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October 21, 2024 | 11:36 pm
TEMPO.CO, Jakarta - More than half of the world's population, exceeding 4.3 billion people, relies on biodiversity for their livelihoods. Approximately 70 percent of the global poor and vulnerable populations in rural areas directly depend on biodiversity.
In 2022, trade in biodiversity-based products or commodities generated around US$4.4 trillion, representing about 17 percent of the global export value. For developing countries, this figure even surpasses 40 percent of their trade value over the past decade.
The current state of biodiversity is alarming, with 40 percent of the Earth's land already degraded and one million plant and animal species facing extinction. The loss of biodiversity is projected to intensify by 2050, posing a severe threat to both nature and the economy.
Due to these considerations, the Conference of the Parties (COP) of the United Nations Convention on Biological Diversity (CBD) 2024 will place a stronger emphasis on trade as a catalyst for biodiversity conservation. The biennial conference, known as COP16 this year, is taking place in Cali, Colombia, from October 21 to November 1.
During the ten-day conference, COP16 will host a dedicated 'Trade Day' in collaboration with the United Nations Conference on Trade and Development (UNCTAD), the UN Biodiversity Convention Secretariat, the UN Environment Programme, the World Trade Organization (WTO), and other organizations. The first thematic day on trade is scheduled for October 26, 2024, at the Global Biodiversity Framework Pavilion in the Kunming-Montreal at COP16 arena in Cali, Colombia.
The objective is to facilitate and advance discussions among negotiators and stakeholders on potential pathways, best practices, and solutions for trade and trade-related policies 1 that address biodiversity loss and implement the objectives of the Global Biodiversity Framework Kunming-Montreal (KMGBF) established at COP15 two years ago.
“It will also redirect attention to the protection and restoration of biodiversity as well as sustainable and inclusive development,” reads a statement from UNCTAD, as quoted by Tempo on Monday, October 21, 2024.
UNCTAD, which launched the BioTrade Initiative in 1996, recognizes international trade as an integral part of the global economy that has traditionally been linked to negative environmental impacts. With 55 percent of global gross domestic product (GDP), amounting to approximately $58 trillion, dependent on nature, UNCTAD argues that trade can and should be leveraged to protect biodiversity.
“Specifically, trade policies should be formulated based on the objectives of the Global Biodiversity Framework Kunming-Montreal (KMGBF) to halt the loss of nature, restore biodiversity, and assist countries in achieving sustainable social and economic goals,” UNCTAD writes.
UNCTAD maintains that trade can support the attainment of all 23 targets under KMGBF through various instruments and related measures. These include preferential tariffs and market access for biodiversity-friendly products and services, voluntary sustainability standards, guidelines such as the BioTrade Principles and Criteria, mandatory environmental requirements, eco-friendly procurement, and sustainable and biodiversity-friendly management practices.
“The BioTrade initiative has demonstrated that sustainable, legal, and traceable trade can be a key element in conserving biodiversity and ecosystems while supporting the livelihoods of local communities,” says UNCTAD, which has assisted over 80 countries in promoting trade aligned with environmental, social, and economic sustainability criteria.
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