In The Wall Street Journal, Michael Littenberg Discusses Impact of New Global Biodiversity Framework
Following the United Nations’ COP15 conference on biodiversity this month, government ministers from around the world agreed on a global plan that will require companies to show they are reducing their impact on the world’s natural life, though not to a specific level. Subsidies seen as harmful for biodiversity will also be cut by $500 billion a year under the framework, officially called the Kunming-Montreal Global Biodiversity Framework (GBF).
Partner and global head of the ESG, CSR and business and human rights practice Michael Littenberg told The Wall Street Journal that even with the framework agreed upon by nations, assessing companies’ biodiversity impact will be challenging. The GBF is more complex in many ways than the Paris climate agreement, under which countries agreed to set emissions-reduction targets. The framework is “not just one target,” but nearly two dozen targets, Michael said.