Kunming-Montreal Global Biodiversity Framework
The Kunming-Montreal Global Biodiversity Framework is a United Nations agreement to jointly safeguard nature that was reached on December 19, 2022, at the Convention on Biological Diversity (COP15). The agreement seeks to protect 30 percent of the planet’s land and oceans by 2030 and to take other measures against biodiversity loss.
The Kunming-Montreal Global Biodiversity Framework (GBF) is a suite of 23 environmental targets agreed upon by the 196 countries that participate in the Convention on Biological Diversity (COP15). The United States and the Holy See are the only two countries in the world that are not party to the Convention on Biological Diversity. The countries in the COP15 have committed to reducing to “near zero” the loss of areas of wildlife-rich habitat. They also agreed to reduce by $500 billion a year government subsidies that harm nature, which are currently an estimated $1.8 trillion. At the core of the global biodiversity framework is a clear goal to halt and reverse nature loss by 2030. The most prominent is known as 30x30 and would place 30 percent of land and sea under protection. This so-called 30x30 goal is regarded as nature’s equivalent of the 1.5-degree goal at the heart of the Paris Agreement. The goal is to act quickly enough to prevent what scientists see as sixth mass-extinction event, during which more than 1 million species could vanish by the century's end.
Under the agreement, large companies and financial institutions are subject to disclose relevant aspects of their operations, supply chains and portfolios. The word "mandatory" was dropped from previous drafts, which was seen as a flaw.
The Kunming-Montreal Global Biodiversity Framework contains four goals to be achieved by 2050 and 23 targets. On its website, Euronext summarized the four goals in this way:
- Halt human-induced extinction of species;
- Value, maintain and enhance biodiversity;
- Share the benefits from the utilization of genetic resources;
- Make means of implementing the GBF accessible to developing countries.
- Nearly Every Country Signs On to a Sweeping Deal to Protect Nature. The New York Times.
- Cop15: Deal secured to halt destruction of Earth’s ecosystems. The Irish Times.
- Rainforest-rich nations ensure COP15 deal on nature sticks. Reuters.
- Main US asset managers do not vote in the right direction. Euronext.com.