# Explainer-What’s on the agenda at the U.N.’s COP15 nature summit?
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-12-06
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Key takeaways from the U.N. Biodiversity Summit in Montreal
Meta Description: Stay informed on the key UN summit in Montreal as nearly 200 countries aim to protect species and wild places. Learn about the crucial discussions and proposed
URL: https://financedigest.com/explainer-whats-on-the-agenda-at-the-u-n-s-cop15-nature-summithtml

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By Gloria Dickie

MONTREAL (Reuters) – A key United Nations summit to halt nature loss begins this week in Montreal, Canada. Delegates from nearly 200 countries will spend two weeks hashing out a new global deal to protect the world’s struggling species and fast-vanishing wild places.

Here is what you [need to know:](https://www.financedigest.com/g20-summit-what-you-need-to-know-now.html "G20 Summit: What you need to know now")

WHAT IS THE U.N. BIODIVERSITY SUMMIT?

This month’s Montreal summit is sometimes referred to as COP15, as it is the 15th “conference of parties” – or nations – signed onto the 1992 U.N. Convention on Biological Diversity (CBD).

China holds the COP15 presidency, [meaning it is responsible for facilitating year-round negotiations ahead](https://www.financedigest.com/brexit-and-global-uncertainty-mean-currency-risks-lie-ahead.html "Brexit and global uncertainty mean currency risks lie ahead") of hosting the deal-making summit. The CBD [holds a summit](https://www.financedigest.com/codex-protocol-consensys-and-rare-art-labs-to-hold-live-auction-at-ethereal-summit-in-nyc.html "Codex Protocol, ConsenSys and Rare Art Labs to Hold Live Auction at Ethereal Summit in NYC") every two years under a rotating presidency. China’s COP15 summit has been delayed four times, however, from its original date in 2020 due to COVID.

WHY IS COP15 IMPORTANT?

The [world’s last set](https://www.financedigest.com/uks-most-liveable-city-manchester-sets-its-sights-on-the-world-from-tourists-to-property-investors.html "UK’s most liveable city, Manchester sets its sights on the world, from tourists to property investors") of nature targets – the Aichi Targets – expired in 2020. Currently, there is no [global agreement](https://www.financedigest.com/visa-has-terminated-global-debit-card-agreements-with-ftx.html "Visa has terminated global debit card agreements with FTX") in effect.

Nevertheless, there are currently more than 1 million species threatened with extinction, as plant and animal species vanish at a rate 1,000 times faster than the natural extinction rate.

In Montreal, negotiators are considering 23 new targets, tackling everything from pesticides and noise pollution to [corporate disclosures around the use of natural resources](https://www.financedigest.com/hmrcs-newfound-status-as-preferential-creditor-on-corporate-failures-represents-another-potential-drain-on-the-resources-of-the-ppf.html "HMRC’s newfound status as preferential creditor on corporate failures represents another potential drain on the resources of the PPF").

WHAT COULD A COP15 DEAL LOOK LIKE?

Scientists and [campaigners are pushing for countries](https://www.financedigest.com/google-to-roll-out-anti-disinformation-campaign-in-some-eu-countries.html "Google to roll out anti-disinformation campaign in some EU countries") to adopt a “Paris Agreement for nature” – referring to the 2015 deal brokered at the U.N. climate talks in Paris to hold global warming to within 1.5 degrees Celsius.

The hoped-for conservation agreement would see countries commit to ensuring that, at the end of this decade, the [world holds](https://www.financedigest.com/tennis-williams-retirement-on-hold-after-win-over-world-number-two.html "Tennis-Williams retirement on hold after win over world number two") more “nature” — animals, plants, and healthy ecosystems — than there is now.

A robust agreement would include goals that are easy to measure and monitor, with countries reporting regularly on their progress in [protecting nature](https://www.financedigest.com/u-n-summit-aims-for-global-pact-to-protect-nature.html "U.N. summit aims for global pact to protect nature"). So aside from deciding which [targets to set](https://www.financedigest.com/eu-sets-recycling-reuse-targets-to-cut-packaging-waste.html "EU sets recycling, reuse targets to cut packaging waste"), countries will also be debating how much oversight they will commit to.

WHAT’S THE “30-BY-30” GOAL?

Of the 23 proposed targets, one has garnered more attention and ambition than others. Known informally as “30-by-30,” this [target would see](https://www.financedigest.com/capgemini-comfortable-with-top-end-2022-targets-but-sees-demand-slowing.html "Capgemini ‘comfortable’ with top end 2022 targets but sees demand slowing") countries commit to protecting 30% of their land and sea territories by 2030.

Already, more than 110 countries, [including the United](https://www.financedigest.com/stanchart-weighing-options-including-sale-of-aircraft-lessor-unit.html "StanChart weighing options, including sale, of aircraft lessor unit") States and Canada, have pledged support for this goal, though the United States is the only country to have never signed onto the CBD. COP15 host China has so far committed to 25%.

The target builds on a previous, unmet [global goal that countries protect 17% of their land and inland waters](https://www.financedigest.com/spacex-rocket-sends-first-global-water-survey-mission-into-orbit.html "SpaceX rocket sends first global water survey mission into orbit") and 10% of their marine areas by 2020. While that goal inspired some conservation measures, overall the world fell short.

WHO WILL [PAY FOR PROTECTING NATURE](https://www.financedigest.com/best-paying-jobs-in-natural-gas-distribution.html "Best paying jobs in natural gas distribution")?

To protect nature, [countries will need](https://www.financedigest.com/5-countries-you-need-to-have-an-offshore-account-in.html "5 Countries You Need To Have An Offshore Account In") cash – a lot of it. Currently, there is a [funding gap of at least $711 billion](https://www.financedigest.com/global-citizen-seeks-up-to-1-billion-for-six-sustainable-impact-funds.html "Global Citizen seeks up to  billion for six sustainable ‘Impact’ funds") per year, according to a 2019 assessment by several conservation institutes.

As part of the talks, countries will [discuss ways of raising money](https://www.financedigest.com/necessary-lessons-in-debt-six-out-of-ten-brits-wouldnt-feel-comfortable-discussing-any-money-issues-with-their-children.html "Necessary lessons in debt? Six out of ten Brits wouldn’t feel comfortable discussing any money issues with their children") and redirecting funds toward conservation goals. These could [include rethinking subsidies for industries that pollute or in other ways](https://www.financedigest.com/3-ways-to-safeguard-and-include-women-in-construction.html "3 ways to safeguard and include women in construction") harm nature.

A draft of the deal being negotiated includes a call for slashing these so-called harmful [subsidies by at least $500 billion](https://www.financedigest.com/intel-wants-5-billion-more-in-german-subsidies-for-chip-plant-bloomberg-news.html "Intel wants  billion more in German subsidies for chip plant – Bloomberg News") annually from the estimated $1.8 trillion given to activities that degrade nature. It also envisions increasing both [public and private sector](https://www.financedigest.com/guess-what-public-sector-adoption-of-e-invoicing-on-the-rise.html "GUESS WHAT? PUBLIC SECTOR ADOPTION OF E-INVOICING ON THE RISE!") financing to at least $200 billion per year.

That’s still short of what U.N. experts themselves [say is needed](https://www.financedigest.com/europe-power-firms-need-1-5-trillion-euros-in-margin-calls-equinor-says.html "Europe power firms need 1.5 trillion euros in margin calls, Equinor says"). While $154 billion in private finance is now going toward “nature-based solutions” that tackle [climate change](https://www.financedigest.com/deloitte-research-reveals-inaction-on-climate-change-could-cost-the-worlds-economy-us178-trillion-by-2070.html "Deloitte research reveals inaction on climate change could cost the world’s economy US8 trillion by 2070"), land restoration and biodiversity protection, that amount needs to more than double to $384 billion per year by 2025, according to a U.N. Environment Programme [report last](https://www.financedigest.com/the-last-mile-of-statutory-reporting-is-absolutely-crucial-heres-how-one-global-company-does-it-with-onesource.html "The last mile of statutory reporting is absolutely crucial. Here’s how one global company does it with ONESOURCE") week.

Environmental [groups argue that rich nations should provide at least $60 billion](https://www.financedigest.com/telecoms-group-orange-signs-sustainability-linked-refinancing-of-6-billion-euros-syndicated-credit-facility.html "Telecoms group Orange signs sustainability-linked refinancing of 6 billion euros syndicated credit facility") per year to help developing countries meet their nature targets.

HOW WILL WE MEASURE PROGRESS?

While countries are discussion how much reporting and oversight to include in the agreement, [big business](https://www.financedigest.com/smishing-is-a-new-virus-plaguing-big-business-conversational-commerce-to-the-rescue.html "‘Smishing’ is a new ‘virus’ plaguing big business – Conversational Commerce to the rescue!") is also being asked to disclose more about their impact on the natural world.

One of the 23 proposed targets would require all [businesses and financial institutions to assess and disclose their impacts](https://www.financedigest.com/exclusive-qatarenergy-boss-says-world-cup-tension-will-not-impact-german-business.html "Exclusive-QatarEnergy boss says World Cup tension will not impact German business") and dependencies on nature by 2030. From there, they would have to reduce their negative [impacts by at least half](https://www.financedigest.com/what-brexit-blues-new-research-reveals-over-half-of-businesses-in-the-financial-sector-believe-brexit-will-have-a-long-term-positive-impact.html "What Brexit blues? New research reveals over half of businesses in the financial sector believe Brexit will have a long-term positive impact").

While this target could see some resistance from some industries including agriculture or mining, there is also widespread [support among many businesses](https://www.financedigest.com/how-banks-will-evolve-to-support-small-business-owners.html "How banks will evolve to support small business owners") that rely to some extent on natural resources. More than 330 business and finance institutions with combined revenues of some $1.5 trillion have urged [world leaders](https://www.financedigest.com/world-leaders-to-attend-queen-elizabeths-funeral.html "World leaders to attend Queen Elizabeth’s funeral") to adopt this goal.

(Reporting by Gloria Dickie; Editing by Katy Daigle and Lisa Shumaker)


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