The European Commission applauds the 'historic' COP15 agreement

The European Commission has welcomed the signing of the "historic" Kunming-Montreal Global Biodiversity Framework to establish aims to protect and restore nature and to drive investments for a green global economy.

Nations agreed at the COP15 UN biodiversity summit to safeguard one-third of the earth for nature by 2030. The framework includes measurable goals and targets, as well as comprehensive monitoring, reporting, and review systems to track progress, as well as a strong resource mobilisation package.

According to the Commission, the agreement will advance "ambitious measures" around the world and raise $200 billion per year by 2030.

The Kunming-Montreal biodiversity agreement includes key targets such as restoring 30% of degraded ecosystems globally by 2030, stopping the extinction of known species by 2050, reducing extinction risk and rate by tenfold by 2050, and reducing pesticide risk by at least 50% by 2030, among other things.

There is also a focus on addressing climate change through nature-based solutions, with new procedures in place to improve climate reporting and biodiversity-impact measurements.

Large and international enterprises and financial institutions will be expected to periodically monitor, assess and disclose risks, dependencies and impacts on biodiversity. Companies must also give consumers with information in order to promote sustainable consumption.

As part of the accord, the EU agreed to support the most vulnerable and biodiverse countries through an international solidarity package.

All nations must prepare updated National Biodiversity Strategies and Action Plans, as well as National Biodiversity Finance Strategies, by the next COP in 2024.

The following COPs will examine whether the cumulative impact of national measures is sufficient to achieve the global goals and targets for 2030 and 2050.

Countries and multilateral financial institutions will now work in tandem on a rapid start to financing mobilisation.

Frans Timmermans, executive vice president for the European Green Deal, said: “The agreement reached at COP15 is a landmark deal to protect nature, restore ecosystems and keep our planet liveable. This is about our very survival: humanity has no future on a dead planet.

“We need nature and biodiversity for food security, our economy, our well-being and our health. Nature is also our best ally in the fight against the climate crisis.”

“When we restore and protect nature, it can help us adapt and shield us from the worst impacts of climate change,” he added.

Last week, 150 financial organisations representing over $24 trillion in assets under management signed a declaration in support of the UN Biodiversity Conference's goals.

In the statement, institutions pledged to “commit to contribute to the protection and restoration of biodiversity and ecosystems through our financing activities and investments”.

By fLEXI tEAM