MONTREAL – As the UN biodiversity conference in Montreal nears its close, a record number of corporate representatives are attending, prompting both optimism and unease among long-time environmental advocates. More than 900 delegates representing 41 companies are present at the Palais des congrès, according to the convention’s press office, a significant increase compared to previous Conferences of the Parties (COPs).
The influx of business interests has sparked debate over whether corporate engagement will accelerate conservation efforts or undermine the objectives of the international framework being negotiated to preserve global ecosystems over the next decade. Some environmental groups express concern that profit motives will conflict with biodiversity goals.
“The shareholders are the ones who govern the business and what they want is profit,” said Nele Marien, program coordinator at Friends of the Earth, an Amsterdam-based nonprofit. “In many cases that’s a conflict of interest (with) biodiversity.”
However, others argue that private sector involvement is crucial to addressing the massive funding gap for biodiversity conservation. The United Nations Environment Programme estimates that the annual funding gap will be between US$598 billion and US$824 billion by 2030. Governments currently provide 85 per cent of biodiversity funding, according to the Biodiversity Finance Initiative, a joint effort of the UN Development Programme and the European Commission.
“We won’t receive there without the participation of private investors,” said Stephanie Emond, vice-president of FinDev Canada, the federal overseas development agency.
Dan O’Brien, a partner at PricewaterhouseCoopers LLP’s Canadian unit and head of sustainable business solutions, believes that increased business engagement signals a “significant recognition” of the require to take biodiversity seriously. He contends that characterizing business as inherently detrimental is a mistake, particularly given the need for conservation financing.
According to a report co-authored by the World Economic Forum (WEF) and PwC, half of the world’s economy depends on nature. This realization is driving companies to view nature loss as a risk to their long-term operations.
At the conference, companies are particularly focused on Target 15, which encourages businesses to assess and report on their biodiversity impacts, and Target 19, which aims to mobilize financial resources for global biodiversity conservation. Canada has pledged $255 million to a fund supporting climate change mitigation and nature restoration in poorer countries, as announced by Prime Minister Justin Trudeau on December 16.
Despite the increased attention on financing, a walkout by representatives from dozens of developing countries earlier this week highlighted concerns that wealthy nations are hesitant to commit to specific financial contributions. A delegate, speaking on condition of anonymity to CTV, described a “trust deficit” in the negotiations.
Environment Minister Steven Guilbeault stated that Canada is “on board” and intends to be a “constructive partner” in mobilizing resources, urging other wealthy countries to follow suit. Resource mobilization remains a contentious issue as negotiations continue.
The draft framework acknowledges the necessity of “leveraging private finance” to achieve Target 19, which aims to increase financial resources to at least US$200 billion a year. Some non-profits, however, express skepticism about the motives of private sector involvement, suggesting that corporations may be attempting to influence global environmental policy.
Elizabeth Maruma Mrema, executive secretary of the UN Convention on Biological Diversity, suggested at a press conference on December 12 that economic growth and conservation could coexist. This statement drew criticism from some environmentalists, who argue that prioritizing economic growth is incompatible with effective biodiversity protection.
Tammy Newmark, chief executive of Eco Enterprises, a venture capital fund focused on biodiversity, noted that initial skepticism about private sector involvement in biodiversity initiatives has diminished as the need for capital in regions like Latin America has grow apparent. “In the offerings on how to address biodiversity, you need a multitude of strategies in order to accomplish the huge task at hand,” she said.
Negotiations are scheduled to close on December 19, but bridging the gaps on issues such as financial commitments and the role of private sector involvement will likely extend beyond the conference’s official end date.
