Kunming-Montreal Global Biodiversity Framework
A December 2022 agreement setting twenty-three targets for 2030, including protecting 30% of land and sea and disclosure by large companies of their nature-related risks.
Biodiversity loss is a diffuse financial risk that balance sheets ignore as long as no rule requires it to be measured. The framework adopted at COP15 sets four goals and twenty-three targets for 2030, the best known of which is protecting at least 30% of land and marine areas. Its Target 15 is the most direct for finance: states commit to require large companies and financial institutions to assess and disclose their risks, impacts and dependencies on nature. It is the political basis for disclosure frameworks such as the TNFD. For an insurer, the target touches both its liabilities, through the sectors it covers, and its assets, through what it holds.
Adopted on December 19, 2022 in Montreal by nearly two hundred countries, under Chinese presidency, after more than four years of negotiation delayed by the pandemic, the framework aims to halt and reverse biodiversity loss by 2030.
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