Progress made on loss and damage at COP27, but critical link between nature and biodiversity negotiations still missing

COP27 took place in Sharm El-Sheikh, Egypt and headed into extra negotiations to find a deal

COP27 wrapped up with progress for financially supporting communities most affected by the climate crisis with the loss and damage fund. Led by the We Mean Business Coalition, more than 250 companies and civil society groups came together to state that 1.5°C is a limit not a target, and while it was included in the text, countries will need to go further, faster to avoid emission rises.

While it was disappointing there was no specific reference to the critical UN CBD COP15 nature negotiations due to take place in Montreal in just a few short weeks, it was positive to see the connections made between the biodiversity and climate crisis, in particular the important role of indigenous communities in conservation.

Thousands of businesses are united in wanting to see an ambitious agreement come out of COP15. Indeed, more than 330 businesses and financial institutions are calling for stronger rules to make it mandatory for large companies to assess and disclose their impacts and dependencies on nature. Many of these businesses are already transforming their operations to protect, restore and sustainably use nature but need governments to put in place policies which level the playing field and help them do even more.

But the clock is ticking. In the weeks ahead we need bold leadership and engagement, in particular from China as COP15 President and Canada as COP15 host, to secure a once-in-a-decade effective and meaningful Global Biodiversity Framework that will rapidly set us on course to a nature-positive world by 2030.

Read more detailed updates on the outcomes of COP27 from our partners We Mean Business, The Nature Conservancy, WWF and the Cambridge Institution for Sustainability Leadership (CISL).