While the talks did establish a new "Cali Fund" to gather voluntary contributions from the private sector for the commercial use of genetic resources, they failed to find consensus on how to close the biodiversity finance gap. Time constraints also prevented the adoption of a crucial monitoring framework to evaluate progress toward national biodiversity targets.
The UN biodiversity secretariat announced that a reconvening of governments would be necessary before the next COP in two years, set to take place in Armenia, to address unresolved matters.
Observers highlighted that the lack of a funding agreement could hinder the implementation of updated national biodiversity plans, which are essential for meeting the global goal of protecting at least 30% of land and water ecosystems by 2030. An Lambrechts of Greenpeace noted that while governments presented plans for nature protection, they struggled to secure necessary funding, leaving biodiversity finance stagnant.
Kirsten Schuijt from WWF International warned that the summit's outcomes jeopardize the Montreal conservation goals established in 2022. Despite the challenges, Colombia's environment minister, Susana Muhamad, emphasized the summit's success in raising the political profile of biodiversity.
A primary focus of COP16 was enhancing financial support, yet little new funding was generated. Countries failed to agree on establishing a new fund to manage biodiversity finance, resulting in continued uncertainty regarding funding mechanisms. According to the Kunming-Montreal pact, developed nations pledged to contribute $20 billion annually for nature conservation by 2025, with an increase to $30 billion by 2030. However, funding remains inadequate, with only $15.4 billion raised in 2022.
The meeting also highlighted a divide among nations regarding the management of the biodiversity fund, which was established at COP15. While some countries called for a new fund to address inefficiencies, others argued that creating multiple funds would complicate efforts.
In the lead-up to the summit, few countries had submitted updated biodiversity plans, although Colombia and several other mega-diverse nations announced their commitments. By the conference's conclusion, 119 countries had outlined national targets, with 44 publishing National Biodiversity Strategy and Action Plans (NBSAPs).
Notably, COP16 created a permanent body for Indigenous peoples, granting them a significant role in decision-making processes. This development was hailed as a historic moment in multilateral environmental agreements, reflecting a commitment to include Indigenous voices in biodiversity discussions.
Furthermore, the summit established the Cali Fund, which will allocate a significant portion of its resources directly to Indigenous communities, aiming to support their contributions to biodiversity conservation.
However, the summit's discussions on the intersection of climate change and biodiversity notably excluded references to fossil fuels, despite initial proposals to address the need for a transition away from fossil fuel dependency. Advocates argued this omission was a missed opportunity and called for renewed focus on fossil fuel issues in future climate discussions.
Overall, while COP16 achieved significant strides for Indigenous rights, the inability to secure vital funding mechanisms poses ongoing challenges for global biodiversity efforts. Advocates stress the need for countries to integrate biodiversity and climate objectives into their policies and prioritize financial commitments in upcoming international meetings.