October 2024
COP 16 begins today, Head of ESG, Chris Kerr, explains how this will impact the real estate industry:
COP16 begins today and the implementation of the Kunming-Montreal Global Biodiversity Framework, which sets out an ambitious pathway in reaching the goal of living in harmony with nature by 2050, is the main priority of the event.
Things have not progressed as quickly as hoped. For example, Target 15 sets out that businesses should assess, disclose, and reduce their biodiversity-related risks and negative impacts. Unfortunately, limited progress has been made on this so far, as has the requirement for nation states to submit national biodiversity strategies and action plans (NBSAPs) ahead of COP16. Only 30 countries have managed to do that so far. The UK is not one of them, although the election will have caused delays.
It is important for organisations to understand what happens at COP16, as it is most likely to lead to greater responsibility going forward – driven by consumer expectations and public policy. It will no longer suffice to have a ‘do no harm’ policy. Nature positive is the direction we are heading to (and with BNG, that is already the case). Natural England’s report, ‘State of Natural Capital’, underlines the importance of quick implementation here in the UK.
Chris Kerr (Head of ESG)
Christopher heads up Davitt Jones Bould's Environmental, Social and Governance Special Interest Group, and has a particular focus on biodiversity & natural capital, town and city regeneration projects, charitable organisations and the public sector.
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