The recently adopted Kunming-Montreal Global Biodiversity Framework (KMGBF), decision 15/4
of the Fifteenth Conference of the Parties, is the blueprint for the conservation and restoration of Biodiversity, sustainable use of biological diversity and the sharing of benefits arising from the use and access of genetic resources. This global agreement sets out an ambitious pathway to reach the vision of a world living in harmony with nature by 2050. Within the framework's 23 adopted targets, several directly impact economic activities, presenting a profound influence on businesses at the global level.
Target 7 calls for the reduction of pollution risks and the negative impact of pollution, from all sources, by 2030, to levels that are not harmful to biodiversity and ecosystem functions. Among other measures, Target 7 asks for the elimination of plastic pollution and reducing the overall risk from pesticides and highly hazardous chemicals. For this Target to be achieved, it is imperative that businesses work alongside governments, sharing knowledge and best practices in a concerted effort to tackle the problem of biodiversity-destroying pollution.
Target 10 aims for the sustainable use of biodiversity in areas used for agriculture, aquaculture, fishery, and forestry through the application of biodiversity friendly practices. The practices listed in Target 10 include sustainable intensification and agroecological approaches that contribute to the resilience and long-term efficiency and productivity of these production systems and food security. It is important to note that this Target also calls for innovative approaches to conserve and restore biodiversity while also maintaining nature’s contributions to people. This is a crucial point, where business partnerships are essential in order to develop new methods and systems for the sustainable use of said food-producing sectors.
Target 14 addresses the crucial necessity of integrating biodiversity into policies, regulations, planning, development processes, and other sectors with significant impacts on biodiversity. Even more importantly in the context of business and biodiversity, however, Target 14 calls for progressive alignment of all relevant public and private activities with the goals and targets of the Framework. Therefore, Target 14 is specifically tailored to integrate business and finance into the whole-of-society approach proposed by the Kunming-Montreal Global Biodiversity Framework.
Target 15 is the Framework’s area most directly linked to businesses. It calls Parties to promote three key policy initiatives. First, ensure that transnational companies and financial institutions regularly monitor, asses and transparently disclose their risks, dependencies, and impacts on biodiversity. Second, provide information needed to consumers to promote sustainable consumption patterns. Three, report on compliance with access and benefit-sharing regulations and measures. Considering this Target is completely connected to businesses and finance, cooperation from the financial sector is crucial to achieve this part of the Framework.
Target 16 calls for Parties to encourage people to make sustainable consumption choices through the establishment of supportive policies, legislative or regulatory frameworks, improvements to education and access to relevant and accurate information and alternatives, and by 2030, to reduce the global footprint on consumption by halving global food waste, significantly reducing overconsumption, and substantially reducing waste generation.