UN COP16: Companies to Pay for Genetic Data Use

Countries at U.N.'s COP16 in Colombia agreed on payments by sectors like pharmaceuticals and cosmetics for using genetic data from biodiversity in R&D. The funds will aid conservation efforts and support Indigenous and local communities. A new body for community consultation was also established.

In a landmark decision at the U.N. COP16 talks held in Colombia, participating countries have agreed on how industries such as pharmaceuticals and cosmetics should compensate for the use of genetic data derived from biodiversity in their research and development efforts.

The conference, involving nearly 200 countries, focused on executing the 2022 Kunming-Montreal Global Biodiversity Framework, which seeks to curb biodiversity decline by 2030. The agreement is expected to stimulate billions of dollars for conservation efforts, directing half the funds to Indigenous and local communities.

After extensive negotiations, a decision was reached on the creation of a permanent body to enable Indigenous and local communities to partake in U.N. nature deliberations and to acknowledge the Afro-descendant communities' conservation roles. The resultant fund, named the Cali Fund, will be supported by contributions from qualifying companies.

(With inputs from agencies.)