Following the breakdown of the Colombia-hosted COP16 summit in November, global leaders reconvened in Rome in late February for a fresh round of the U.N.’s annual biodiversity summit. While fraught negotiations have this time led to a last-minute deal, critics have already lamented that the agreement lacks the ambition needed to meaningfully tackle biodiversity challenges.
The previous COP16 gathering notably collapsed without a deal on nature restoration financing in developing countries, creating ongoing tensions between Global North and South governments. Deepening geopolitical disputes have since compounded the negotiations’ obstacles, with the new U.S. administration’s aversion to environmental multilateralism and sweeping foreign aid cuts underscoring the ongoing obstacles facing global cooperation.
In this climate, relying on government-led action to curb the global biodiversity crisis is no longer viable, making the private sector’s contribution increasingly vital. Moving forward, large companies from industries traditionally associated with biodiversity loss must now step up, with leading players in the mining, energy and maritime sectors already showing the way.
Political action outpaced by global crisis
Adopted at the COP15 conference in December 2022, the global goal of halting and reversing nature loss by 2030 is rapidly slipping out of reach, with political will failing to match the gravity of a deepening biodiversity crisis. Since 1970, global wildlife populations have plummeted by over 70% and one million species are now on the brink of extinction, while unsustainable agriculture, pollution and deforestation continue ravaging ecosystems at an alarming pace.
Although the fresh deal struck at COP16 has been embraced by certain leaders as a breakthrough for international cooperation, many others – particularly from the Global South – have expressed frustration at its lack of urgency and concrete action. Bolivia’s negotiator, Juan Carlos Alurralde Tejada, has notably decried the agreement’s failure to deliver real progress, warning that prolonged bureaucratic delays will only worsen the environmental collapse. The so-called solutions – such as agreeing to a global biodiversity fund in 2028 and establishing the voluntary Cali Fund without any financial pledges – reflect the international community’s “kick-the-can-down-the-road’ approach to biodiversity.
This insufficiently-ambitious agreement comes amid a broader backdrop of global challenges: trade disputes, shrinking foreign aid and rising political tensions. The absence of the U.S. at the summit – having refused to sign the UN Convention on Biological Diversity – further undermines hopes for meaningful action. The burden of biodiversity preservation thus continues to fall on the shoulders of the private sector, which must now fill the leadership void left by political inertia. As global leaders in their respective sectors, TotalEnergies, CMOC and CMA CGM are setting the stage for a new era of corporate responsibility in biodiversity conservation.
Private firms rising to the occasion
TotalEnergies, with its commitment to the United Nations Sustainable Development Goals, integrates biodiversity into every stage of its operations. Notably, during the construction of the Shetland Islands gas plant in Scotland, the company invested $100 million to excavate and preserve peatlands – critical ecosystems for carbon sequestration and wildlife, ensuring these wetlands are restored to their original state over time.
Building on this momentum, TotalEnergies is also advancing its Tilenga project in Uganda, where the company’s efforts aim for a net gain in biodiversity. The project will protect 10,000 hectares of forest from deforestation and restore 1,000 hectares of tropical woodland. Additionally, TotalEnergies is focused on boosting populations of endangered species, including lions and elephants, in the Murchison Falls National Park. Equally crucial are the actions Total has pledged to avoid, with the company emerging as a pioneer in voluntary conservation, excluding operations in sensitive areas such as UNESCO World Heritage sites and the Arctic.
Chinese mining group CMOC shares this commitment to overhauling the practices of its sector. Guided by its Biodiversity Vision, CMOC Brasil has implemented significant conservation actions, such as a reforestation program in the country, where it has planted over 89,000 saplings and reforested 1,448 hectares. What’s more, CMOC’s environmental control plan includes 34 biodiversity monitoring sites, ensuring ongoing efforts to protect animal and plant populations in Brazil’s Cerrado and Atlantic Forest biomes.
At CMOC’s TFM copper-cobalt mine in the Democratic Republic of the Congo, meanwhile, the company is focused on conserving local plants adapted to the challenging conditions of the area. Through its partnership with the University of Lubumbashi, CMOC has advanced scientific understanding of heavy-metal-tolerant plants and is helping to restore copper-rich soil areas. In 2022, CMOC cultivated over 2,500 plants, with some used for revegetation programs and others donated to local communities. As a result of these efforts, CMOC has protected roughly 40 copper flora species around its TFM site over the last 15 years.
Meanwhile, CMA CGM, a French leader in maritime shipping, is protecting marine biodiversity through its innovative “zero loss” policy, prioritising container security and fleet management to prevent environmental harm. Since 2020, the company has launched its Reef Recovery program, aimed at restoring coral reefs – critical ecosystems that support a quarter of marine biodiversity. Working closely with WWF, CMA CGM is supporting conservation efforts in France, South Africa and the Philippines, underscoring its commitment to healthy oceans and the vital biodiversity they sustain.
The bottom line
Moving forward, governments have a critical role to play in facilitating and expanding the private sector’s contribution to biodiversity, even if they fail to deliver meaningful political cooperation. At a minimum, the public sector must remove barriers that stifle corporate investment in sustainability, offering a clear, consistent regulatory framework that incentivises long-term environmental responsibility. From creating tax breaks for companies that invest in nature restoration to establishing carbon markets and setting mandatory reporting standards for biodiversity-related risks, government measures can empower businesses to act, ensuring they can make meaningful strides in preserving ecosystems.
Given the fragile COP16 deal offering little progress from the breakdown of November’s talks last November, the private sector must fill the gap left by governments’ ongoing inaction. With their resources, technological capabilities and influence, leading companies in industries such as mining and energy are in a unique position to lead meaningful change – now is the time for others to follow suit to drive nature restoration efforts and set the standard for global biodiversity leadership.
