COP-15’s New Biodiversity Framework and Integrated Mine Planning

In December 2022, Parties to the UN Convention on Biodiversity met to advance global action to address ongoing nature loss. This meeting culminated in the adoption of the Post-2020 Global Biodiversity Framework. This framework consists of a list of goals meant to halt, and reverse biodiversity loss to achieve a nature positive world by 2030 (IUCN, 2023, par. 1), as well as to conserve, protect, and sustainably manage biodiversity and ecosystems for the next decade (Convention on Biodiversity, 2023, par. 1).

The Post-2020 Biodiversity Framework builds on lessons learned from the Strategic Plan for Biodiversity 2011-2020 and the Aichi Biodiversity Targets, which can be found here: https://www.cbd.int/sp/targets/.

Despite increased policies and action to support biodiversity, there has remained signs of a decrease in biodiversity (IUCN, 2023, par. 3). So far, none of the Aichi Biodiversity Targets have been achieved by any of the Parties to the Convention on Biodiversity (IUCN, 2023, par. 4). As a result, it was decided that more specific targets and goals were needed, as well as better support and resources to help parties involved to achieve these targets.

Post-2020 Global Biodiversity Framework

Some of the key targets for the Post-2020 Global Biodiversity Framework include (Convention on Biological Diversity, 2022, par. 1):

Effective conservation and management of at least 30% of the world’s lands, inland waters, coastal areas, and oceans, with emphasis on areas of particular importance for biodiversity and ecosystem functioning and services. The Framework prioritizes ecologically-representative, well-connected and equitably governed systems of protected areas and other effective area-based conservation, recognizing Indigenous and traditional territories and practices.
Restoration activities completed or underway on at least 30% of degraded terrestrial, inland waters, and coastal and marine ecosystems.
Reduce to near zero the loss of areas of high biodiversity importance, including ecosystems of high ecological integrity.
Mobilize by 2030 at least $200 billion per year in domestic and international biodiversity-related funding from all sources – public and private.
Require large and transnational companies and financial institutions to monitor, assess, and transparently disclose their risks, dependencies and impacts on biodiversity through their operations, supply and value chains and portfolios.

Impacts on the Mining Industry

For the mining industry, a significant area that could be impacted by the Post-2020 Global Biodiversity Framework relates to investment in mining projects.

New policies being implemented by the COP15 could lead to suppliers and investors assessing their involvement with mining companies that have operations in areas of significant biodiversity value. With the more aggressive targets laid out in the Post-2020 Global Biodiversity Framework, investors may include such frameworks within their capital allocation decision-making.

Mining companies that are taking the time to build out sustainability policies are seeing an increase in investor interest. According to Morgan Stanley, in the last four years there has been a 14% increase in investor interest in sustainability strategies (Canadian Mining Journal, 2022, par. 3). Investors are prioritizing Environmental, Social and Governance (ESG) in their investment evaluations as they feel it represents a way of mitigating risks and identifying new opportunities (Canadian Mining Journal, 2022, par. 3). With the updated Post-2020 Global Biodiversity Framework in place, investors may increasingly expect to see mining companies align their operations with the new biodiversity targets, and potentially move away from pursuing new projects in high biodiversity locations.

The Role of Integrated Mine Closure Planning and Progressive Reclamation

A significant way mining companies can better align themselves to the new, Post-2020 Global Biodiversity framework is through progressive reclamation of mined areas.

Progressive reclamation and integrated mine closure planning allows mine operators to strategically plan for mine closure from the outset of the project. Doing so gives more flexibility for thinking about future impacts, like planning for post-closure returning land use. This integrated mine closure planning approach aligns with the Post-2020 Biodiversity Framework by for disturbed land during a mine’s operational life.

When developing plans for ecologically stable and biodiverse vegetation for post closure, best practices include:

Examining the chemical and physical soil properties at the site to effectively identify vegetation that will thrive in the area long-term.
Conducting revegetation trials on a smaller scale before transitioning to the entire site.
Designing and establishing long-term monitoring program across the site to ensure the new ecosystem is thriving and functioning to specifications outlined in the closure objectives.
Consulting with local communities and Indigenous communities to integrate their expertise of the area into designs and selected vegetation.

It is more than possible to create strong economic returns while implementing biodiversity best practices through integrated mine closure planning. It is more important now than ever to ensure strong alignment with frameworks like the Post-2020 Global Biodiversity Framework to maintain trust with impacted communities and stakeholders and continue to receive investments in new projects.

If you would like to learn how Okane can help you adopt a progressive approach to reclamation throughout your operations, or what options could be for innovative returning land uses, reach out to us at info@okc-sk.com or through our website at, https://www.okc-sk.com/contact-us/.

References

Canadian Mining Journal (2022) What Does ESG Mean for the Mining Industry. https://www.canadianminingjournal.com/featured-article/what-does-esg-mean-for-the-mining-industry/

Convention on Biological Diversity (2020) Aichi Biodiversity Targets. https://www.cbd.int/sp/targets/

Convention on Biological Diversity (2022) COP15: Nations Adopt Four Goals, 23 Targets for 2030 in Landmark UN Biodiversity Agreement. https://www.cbd.int/article/cop15-cbd-press-release-final-19dec2022

IUCN (2022) Post-2020 Global Biodiversity Framework. https://www.iucn.org/resources/issues-brief/post-2020-global-biodiversity-framework#:~:text=The%20framework%20must%20seek%20to,science%2C%20and%20have%20explicit%20outcomes.