Cali, Colombia and Montréal, Quebec, October 28, 2024 – In 2022, Montréal had the privilege of hosting the second part of COP15 on biodiversity, which concluded with the historic signing of the Kunming-Montréal Global Biodiversity Framework. This framework calls for concrete action to preserve ecosystems vital to human well-being, planetary health and global economic prosperity.
By 2030, it aims to conserve 30% of land and sea areas and restore 30% of degraded ecosystems.1
Two years after the signing of this framework, the Quebec financial community remains committed to supporting the preservation of biodiversity, recognizing the crucial role that financial institutions play in managing risks and identifying biodiversity-related investment opportunities. However, we are aware of current challenges, such as the optimal use of available data, which may limit our ability to act immediately and comprehensively.
Furthermore, we acknowledge that biodiversity integration offers significant investment opportunities for building a resilient economy, fostering business growth and ensuring long-term financial stability, both in Quebec and internationally. We are committed to taking one or more of the following actions:
- We will align our practices with the objectives of the Global Framework and the recommendations of the Taskforce on Nature-related Financial Disclosures to accelerate biodiversity conservation.
- We will adopt a progressive and flexible approach to integrating biodiversity criteria into our investment decisions, considering the specificities of each portfolio.
- While conducting a comprehensive analysis of the impact and dependencies of our investment activities on biodiversity is challenging, we are committed to making progress in this direction, by collaborating with experts and improving our due diligence processes.
- We will work to establish measurable targets to reduce negative impacts on biodiversity and increase positive contributions, while considering operational realities and current capabilities.
- We will build partnerships with environmental organizations, research institutions and other financial players to develop innovative solutions. We will participate in pilot projects to test and validate new approaches to biodiversity conservation.
- We will encourage portfolio companies to adopt biodiversity-friendly practices and increase their biodiversity disclosures.
- We will ensure regular and transparent communication of our activities by publishing reports on initiatives and progress achieved.
We call on our peers in the financial community to join this collective effort. Increased collaboration, particularly between asset owners and managers, is essential to integrate biodiversity into investment processes. We also call on governments to establish clear policies that facilitate and encourage companies and financial institutions to take biodiversity into account.
Together, we can play a significant role in preserving biodiversity, thereby contributing to a sustainable future for all. We are convinced that by adopting a concerted, pragmatic approach, we can better manage the pressures on biodiversity and ensure the sustainability of our natural ecosystems, both in Quebec and elsewhere in the world.
Signatories of the open letter for biodiversity
1 Kunming-Montréal Global Biodiversity Framework, CBD/COP/DEC/15/4, target 2 and 3, p. 9
