COP16: Agreement reached on global fund for fair sharing of genetic resources

By Samuel Ogunsona

A significant milestone has been reached under the Convention on Biological Diversity (CBD). Negotiators have agreed to recommend a decision for adoption at COP 16 (October 21 – November 1, 2024, in Cali, Colombia), Irohinoodua has learnt.

This decision will establish modalities for operationalizing the multilateral mechanism for fair and equitable sharing of benefits from digital sequence information on genetic resources, including a global fund.

Part of the objectives is to mobilize new funding streams for biodiversity action, supporting conservation of biological diversity, sustainable use of components and fair sharing of benefits from genetic resources

The Co-Chairs of the negotiations, Mphatso Kalemba of Malawi and William Lockhart of the United Kingdom in a joint statement said, “The draft Decision that will be considered by COP 16 will require further consensus-building in Cali, but we clearly have come a long way. The negotiators tirelessly worked their way through a bulky set of technical and policy options in a great show of compromise and consensus-building. We are proud of what this group has achieved,”

At COP 16 in Cali, the Parties are expected to fine-tune agreement on pending issues, including aspects pertaining to data governance, the formula to be used for allocating resources from the global fund and the portion that would be earmarked for indigenous peoples and local communities, including women and youth, as custodians of biodiversity and holders of invaluable traditional knowledge associated with genetic resources. Other areas where compromise will be sought include how national circumstances and the level of development of Parties would be considered in allocation decisions to ensure fairness and equity.