Below, we provide a quick primer on the Convention on Biological Diversity (CBD)’s 15th COP15.

What is happening?

The UN Biodiversity Conference takes place Dec. 7-19 in Montreal. This is the 15th meeting of the Conference of the Parties to the Convention on Biological Diversity (CBD), hence the name “COP15.” The three objectives of the CBD are:

1. 1. The conservation of biological diversity
   2. The sustainable use of the components of biological diversity
   3. The fair and equitable sharing of the benefits arising out of the utilization of genetic resources

Who is going to be there?

Originally launched at the 1992 Rio Earth Summit, there are now 196 “parties,” or government signatories, to the Convention on Biological Diversity. The Conference of the Parties (COP) is the governing body of the Convention. It advances implementation of the convention through the decisions it takes at its periodic meetings. Through these meetings, government representatives, scientists and civil society have been meeting to advance adoption of the post-2020 global biodiversity framework.

However, as biodiversity has risen on the list of priorities for many CEOs, the private sector will be much more present at this COP.

The post-2020 global biodiversity framework provides a strategic vision and a global roadmap for the conservation, protection, restoration and sustainable management of biodiversity and ecosystems for the next decade. The first draft of the framework was released in July 2021. It sets out actions to transform economic, social and financial  models to stabilize biodiversity loss by 2030 and chart a path to the recovery of natural ecosystems by 2050.

Why will the private sector be attending?

Climate change presents economic impacts, causing many business leaders to consider climate risks and opportunities to their businesses. As business leaders have become more sophisticated in understanding climate, many understand that pathways to net zero include stemming and reversing loss of natural capital. One area of focus during COP27, the U.N.’s climate change conference that just wrapped up in Egypt, was the effort to create markets for sovereign debt tied to cutting emissions and protecting biodiversity.

For several years, investors have been engaging companies responsible for deforestation linked to soy, cattle, palm oil and timber, directly and through initiatives such as that coordinated by Ceres and the U.N. Principles for Responsible Investment, or PRI. More recently, the Finance for Biodiversity Pledge, Financial Sector Commitment Letter on Eliminating Commodity-Driven Deforestation, Principles for Responsible Banking Signatories' target-setting on biodiversity, and Principles for Sustainable Insurance have positioned investors and insurance companies to address biodiversity loss and encourage nature-positive insurance.

S&P Global will be among the attendees at COP15 — we look forward to seeing you there!