A Shift in Multilateral Bio-Finance: How the Cali Fund for Biodiversity Could Contribute to Greater Equity [Guest Essay]; Pandemic Agreement Working Group [Update]
Newsletter Edition #284 [The Files In-Depth]
Hi,
Today, we bring you a bumper edition.
First, we present a guest essay from India-based legal scholars on how a new fund for biodiversity establishes new objectives on the way we think about financing for public goods. The Cali Fund, also marks a turning point on how benefits flowing from the use of Digital Sequence Information are governed.
This is important also in the context of WHO member states who reconvene this week to prepare the foundations for the negotiations on the Pathogens Access and Benefits Sharing system (PABS) under a new Pandemic Agreement.
Our related update is on the upcoming meeting of the Intergovernmental Working Group that will work on PABS and other preparations towards the implementation of the Pandemic Agreement.
We hope you find this useful and timely. We are grateful to the authors of today’s piece for sharing their analysis with our readership.
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I. GUEST ESSAY
A Shift in Multilateral Bio-Finance: How the Cali Fund for Biodiversity Could Contribute to Greater Equity
Anson C J & Narendran Thiruthy
(Anson C J: Assistant Professor, Madras Christian College, 777anson@gmail.com); Narendran Thiruthy: Assistant Professor, Indian Institute of Technology Kharagpur, narendranlawyer@gmail.com)
Note from authors: We gratefully acknowledge the foundational contributions of Siva Thambisetty (London School of Economics – Law School), Paul Oldham (The University of Manchester – Manchester Institute of Innovation Research), Lea Reitmeier (London School of Economics), Saipriya Kamath (London School of Economics & Political Science – Department of Accounting and Finance), Agata Makowska-Curran (London School of Economics), Jasmine Kindness (One World Analytics), and Julian Portilla (Meridian Institute). Their co-authored paper titled “Driving Biodiversity Finance Through Enhanced Disclosures and Market-Based Incentives: The Case of Cali Fund” (SSRN, October 15, 2024) provides a critical and timely framework for rethinking global biodiversity finance.
In recent years, the urgency of addressing biodiversity loss has prompted innovative financial mechanisms to support conservation efforts globally. Among these initiatives, the Cali Fund stands out for its potential to revolutionise the biodiversity finance landscape.
The Fund's primary objective is to mobilise financial resources targeted at the conservation and sustainable use of biological diversity, aligning closely with the overarching goals of the Convention on Biological Diversity (CBD).
As highlighted in an informative analysis, the Cali Fund will mobilise new streams of funding for biodiversity action worldwide, in support of the three objectives of the CBD: the conservation of biological diversity, the sustainable use of its components, and the fair and equitable sharing of the benefits arising from the use of genetic resources. Additionally, it aims to enhance access to genetic data and boost the implementation of National Biodiversity Strategies and Action Plans (NBSAPs), fostering comprehensive and diverse approaches to conservation, particularly in developing nations (A. Calvache et al.).
In a historic move for global biodiversity governance, the Cali Fund was officially launched on 25 February 2025 in Rome during the resumed session of COP16, under the Convention on Biological Diversity (CBD). This fund represents a landmark shift toward ensuring fair and equitable sharing of benefits from using Digital Sequence Information (DSI) — a data form critical to biotechnology and innovation.
The Fund's establishment follows Decision 16/2, adopted at COP16 in Colombia, and aims to channel private sector contributions — notably from industries using DSI — toward biodiversity protection. Importantly, at least 50% of the fund’s disbursement is earmarked for indigenous peoples and local communities, recognising their role as traditional custodians of biodiversity.
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