ICC has issued the following statement upon the conclusion of the United Nations’ Conference of the Parties to the Convention on Biological Diversity (CBD COP16) underscoring the commitment of business to support future efforts to secure a robust and workable multilateral benefit sharing mechanism.
ICC appreciates the efforts of Parties and the Colombian Presidency at CBD COP16 to progress on the operationalisation of the multilateral mechanism on benefit sharing from the use of digital sequence information, including the COP16 Decision’s recognition that further work is needed to refine several of its elements .
Businesses are committed to supporting biodiversity goals and engaged constructively in the discussion – viewing the multilateral mechanism as an opportunity to increase benefits shared for biodiversity through a simpler system that provides more legal certainty for companies and supports research and innovation.
As several countries have recognised, the decision provides a starting basis for moving forward but many important aspects require further evidence-based work to ensure that the mechanism has the necessary enabling conditions and incentives to engage broad business participation. A system that is broad in scope makes it easy to contribute, sets fees at realistic levels, provides legal certainty for research and innovation, and has the potential to incentivise more funding for biodiversity. Business will strengthen its engagement as an integral part of the solution and will need to play a role in further refining the mechanism to ensure its success.”
Further work could continue along several tracks, through formal CBD workstreams, informal dialogues, or a pilot phase to test the modalities in the decision and obtain evidence for consideration at COP17. ICC will be working with companies, countries and other stakeholders along all these tracks to optimise the potential of the mechanism to attract broad participation from businesses to further biodiversity goals.
