5 key takeaways for business leaders from Biodiversity COP16

Biodiversity COP16 marked a turning point in global engagement, with over 23,000 participants, including more than 3,000 from the private sector, coming together in Colombia from 21 October to 1 November. This unprecedented attendance highlights the growing recognition of biodiversity's importance for sustainable business. 

Here are five takeaways for business leaders on what lies ahead for biodiversity and nature-positive action:

1. Biodiversity's Unseen Value
   Biodiversity is an intricate and interconnected issue, with far-reaching benefits and dependencies that can be difficult to measure and accurately monetize. As illuminated by many of the COP16 participants representing Indigenous communities, businesses must consider and respect the profound, often unseen, impacts of nature beyond those that fit neatly on a balance sheet.
2. Leading Inclusive, Multi-Stakeholder Processes
   Effective biodiversity solutions require collaboration within and across sectors. Business must take the lead in fostering inclusive dialogues that bring local communities, indigenous peoples, scientists, Governments and academic experts together to drive impactful, long-term decisions.
3. The Urgency of Nature-Positive Financing
   Despite efforts, progress on financing nature-positive initiatives remains uncertain. Businesses can play a key role in driving change by integrating biodiversity into both short- and long-term strategies to develop scalable, bankable projects while also advocating for greater Government action.
4. Holistic, Actionable and Integrated Biodiversity Strategies
   Companies must develop comprehensive strategies that incorporate biodiversity into core business practices. Being bold in sharing progress, challenges and lessons learned will help unlock further opportunities for collaboration and innovation across industries. At COP16, three UN Global Compact participants (Kering Group, Holcim, GSK) made history by boldly and publicly adopting the first-ever Science-based Targets for Nature after participating in a year-long pilot.
5. Opening New Doors Through Knowledge-Sharing
   As businesses enhance their prioritization of nature-positive practices, there is a major opportunity to build a more transparent, accountable approach to preserving biodiversity. Collaboration and knowledge-sharing will be vital in overcoming barriers and scaling more sustainable, resilient business models.

Despite progress, two years after the adoption of the Global BIodiversity Framework, international coordination for the governance and financing of biodiversity efforts remain vague and slow-moving. Businesses must play a critical role in protecting biodiversity by integrating nature into actionable strategies that drive tangible impact. Through holistic strategies, innovative financing and inclusive collaborations, the private sector can lead in protecting nature and fostering a sustainable future.

For more, check out the ‘COP16 Debrief: What's next for the private sector on biodiversity and nature?’ Academy session here: [Full Academy]  [Open Academy]