Landmark agreement to halt biodiversity crisis at COP15.

At the United Nations summit in Montreal, nearly 200 countries pledged to prevent the mass extinction of plant and animal species, including by protecting at least 30% of land and sea by 2030. The rich countries promised to double aid to the poorest countries (20 billion dollars by 2025, then 30 billion by 2030).

This “Kunming-Montreal” agreement aims to put biodiversity back on its feet and put humanity on the path to a life “in harmony with nature” by the middle of the century. With a symbolic goal: to protect “at least” 30% of land, sea and freshwater ecosystems by 2030. Time is running out as 75% of the world’s ecosystems are being altered by human activity, and more than a million species are threatened with extinction. Countries are also promising to halve the risks associated with pesticides by then.

A monitoring mechanism is to be set up within eight years. Each country must develop its biodiversity strategy and prove it aligns with the agreed targets.

The biodiversity risk is more and more acknowledged as a threat to financial stability. Accordingly, will need to be integrated into financial climate-risk approaches. It is however complex to tackle and quantify.

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