UN biodiversity chief warns companies on nature loss

Ahead of COP17 preparatory talks in Nairobi and the main summit in Armenia in October, the executive secretary of the Convention on Biological Diversity, Astrid Schomaker, told Reuters that companies and financial institutions are not moving fast enough to address nature loss despite it being a top global risk for years. She said many firms remain 'on the sidelines' and are not investing enough in analyzing biodiversity impacts and dependencies along their supply chains. The slow pace is attributed to practical and financial hurdles, with companies slow to assess risks and governments slow to require disclosure. The COP17 will review the Kunming-Montreal Global Biodiversity Framework, under which countries committed to protect 30% of land and sea by 2030 and mobilize at least $200 billion a year. Progress has been slow, hampered by reduced development funding from richer countries, particularly the United States — Presidency of Donald Trump. A UN draft report found countries falling short on 22 of 23 targets. Spending that harms nature still far exceeds protection funding, with over $7 trillion invested in environmentally harmful activities. A key issue will be scaling up the Cali Fund, which aims to channel money from sectors like pharmaceuticals and biotechnology into nature conservation. Several issues remain unresolved, including fund sharing and contribution bases.