Returning from COP16 today, I feel an increased sense of urgency and a little hope.
What is COP16?
COP is the acronym for Conference of the Parties. In this case, to an international Convention on Biodiversity (CBD). The ‘Parties’ are governments - for the CBD, every government except the USA and Holy See. The Biodiversity Convention is one of three born at the Earth Summit in Rio back in 1992. The others are the Framework Convention on Climate Change (UNFCCC) and the Convention to Combat Desertification (UNCCD).
What happens at a COP?
The Main Event of a COP are the negotiations. This is where text of the Convention is poured over to find ways to advance international movement toward the purpose. The Convention itself, is a framing for discussion and action - who, what, why, toward what end, how, and with what provisions and relationships. Every two years for the Biodiversity Convention, Parties come together to discuss how, in consensus , they can advance toward common objectives.
Consensus you say?
Yes, consensus. Imagine being with your family to plan a meal. Not only what you will eat, but how the ingredients are cut, prepared, who buys them, cooking time, how we know those conditions were met, place settings, napkin colour, etc, etc. And, you all have to agree. All of you. Sounds tedious, right? Now imagine the same, but for the crucial problem of ensuring a safe and prosperous future for humans, and with nearly 200 Parties. It’s difficult. So, the Parties get as far as they can for each item in the Convention every two years. For things they agree on, great! For things that are close, they work on and reconsider two years later. Sometimes, there are things that are just so far apart - tofu or steak?? and things get tense.
But sometimes we can get consensus on major things. In Montreal two years ago, we were able to do so on the Global Biodiversity Framework now called the Biodiversity Plan, or sometimes referred to as 30x30. In simple terms, the Parties agreed to a 100% planetary solution: protect 30% of the planet; restore 30% of critical degraded habitat; and sustainably manage the rest by 2030. Sounds easy right? The good news is that we largely know how to do much of this, and we know roughly how much it will cost (more on this below).
Who goes to a COP?
In the early years, it was largely Parties, their negotiators, and observers who would give thoughts. My first COP was in Curitiba in 2006, where I remember discussing monitoring against commitments (the 2010 Targets), access and benefits sharing, and resourcing.
These days, along with the formal negotiation there are side events, associated conferences, high-level dinners and galas, private sector road shows, and much more. Cali welcomed over 20,000 people for COP16 and related activities. Many people I spoke with didn’t know much about the negotiations. While this may sound absurd, it means that environment and biodiversity are being mainstreamed - that it is no longer just the purview of the government and conservation practitioner, but now also the company, investor, broader Indigenous community member, local farmer, and billionaire.
Why do I go and what do I do?
There are many reasons why I go. Ideological, philosophical, commercial, and practical. The most important reason I go is for my family and to offer my voice with the intent of raising so many others who don’t have the privilege to be there. Having been in the field for over 20 years, I wear many hats at these convenings. Everything from contributing to negotiations, standing in awe of and supporting our Indigenous partners, speaking on panels, releasing papers, maintaining client relationships, building new business, and seeing old friends.
Why am I frustrated, but also inspired?
My career has been singularly focused on contributing toward the sustainability transition – first as a tropical marine conservationist, then at a large non-profit, and now through sustainable strategy consulting and asset management. Let’s be honest, the numbers aren’t great and the state of an inhabitable planet for humans is getting worse. And, throughout, the core tensions of the Convention have been consistent – what are we aiming toward (the 2010 Targets, Aichi, and now 30x30); who will do the work; who will pay; and, how do we ensure equity and fairness? The frustration is that these are still conversations where the Parties are far apart. In fact, one of the core tensions is known as 'Resource Mobilization' - how and how much will the holders of financial wealth resource the continuation of natural wealth - was framed from the very beginning. The Secretary General of the 1992 Earth Summit, Mo Strong, outlined a $125B need for deploying environmental projects in developing nations. Adjusted for inflation, this remains eerily close to the ~$300B we now know is needed annually from the private sector.
The inspiration?
In the nearly 20 years since my first Biodiversity COP, we have quantified the role of nature underpinning the global economy, yet we still spend half of annual expenditures destroying our most fundamental asset. But now, we have The Biodiversity Plan. We also know the cost, between 711B and 1.2T a year, much of which can yield enhanced commercial investment returns and provide portfolio resilience. Governments are moving on the regulatory side and Indigenous partners are fighting for adequate resources and equity at every stage of the process. I attended events and spoke on the role of government repurposing perverse subsidies (those that reward negative environmental behaviour), and creating positive incentives for high-integrity nature markets. I also joined Indigenous partners to discuss how to be an ally in resourcing and advancing Rights-based approaches for long-term sustainability. My favorite notion from this COP is capacity building - not just for communities at the front lines of environmental degradation, but for the holders of political power and financial capital.
Yet, there are remaining gaps that the private sector must fill – of between 200-400B/yr (note Mo’s calculus in 1992). Enter Nature2, a movement and infrastructure to enable asset owners to allocate 2% of global assets under management toward nature-positive investments. Another favorite moment of the week, a senior executive of a large pension asset manager saying that without including nature in long-term value consideration, asset owners are not aligning with their fiduciary obligations! Nature2 is an umbrella for all things nature-positive, taking advantage of communications, media, network, technology, and deep conservation experience. A movement targeting asset owners is not enough, so we are also organizing in 4 program areas: 1) building the fiduciary underpinning; 2) compiling a diversified, risk-adjusted portfolio; 3) promoting nature-positive regulatory policy; and, 4) ensuring partnership, governance, and equity of the process, implementation, and future accrued value. The goal? To meet the challenge with the pace and scale necessary to leave a planet where humanity can continue to thrive.
No, finance will not save the world, but wouldn’t it be nice if we could reimagine financial systems to continue to meet fiduciary responsibility, while not causing so much negative impact on the planet – and by extension, on people? I’m inspired because we now have more people within the corporate and financial systems as part of the movement! Yes, Mo Strong was the Secretary General at Rio and Director General of the United Nations Environment Program (UNEP), but one of the greatest sections of his Wikipedia page says that he, “was unironically recognised by the International Union of the Conservation of Nature as a leader in the international environmental movement.” You see, Mo also began his career on the oil patch, and was former CEO of Petro Canada. It is not "Us vs Them". It has always been about us, All Of Us, for a better world.
Keep in mind, nature will be just fine without us .. what we are talking about is a future where the environmental limits of this planetary system still allow us, humans, to exist and thrive. Nature is the unifier. Let's start with 2% of global assets under management to support her.
Nature2 believes in this future. Join us.
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