From Kunming-Montreal to Cali: Is the Financial System on Track?

The FfB Foundation was part of the drafting team of the paper “From Kunming-Montreal to Cali: Is the Financial System on Track?” published during a webinar on 17 October, by UNEP FI, on behalf of the Steering Committee for the Finance and Biodiversity Day, comprising the Secretariat of the Convention on Biological Diversity, World Bank Group, UNDP, Inter-American Development Bank (IADB), Coalition of Finance Ministers for Climate, UNEP FI and the Finance for Biodiversity Foundation. The paper provides a status update on the implementation of the “High-level roadmap: Aligning financial flows with the Kunming-Montreal Global Biodiversity Framework » released after COP15.

Access the paper: “From Kunming-Montreal to Cali: Is the Financial System on Track?”

Goal of the document

The ‘High-level roadmap: Aligning financial flows with the Kunming-Montreal Global Biodiversity Framework’ draws on commitments and insights from the first Finance and Biodiversity Day at COP15. It was developed by UNEP FI in consultation with the Secretariat of the CBD, the United Nations Development Programme (UNDP), the World Bank, Finance for Biodiversity Foundation and Finance Montreal, as co-organisers of the event.

This new briefing note, “From Kunming-Montreal to Cali: Is the Financial System on Track?”, summarises the global finance sector’s response to the Roadmap, giving an overview of key actions that have taken place in the past two years by the actors highlighted in the roadmap and others. It is published ahead of the second Finance and Biodiversity Day, taking place on 28 October 2024, at COP 16 in Cali, Colombia. Building on the success of the inaugural event in Montreal, this event aims to foster meaningful engagement among CEOs, Finance Ministers and other leaders in biodiversity and finance, providing a platform for high-level debate and collaboration on meeting society’s nature goals. It is planned to coincide with the High-Level Segment of the COP and aims to support the achievement of resource mobilisation and alignment of financial flows with the vision and mission of the Global Biodiversity Framework.

Information on finance sector progress for CBD Parties going into COP16

This briefing note provides further information on questions that CBD Parties may have going into the COP, such as:

  • What has the global financial sector done to align with and contribute towards the goals and targets of the GBF?
  • How have governments’ financial regulators and supervisors responded to the GBF?
  • How much biodiversity-related funding has been committed from private finance towards nature-positive outcomes, and how can this be measured more consistently and transparently against biodiversity goals?
  • What meaningful KPIs are available to monitor contributions from the financial sector?

Key Policy Messages

The conclusion of this document suggests what would be needed from CBD Parties to set the enabling environment for the finance sector to meet its full potential in helping deliver the GBF worldwide. The finance sector calls for stronger policy signals at COP16 to ensure private financial flows align with biodiversity goals, urging governments to develop clear regulations, monitoring frameworks, and incentives.

Recommended actions include mandatory nature-related disclosures, development of sectoral taxonomies, creation of Nature Transition Plans and empowering financial regulators to incorporate biodiversity risks into stress tests. Governments should develop economic incentives and blended finance mechanisms to mobilise private investment for biodiversity-positive projects, while ensuring these policies align with climate and social goals to foster a just ecological transition.

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