COP16 Dispatch: Week 1 Reflections from COP16, Bridging science and policy for Nature-Positive solutions

By Pilar Pedrinelli

As the first week of COP16 unfolds, the discussions have ranged from technical metrics on biodiversity loss to transformative financial models. Being part of this global biodiversity conference is an intense reminder of the critical need for both practical solutions and systemic change to protect our ecosystems. Here are some key takeaways that have resonated with me during this first week:

1. From conservation to Nature-Positive targets

Conference underway during the first week of COP16, October 21-25, 2024.

A recurring theme is the shift from merely mitigating biodiversity loss to aiming for “nature-positive” targets by 2030. Countries like Colombia, home to 10% of the world’s biodiversity, are leading the charge in adopting systemic approaches and embedding nature-positive metrics into their national policies. This shift was also echoed in the discussions on universal metrics, where several high-level segments and side events emphasized the need to measure biodiversity accurately to understand the real impact of conservation efforts.

The introduction of a universal baseline for nature-positive accounting is a major step forward. This offers the opportunity to bring clarity to concepts like ecosystem services, enabling governments and businesses alike to track their progress toward reducing nature loss. However, while these frameworks are promising, challenges remain in ensuring that metrics are adaptable across diverse ecosystems and are meaningful for local communities.

2. The finance nexus

A particularly exciting area of discussion has been around new financial instruments aimed at supporting biodiversity. The conversation is moving beyond traditional carbon credits to more comprehensive nature-based solutions. Several sessions explored the development of innovative mechanisms such as “stewardship credits,” with the potential to be worth significantly more than conservation or restoration credits due to their preventive nature. The concept is promising, as it could incentivize private sector engagement and catalyze more substantial investments in biodiversity protection.

However, this also raises critical questions about the demand for such instruments. A universal ownership concept, where large financial institutions recognize they cannot avoid risks posed by ecosystem degradation, could create the necessary demand. Trillions of dollars in capital markets could be reoriented to preserve the natural world—a significant opportunity if we manage to create the right mechanisms for accountability and investment.

3. Resource mobilization and private sector engagement

One of the central discussions at COP16 is around resource mobilization, particularly through private sector engagement. The consensus is clear: the private sector must play a pivotal role in achieving biodiversity goals. Yet, while progress has been made in regulations, such as the inclusion of biodiversity criteria in financial disclosures (e.g., TNFD), there is still a significant gap in mobilizing capital. Private investments in biodiversity often remain too risk-averse or are tied to short-term goals.

What is becoming evident, however, is the growing recognition of biodiversity as an asset class. Several countries are already implementing frameworks that require businesses to disclose their impacts on nature, and the hope is that more will follow. The UK’s recent adoption of biodiversity net gain regulations is an encouraging example of how compliance mechanisms can align business incentives with environmental goals.

4. Indigenous Rights and decolonizing conservation

One of the most powerful undercurrents of COP16 has been the call to decolonize conservation and reframe our approach to biodiversity through a nature-centered lens. This involves not only engaging Indigenous and Local Communities more meaningfully but also recognizing their central role in stewarding biodiversity. The discussions stressed that conservation efforts must prioritize the rights and knowledge of Indigenous peoples, who have long been at the frontlines of nature preservation.

The acknowledgment of the historical imbalance in conservation efforts, where Indigenous voices were often marginalized, is a crucial step forward. Initiatives that incorporate Indigenous knowledge systems into national and international biodiversity strategies are gaining traction, but there is much more to be done to ensure these efforts are translated into policy and practice.

City of Cali, Colombia, hosting COP16 during the first week of activities, October 21-25, 2024.

5. Bridging the gap: local implementation and global goals

Finally, one of the most pressing challenges discussed is how to bridge the gap between global biodiversity targets and local implementation. While COP16 provides a platform for high-level commitments, the reality on the ground often paints a different picture. Communities and ecosystems vary widely, and ensuring that global targets are translated into actionable local strategies will require flexibility, adequate funding, and robust community involvement.

Many initiatives discussed at the conference, including the Nature-Based Solutions Network and the Network for Nature platform, underscore the importance of community-based approaches to conservation. These programs aim to empower local actors, ensuring that conservation efforts are not only top-down but also deeply rooted in local realities.

Conclusion: a critical juncture

As we head into the second week of COP16, it’s clear that we are approaching a critical juncture in how we approach biodiversity. The discussions are moving toward more integrated, nature-positive frameworks, supported by financial innovation and increased private sector involvement. But for these initiatives to be successful, we must ensure that they are both scientifically grounded and practically implementable.

The road ahead is still long, but the foundations laid this week are promising. As we move forward, we must continue to advocate for solutions that are not only ambitious but also grounded in equity, inclusivity, and science.

Logo mural of COP16 in Cali, Colombia, spotted during the first week of activities.

Disclaimer: Opinions are solely those of the guest contributor and not an official ESA policy or position.