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. 24/10/2024 4:17 PM
UN COP16 Nature Summit 2024: Negotiating the Future of Genetic Information
In October 2024, the UN COP16 nature summit will gather countries to negotiate an important deal on the use and compensation for digital sequence information (DSI) derived from nature. DSI, which refers to the genetic data of living organisms, plays a vital role in industries like pharmaceuticals, agriculture, and cosmetics. The summit will focus on establishing a system to ensure countries rich in biodiversity, like Brazil and India, receive fair compensation for the use of their genetic resources.
DSI includes the genetic codes of plants, animals, and microbes that are digitized and stored in public databases. These sequences are essential for research and product development across various industries. Unlike physical genetic material, DSI refers to the digital representation of this data, making it accessible worldwide.
Industries that rely on DSI, such as pharmaceuticals and agriculture, generate substantial revenue, contributing around $1.6 trillion annually. While not all revenue comes directly from genetic information, the potential for profit is enormous. Countries rich in biodiversity want to ensure they are compensated fairly for the use of their genetic resources, which has not been the case under current legal frameworks.
The summit aims to establish a global system for regulating the use of DSI. Negotiators will discuss how much companies should pay, who will pay, and how the funds will be distributed. A UN study suggests that a 0.1% to 1% charge on annual revenue from industries using DSI could generate $1-10 billion annually. This revenue could support conservation efforts and help developing nations boost their research capacities.
Once a deal is reached, individual countries will need to implement new rules, a process that could take time. A voluntary payment system might be introduced to encourage companies to pay a set rate for using DSI. Ensuring that non-profit research maintains free access to this data is critical for advancing science and conservation efforts.
COP16’s host country, Colombia, is emphasizing the inclusion of Indigenous and traditional communities in the discussions. Indigenous groups play a vital role in conserving biodiversity, and the summit will explore ways to include their traditional knowledge in national conservation plans. There are also calls for the creation of a permanent body focused on Indigenous issues within the UN.
At COP15 in 2022, wealthy nations agreed to contribute at least $20 billion annually from 2025 to help developing countries meet biodiversity goals, with the target rising to $30 billion by 2030. COP16 is expected to see further funding pledges from governments and companies, focusing on new mechanisms to channel money toward nature conservation.
While biodiversity and climate change efforts have traditionally been separate, leaders are increasingly recognizing their interdependence. Protecting biodiversity helps mitigate climate change, and addressing climate change is crucial to preventing further biodiversity loss. COP16 is expected to raise the urgency of integrating nature conservation into broader climate efforts ahead of COP29 in November 2024.
COP16 is a pivotal moment for biodiversity conservation and the future of DSI regulation. The outcome of the summit could shape how genetic information is used globally, ensuring that countries rich in biodiversity receive fair compensation while promoting sustainable practices. The agreement could foster greater international collaboration and drive both innovation and conservation efforts.
