &amp; Targets 13, 21, 22).\u00a0 More generally, implementation of the GBF must ensure Indigenous rights and knowledge, including traditional knowledge associated with biodiversity (GBF,\u00a0<a href=\"https:\/\/www.cbd.int\/doc\/c\/e6d3\/cd1d\/daf663719a03902a9b116c34\/cop-15-l-25-en.pdf\">Art. 8<\/a>\u00a0\u2013 \u201c<em>Contribution and rights of indigenous peoples and local communities<\/em>\u201d).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref37\" name=\"_ftn37\">[37]<\/a>\u00a0\u00a0\u00a0\u00a0<em>See, e.g.<\/em>, (i) French Law No. 2019-1147 of 8 November 2019 Regarding <a title=\"Energy Globe Award for Sustainability \u2014 Awards 2023\" href=\"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/uncategorized\/energy-globe-award-for-sustainability-awards-2023\">Energy<\/a> and Climate, Art. 29 (Loi n\u00b0 2019-1147 du 8 novembre 2019 relative \u00e0 l\u2019\u00e9nergie et au climat); (ii) EU Sustainable Finance Disclosure Regulation 2019\/2088 (\u201c<strong>SFDR<\/strong>\u201d)-required\u00a0<a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/HTML\/?uri=CELEX:32022R1288R(01)\">Statement of Principal Adverse Impacts<\/a>\u00a0(\u201c<strong>PAI<\/strong>\u201d) of investment decisions on sustainability factors, such as PAI 7 (Biodiversity): \u201c<em>Activities negatively affecting biodiversity-sensitive areas<\/em>\u201d; (iii) EU\u00a0<a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/HTML\/?uri=CELEX:32020R0852&amp;from=EN\">Taxonomy Regulation 2020\/852<\/a>\u2018s Environmental Objective 6 (Protection and Restoration of Biodiversity and Ecosystems) and the EU\u2019s Do No Significant Harm (\u201c<strong>DNSH<\/strong>\u201d) principle, which is meant to ensure that economic activities are not damaging to any environmental objective, where relevant, within the meaning of Article 17 of Regulation (EU) 2020\/852.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref38\" name=\"_ftn38\">[38]<\/a>\u00a0\u00a0\u00a0 On the COP15 Finance Day, Germany committed\u00a0<a href=\"https:\/\/www.bmuv.de\/en\/pressrelease\/incorporating-nature-conservation-and-biological-diversity-into-investor-and-corporate-decisions\">new funding<\/a>\u00a0of EUR 29 million to the TNFD, to be used to complete the technical design work of the TNFD\u2019s recommendations, encourage global uptake, and aid alignment with emerging sustainability standards and regulations around the world.\u00a0 The TNFD is based on the format adopted for the Task Force on Climate-Related Financial Disclosures (\u201c<strong>TCFD<\/strong>\u201d).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref39\" name=\"_ftn39\">[39]<\/a>\u00a0\u00a0\u00a0 ISSB has\u00a0<a href=\"https:\/\/www.ifrs.org\/news-and-events\/news\/2022\/12\/issb-describes-the-concept-of-sustainability\/\">stated<\/a>\u00a0that it would build on the work of market-led initiatives grounded in current-best practice and thinking and consider in particular the work of the TNFD and other existing nature-related standards and disclosures (including TNFD\u2019s recent work on the intersection of climate and biodiversity disclosures).<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref40\" name=\"_ftn40\">[40]<\/a>\u00a0\u00a0\u00a0 For example, Mark Carney, Co-Chair of the Glasgow Financial Alliance for Net-Zero (\u201c<strong>GFANZ<\/strong>\u201d) and founder of the Taskforce on Scaling Voluntary Carbon Markets, has called on the CBD Parties to establish a mandate within Goal D and Target 15 to align financial flows with nature goals and in particular to use these as a base to \u201cestablish credible policies to hold finance and other sectors to account for aligning with the goals of halting and reversing nature loss and scaling nature-based solutions.\u201d\u00a0\u00a0<em>See<\/em>\u00a0Mark Carney\u00a0<a href=\"https:\/\/assets.bbhub.io\/company\/sites\/63\/2022\/12\/Mark-Carney_COP15-Speech.pdf\">speech<\/a>\u00a0at the COP15 Finance and Biodiversity Day on 13 December 2022.<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/adoption-of-new-global-biodiversity-framework-key-takeaways-for-global-organizations-and-financial-firms\/#_ftnref41\" name=\"_ftn41\">[41]<\/a>\u00a0\u00a0\u00a0 Examples include a number of new equity funds launched such as AXA WF ACT Biodiversity Fund, BNP Paribas Easy ESG Eurozone Biodiversity Leaders PAB UCITS ETF and BNP Paribas Ecosystem Restoration fund, Federated Hermes Biodiversity Equity Fund, Fidelity Biodiversity Equity Fund, RobecoSAM Biodiversity Equities, and UBAM Biodiversity Restoration fund.<\/p>\n<hr align=\"left\" \/>\n<p class=\"Content\">The following Gibson Dunn lawyers assisted in the preparation of this client update: Selina Sagayam, Susy Bullock, and Maria L. Banda.<\/p>\n<p class=\"Content\">Gibson Dunn\u2019s lawyers are available to assist in addressing any questions you may have regarding these developments. Please contact the Gibson Dunn lawyer with whom you usually work, any member of the firm\u2019s\u00a0<a href=\"https:\/\/www.gibsondunn.com\/practice\/environmental-social-and-governance-esg\/\">Environmental, Social and Governance (ESG)<\/a>,\u00a0<a href=\"https:\/\/www.gibsondunn.com\/practice\/transnational-litigation\/\">Transnational Litigation<\/a>, or\u00a0<a href=\"https:\/\/www.gibsondunn.com\/practice\/international-arbitration\/\">International Arbitration<\/a>\u00a0practice groups, or the authors:<\/p>\n<p class=\"Content\"><a href=\"https:\/\/www.gibsondunn.com\/lawyer\/bullock-susy\/\">Susy Bullock<\/a>\u00a0\u2013 London (+44 (0) 20 7071 4283,\u00a0<a href=\"mailto:sbullock@gibsondunn.com\">sbullock@gibsondunn.com<\/a>)<br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/sagayam-selina-s\/\">Selina S. Sagayam<\/a>\u00a0\u2013 London (+44 (0) 20 7071 4263,\u00a0<a href=\"mailto:ssagayam@gibsondunn.com\">ssagayam@gibsondunn.com<\/a>)<br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/banda-maria-l\/\">Maria L. Banda<\/a>\u00a0\u2013 Washington, D.C. (+1 202-887-3678,\u00a0<a href=\"mailto:mbanda@gibsondunn.com\">mbanda@gibsondunn.com<\/a>)<\/p>\n<p class=\"Content\"><strong>Environmental, Social and Governance (ESG) Group:<\/strong><br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/bullock-susy\/\">Susy Bullock<\/a>\u00a0\u2013 London (+44 (0) 20 7071 4283,\u00a0<a href=\"mailto:sbullock@gibsondunn.com\">sbullock@gibsondunn.com<\/a>)<br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/ising-elizabeth-a\/\">Elizabeth Ising<\/a>\u00a0\u2013 Washington, D.C. (+1 202-955-8287,\u00a0<a href=\"mailto:eising@gibsondunn.com\">eising@gibsondunn.com<\/a>)<br \/>\n<a href=\"http:\/\/www.gibsondunn.com\/lawyers\/pjura\">Perlette M. Jura\u00a0<\/a>\u2013 Los Angeles (+1 213-229-7121,\u00a0<a href=\"mailto:pjura@gibsondunn.com\">pjura@gibsondunn.com<\/a>)<br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/kirk-ronald\/\">Ronald Kirk<\/a>\u00a0\u2013 Dallas (+1 214-698-3295,\u00a0<a href=\"mailto:rkirk@gibsondunn.com\">rkirk@gibsondunn.com<\/a>)<br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/murphy-michael-k\/\">Michael K. Murphy<\/a>\u00a0\u2013 Washington, D.C. (+1 202-955-8238,\u00a0<a href=\"mailto:mmurphy@gibsondunn.com\">mmurphy@gibsondunn.com<\/a>)<br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/sagayam-selina-s\/\">Selina S. Sagayam<\/a>\u00a0\u2013 London (+44 (0) 20 7071 4263,\u00a0<a href=\"mailto:ssagayam@gibsondunn.com\">ssagayam@gibsondunn.com<\/a>)<\/p>\n<p class=\"Content\"><strong>Transnational Litigation Group:<\/strong><br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/bullock-susy\/\">Susy Bullock<\/a>\u00a0\u2013 London (+44 (0) 20 7071 4283,\u00a0<a href=\"mailto:sbullock@gibsondunn.com\">sbullock@gibsondunn.com<\/a>)<br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/jura-perlette-michele\/\">Perlette Mich\u00e8le Jura<\/a>\u00a0\u2013 Los Angeles (+1 213-229-7121,\u00a0<a href=\"mailto:pjura@gibsondunn.com\">pjura@gibsondunn.com<\/a>)<br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/neuman-andrea-e\/\">Andrea E. Neuman<\/a>\u00a0\u2013 New York (+1 212-351-3883,\u00a0<a href=\"mailto:aneuman@gibsondunn.com\">aneuman@gibsondunn.com<\/a>)<br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/thomson-william-e\/\">William E. Thomson<\/a>\u00a0\u2013 Los Angeles (+1 213-229-7891,\u00a0<a href=\"mailto:wthomson@gibsondunn.com\">wthomson@gibsondunn.com<\/a>)<\/p>\n<p class=\"Content\"><strong>International Arbitration Group:<br \/>\n<\/strong><a href=\"https:\/\/www.gibsondunn.com\/lawyer\/benson-cyrus\/\">Cyrus Benson<\/a>\u00a0\u2013 London (+44 (0) 20 7071 4239,\u00a0<a href=\"mailto:cbenson@gibsondunn.com\">cbenson@gibsondunn.com)<\/a><br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/madden-penny\/\">Penny Madden KC<\/a>\u00a0\u2013 London (+44 (0) 20 7071 4226,\u00a0<a href=\"mailto:pmadden@gibsondunn.com\">pmadden@gibsondunn.com<\/a>)<br \/>\n<a href=\"https:\/\/www.gibsondunn.com\/lawyer\/sullivan-jeffrey-m\/\">Jeff Sullivan KC<\/a>\u00a0\u2013 London (+44 (0) 20 7071 4231,\u00a0<a href=\"mailto:Jeffrey.Sullivan@gibsondunn.com\">Jeffrey.Sullivan@gibsondunn.com<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Click for PDF On 19 December 2022, representatives from 188 countries adopted a new agreement at the United Nations (\u201cUN\u201d) Biodiversity Conference in Montreal, Canada, to guide global action on nature.[1]\u00a0 The agreement, the Kunming-Montreal Global Biodiversity Framework (\u201cGBF\u201d), is the result of several years of negotiations under the auspices of the UN Convention on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5107,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts\/5106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/comments?post=5106"}],"version-history":[{"count":4,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts\/5106\/revisions"}],"predecessor-version":[{"id":5111,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/posts\/5106\/revisions\/5111"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/media\/5107"}],"wp:attachment":[{"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/media?parent=5106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/categories?post=5106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cfwt.sua.ac.tz\/ecosystems\/wp-json\/wp\/v2\/tags?post=5106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}