Cali, Colombia—In a significant stride towards halting the rapid decline of nature, nearly 200 countries gathered at the UN COP16 nature summit in Cali have reached a landmark agreement on how companies should compensate for the use of genetic information derived from biodiversity.
The agreement, finalized on Saturday, mandates that industries such as pharmaceuticals and cosmetics will now pay to access genetic data sourced from the natural world for their research and development. This move is expected to generate billions of dollars for global nature conservation efforts.
“This is a historic moment,” said a representative from the summit. “The funds will not only support conservation but will also ensure that Indigenous peoples and local communities, who are the guardians of much of the world’s biodiversity, receive fair compensation.”
Under the new framework, half of the proceeds from these payments will be directed to a dedicated fund for Indigenous peoples and local communities. This acknowledges their crucial role in preserving biodiversity and aims to support their sustainable development.
The utilization of genetic data from nature is widespread, influencing products ranging from nutrient-enriched rice to the enzymes used in producing stone-washed denim jeans. By formalizing payments for this genetic information, the agreement seeks to balance commercial interests with environmental stewardship.
The summit in Cali builds upon the 2022 Kunming-Montreal Global Biodiversity Framework, which aims to halt nature’s decline by 2030. The recent decisions at COP16 are pivotal in operationalizing these goals.
In addition to the payment agreement, countries also consented to the creation of a permanent body for Indigenous and local communities. This body will provide official consultation on UN nature decisions, further recognizing the vital contributions of Afro-descendant communities in conservation efforts.
The establishment of this consultative body marks a progressive shift towards inclusive decision-making in global environmental policies.
“Acknowledging and integrating the voices of Indigenous and local communities is essential,” stated an environmental expert at the conference. “Their traditional knowledge and practices are invaluable assets in our collective mission to protect the planet.”
The outcomes of COP16 are seen as a beacon of hope by environmentalists worldwide, signaling a collaborative effort to safeguard biodiversity while promoting equitable sharing of its benefits.
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UN nature summit agrees on payments for use of genetic information
cgtn.com
