Delegates from nearly 200 nations have concluded the COP16 conference in Cali, Colombia, establishing a voluntary fund aimed at enhancing biodiversity conservation through the financial contributions of businesses utilizing genetic data.
New Fund Established at COP16 to Support Global Conservation through Genetic Data Payments
New Fund Established at COP16 to Support Global Conservation through Genetic Data Payments
A landmark agreement reached at COP16 will require companies profiting from genetic information to contribute to a conservation fund.
In an unprecedented agreement at the 16th Conference of the Parties (COP16) to the Convention on Biological Diversity, diplomats from almost 200 nations agreed to create a fund designed to support global conservation efforts. This new initiative will require businesses that profit from genetic information to contribute financially, a move aimed at decreasing reliance on government and philanthropic donations to conservation efforts.
The talks, held in Cali, Colombia, marked a significant step forward as countries recognized the potential financial benefits that could arise from businesses engaging with biodiversity. Companies that utilize digital sequence information, a term encompassing genetic data captured in databases, will now be encouraged to pay into this fund.
Amber Scholz, head of the science policy department at the Leibniz Institute DSMZ, underscored the importance of this development, noting that it diversifies the funding sources for conservation. While the agreement suggests voluntary contributions—either 1 percent of profits or 0.1 percent of revenue—governments can take measures to compel companies to participate.
This initiative has the potential to generate around $1 billion annually for biodiversity efforts, as indicated by research commissioned by the treaty’s secretariat. Importantly, half of the funds are earmarked for Indigenous communities, recognizing their vital role in guardianship of biodiversity.
Despite the progress made, the talks extended past their designated deadline, resulting in some unresolved agenda items, including crucial discussions on how to mobilize and distribute $200 billion annually by 2030 for nature conservation. Negotiators plan to reconvene in the future to continue addressing these pressing issues.
COP16 follows the ambitious commitments made during the previous biodiversity talks in Montreal in 2022, striving to enhance coordination and action toward conserving and restoring the planet's natural resources.
