Less Than COPtimal
Distilling the Living Planet Report, COP16, and the Integrating Nature Tech report
🪸 We’re Superorganism, the first VC for startups that benefit biodiversity. Each month we publish thoughts from the frontline, company updates, and a round-up of new happenings in the nature tech world.
In nature, a confluence marks the meeting of two rivers, a gathering and mixing at one point. 2024 is a confluence year, when several major biodiversity moments occur at once.
October saw two biennial anniversaries: the release of WWF’s Living Planet Report, and the biodiversity Conference Of Parties, COP16. Tied to these, we saw many announcements from the private and public sector on biodiversity, including the new Integrating Nature Tech report.
The Living Planet Report: 73% decline
Every two years the World Wildlife Fund publishes the Living Planet Report, an index which tracks the trendline in global wildlife populations. Their last report in 2022 announced a 69% decline in wildlife populations since 1970. Their latest report updates that figure to 73%.
This updated number puts on full display that we are not doing enough to stem the loss of biodiversity, a life-support system that we humans (and therefore society, and the global economy) need to thrive. While significant, we shouldn’t interpret this as a 4% jump from 2022. Rather, WWF’s measurement methodology changed, and the resulting number is a more accurate representation. The number of populations measured in the Living Planet Index increased by around 3,000 (just short of a 10% rise), and the number of species measured increased by around 250 (a 5% rise).
This improved methodology update changes the entire trendline, and the 73% number holds relatively stable in the 4 years from 2017 through 2020. Segmenting to geographies tells a different story, however. Since 1970, we can now better understand that Africa has seen a 75% decrease in biodiversity, while Latin America and the Caribbean have experienced devastating 95% losses.
Other reflections:
📉 Declines are not felt equally across habitat, taxa, or geography. Amphibians, corals, and cycads are suffering most in taxa. While losses of terrestrial and marine species have somewhat plateaued (encouraging, but with big error bars), freshwater species have taken a further negative turn. Meanwhile, a separate study by IUCN found ⅓ of tree species are threatened with extinction.
📈 We must do more, but we should be hopeful by the flattening trendlines in terrestrial and marine species. If we take action to protect nature, nature will respond on rapid, measurable timescales. Conservation efforts like the re-introduction of the European Bison have been bright points, further proving an earlier study this year showing that conservation does work.
🦠 We were interested to see that in addition to the IPBES five drivers of biodiversity loss (land use change, overexploitation, pollution, invasive species, and climate change) the LPR added disease. With panzootics like H5N1, white nose syndrome, and chytrid, this seems sensible to break out of invasive species and call out specifically.
☝️The 73% decline number is often misunderstood. Our World in Data explains this well. "Across the whole dataset, exactly 50% of populations were in decline; 43% were increasing; and the remaining 7% were stable." It's the magnitude of the species in decline that weights the average decline across all measured species (vertebrates) to 73%.
📏 Also important to note is the choice of 1970 as a starting point: because global North regions generally had more degraded ecosystems relative to global South at this 1970 baseline, their percent losses have been smaller than what we have generally seen across the global South. If we were to measure from an earlier baseline, losses in the Global North would almost certainly be more pronounced.
COP! in the name of love
Every two years, the UN hosts a biodiversity-centered Conference of the Parties (COP). At the last COP, held in 2022, the Global Biodiversity Framework (GBF) was signed, a milestone that set four goals and 23 targets for countries to prevent further biodiversity losses. Countries agreed to return by COP16 with plans for how they would address biodiversity loss and national targets that align to the GBF. (Our 2022 take after that COP is here.)
This year, under tropical mid-day downpours and the hundreds of species of birds that call Cali home, parties from 196 countries rejoined to discuss progress, finalize funding strategies to close the $700B+ biodiversity finance gap, and most importantly, mobilize action for nature.
While the Cali COP marked some major wins, it ended in frustration. Discussion on several heated topics, including a proposed $200B fund for nature, was pushed to the end of the conference. In the final hours, parties had to depart to catch flights, quorum was lost, and the COP had to be disbanded without finalizing these sections, which had already been punted from 2022’s COP15. This has forced an interim COP to be scheduled for Bangkok in 2025, outside the regular two-year schedule.
Progress
New funding for genetic resource sharing. The "Cali Fund" addresses the equitable sharing of benefits from digital sequence information (DSI) derived from genetic resources. This fund aims to redirect a portion of profits or revenue from companies that utilize DSI, such as those in pharmaceuticals and cosmetics, back into conservation efforts. The contribution is set at 1% of profits or 0.1% of revenue, though it is non-binding. At least half of the funds will support Indigenous peoples and local communities, particularly in developing countries.
Indigenous Peoples body approved. The parties agreed to establish a subsidiary body to include Indigenous Peoples and Local Communities (IPLCs) in future biodiversity talks. This decision recognizes and protects the traditional knowledge systems of Indigenous peoples and local communities for the benefit of global and national biodiversity management.
Challenges
Only 119 countries (out of 196) submitted their national biodiversity targets, and only 44 countries submitted their updated National Biodiversity Strategies and Action Plans (NBSAPs). These are national action plans for how they planned to meet 30 x 30 targets to protect 30% of land and 30% of oceans by 2030.
Progress towards a proposed $200B nature fund was stalled as the conversations continued late into the conference, while only $163M (against a target of $20B) in new grant-based funds was committed for 2025.
There was no progress on a monitoring framework for the GBF. This is critical, as failure to have a clear monitoring plan is one reason countries have failed to reach global targets in the past.
Although this year’s COP16 does not appear to have been as productive as 2022’s COP15 was, it was hard to escape the feeling of enthusiasm, momentum, and camaraderie from this year’s attendees. From its origins with primarily conservationist and policy-maker attendees, the biodiversity COP has evolved to be a true confluence of corporations, policymakers, Indigenous communities, startups, and financiers. There are few other moments where such a migration happens, and much of the progress of COP16 happens outside the delegation hall.
Progress from the Private Sector
A bright spot amidst this backdrop was the increasing role of the private sector in driving positive change for biodiversity. TNFD, a voluntary agreement in which companies will begin reporting against their biodiversity impacts throughout their supply chain, reported that commitments from private sector actors had grown to $6.5T in total market cap, and $17.7T in total assets under management (AUM).
Meanwhile, our friends at Nature 4 Climate released a new report, Integrating Nature Tech, in partnership with Nature Tech Collective, Climate Collective, KPMG, and Serena. The report focuses on how and why companies are considering their nature footprints, as well as several case studies from large corporations and startups.
The report includes:
Case studies pairing nature tech startups with major corporations, including Nala with Volkswagen, Natcap with MS&AD Insurance Group, Cultivo with Octopus Energy Generation, and Yard Stick with Indigo Ag.
An updated, broader definition of nature tech: “Nature tech refers to any technology that enables, accelerates, and scales the nature-positive transition.” We feel that this definition aligns most closely with our investment thesis, and the big tent that we need to reduce biodiversity loss across many industries.
They also provided an H1 2024 update on figures from nature tech VC released in 2023. Based on their taxonomy of nature tech (food and ag, oceans, biodiversity MRV, land and forest, water conservation, restoration, and supply chain), they found the following:
VC funding in nature tech startups increased by 51%, from $581m in H2 2023 to $878m in H1 2024. It is set to increase by 7.7%, from $1.85bn in 2023 to $1.99bn in 2024.
The number of nature tech deals increased by 37%, from 71 in H2 2023 to 96 in H1 2024. Early-stage VC investments (from Pre-Seed to Series A) increased by 69%, from $245m in H2 2023 to $415m in H1 2024.
Since 2018, nature tech companies have raised $10.2bn of venture capital funding across 1,106 deals.
Looking forward
With COP16 behind us, the UN’s next climate COP takes place in two weeks in Azerbaijan. Because 140 out of 193 parties have nature-based solutions as part of their Nationally Determined Contributions, the climate COP has also become a driving force for the preservation of nature. But with the UN’s Annual Emissions Gap report this month finding the world to be on pace for 3.1C warming, it’s clear that more needs to be done.
And for those of us in the United States, what needs to be done this week is clear: vote. The outcome of the US presidential election could drastically change the direction of environmental protection for the next four years and beyond. The 2016 Trump administration led to a gutting of environmental agencies, the Supreme Court de-clawing the EPA, and the US’s withdrawal from the Paris Agreement. The 2020 Biden administration led to the Inflation Reduction Act, the single most ambitious piece of climate legislation in US history, and over 41 million acres of land and water conserved.
The US can be a guiding light for the world in our pursuit of human and nature abundance, and it is truly a privilege to be able to choose the leader that will stand on the global stage. It’s not too late to be heard. Find your polling place below to vote tomorrow, November 5.
No matter what happens tomorrow though, the work continues.
Notes From The Field
Updates from our portfolio companies, and from us at Superorganism
🪵 Cambium Carbon’s Carbon Smart Wood made Time Magazine’s Best Inventions of 2024.
🌐 Cecil announced its Nature Data Sharing Initiative, and its partnerships with Kanop and Planet. Cecil is now onboarding teams to its Python SDK, that want access to aboveground biomass data from Planet, Chloris, and Kanop. Reach out to learn more here.
🦠 Foray is looking to connect with organizations that are planting long-surviving trees, and that are looking for alternative methods of sourcing seeds.
🐍 Inversa Leathers joined the Sustainable Ocean Alliance’s Ecopreneur Network.
🦅 In two years and with 21,000 birds detected, Spoor found zero collisions at a floating offshore wind turbine. Spoor will also be used to monitor pre-construction wildlife impacts for Norway’s first offshore wind farm.
🍫 Planet A Foods made the Norrsken Impact/100 list for the third year in a row, and were highlighted on the Nasdaq tower during NY Climate Week. Nature Tech Memos included them in a deep dive on cacao alternatives.
🪸 As for us at Superorganism in October…
HackSummit featured Superorganism in its list of 100 climate VCs to know in the US, and Kevin will be interviewing Colossal’s Chief Scientific Officer Beth Shapiro at HackSummit NY (use code BIODIVERSITY20 to save 20% off your pass).
Tom was interviewed as the kickoff guest on the new Executives in the Wild podcast, on how time in nature helps maintain focus at work.
Tom also joined Susan Su’s Climate on the Edge podcast to discuss biodiversity investing, panzootics, and optimism.
Kevin was quoted in an article by our friends at Silverstrand, “What All Nature-Positive Founders Need to Know, According to Funders.” Read here
Kevin traveled to Switzerland for the GESDA conference, to join a conversation on eco-augmentation.
Tom traveled to Cali, Colombia for COP16, where he hosted and spoke at several events:
Spoke on a panel for “Enabling the Ecosystem for Nature-Positive Ventures” hosted by Silverstrand
Spoke on a panel for “Accelerating innovation towards nature positive” hosted by Cambridge University
Hosted a nature tech networking table at Bloom with Just Climate
Co-hosted the Celebrating Nature Tech happy hour alongside several partners including Nature4Climate, Nature Tech Collective, Cecil, Climate Collective, and others
Want to join a Superorganism company? Check out our Jobs Board, with 48 active jobs currently available. Start your nature tech career today!
Ecosystem News
🤝 Friends of the fund
Read WWF’s Living Planet Report here.
Read the Integrating Nature Tech Report here.
Nature 4 Climate and Nature Tech Memos released a new resource to list and view nature tech startups here, along with their funding history. Something missing? Go ahead and add it!
Register to watch Brainforest’s Venture Program pitch event on December 6th here.
Why Nature Matters to Real Asset Investors | Beth Richtman
📜 Major Announcements and COP16 Coverage
Over 500 organizations and $17.7 trillion AUM now committed to TNFD-aligned risk management and corporate reporting | TNFD
Alarm grows over ‘disturbing’ lack of progress to save nature at Cop16 | Guardian
DSI Framework Secured at COP16, Paving the Way for Equitable Benefit-Sharing | Bezos Earth Fund
World faces $942bn funding gap for delivering 2030 biodiversity targets | BusinessGreen
Biodiversity declining even faster in ‘protected’ areas, scientists warn Cop16 | Guardian
TNFD releases draft roadmap for enhancing market access to high quality nature-related data at COP16 | TNFD
COP 16’s Chaotic End: What It Means For The Future Of Biodiversity | Forbes
Science-Based Targets Network announces first companies publicly adopting science-based targets for nature | SBTN
Satellite firm Planet’s ‘biodiversity subscription’ aims to make tech accessible | Mongabay
CarbonBrief provided an extremely detailed rundown of COP16.
🦧 Conservation and Science
Oceanographers record the largest predation event ever observed in the ocean | Phys
Near-extinct North Atlantic right whales get a small population boost | Mongabay
Azores to create largest Marine Protected Area in North Atlantic – and a 'blueprint' for the rest of the world | Discover Wildlife
‘Alala released into the wild on Maui | Maui News
Herd of tauros to be released into Highlands to recreate aurochs effect | Guardian
Records reveal the vast historical extent of European oyster reef ecosystems | Nature
🌳 Climate and Conservation
Plants Absorb 31% More Carbon Than Previously Thought | Nature
Deforestation ‘roaring back’ despite 140-country vow to end destruction | Guardian
How Are the World’s Trees Doing? A New Assessment Has Answers. | NYT
Scientists Successfully Breed Adult Corals to Improve Heat Tolerance | EcoWatch
A story about better measuring marine carbon sequestration by the Prakash Lab
It's Time To Accept That There Is No Such Thing As Climate Smart Beef | CleanTechnica
Sea otters helping hold up California’s kelp forests | East Bay Times
Rooftop solar panels impact temperatures during the day and night in cities | UNSW
CarbonPlan releases a new tool to predict ocean alkalinity enhancement efficiency
🛠️ Conservation Technology
Two new initiatives provide cutting-edge satellite images for conservation | Mongabay
GMOs could reboot chestnut trees | MIT Technology Review
120 Talents Scaling MRV for Biodiversity | HackSummit
Most complete Tasmanian tiger genome yet pieced together from 110-year-old pickled head | Live Science
Opportunities and Challenges in Applying AI to Evolutionary Morphology | Integrative Organismal Biology | Oxford
💵 Conservation Finance
State of Natural Capital Report for England published | Natural England
Bankers Are at Loss When It Comes to Biodiversity | Bloomberg
The new corporate green goal: being ‘nature positive’ | FT
🧑⚖️ Policy
EU delays anti-deforestation law by one year | Guardian
'That’s a bloodbath': How a federal program kills wildlife for private interests | NPR
The US Election Has Climate Tech Investors in Wait-and-See Mode | Bloomberg
💡 Ideas we liked
Seeking our future in the deep past | MIT News
How Market Forces Came for the Dinosaurs | NYT
SpaceX catches giant Starship booster with 'Chopsticks' on historic Flight 5 rocket launch and landing (video) | Scientific American
How beef became a marker of American identity | The Conversation
We are in danger of forgetting what the climate crisis means: extinction | Guardian
Thank You!
Thanks for reading and for supporting Superorganism, and a special thank you to everyone who went above and beyond this month with introductions, diligence, advice, and help to founders:
Chris Allieri, Luke Alphey, Colin Averill, Lawrence Barclay, Bridget Baumgartner, Sara Beery, Jennifer Bernstein, Jackson Blackwell, Teal Brown Zimring, Steve Brumby, Brendan Buckley, Ed Casabian, Megan Reilly Cayten, Aarav Chavda, Patti Chu, James Cole, George Darrah, Alex Dehgan, Edmund Dickens, Sophie Gilbert, Tony Goldner, Gilad Goren, Sarah Howard, Lucas Joppa, Gig Kaplan, Joshua Kauffman, Fabio Kestenbaum, Charlie Knowles, Nathaniel Koloc, Daniel Kriozere, Christie Lagally, Hiba Larsson, Tommy Leep, Nate Loewentheil, Alex Logan, Sharon London, Julia Marsh, Alice McDermott, Peter McHale, Adam Milgrom, Martin Mueller, Matt Mulrennan, Olavo Mutarelli, Alex Neckles, Jonathan Nelson, Steph O'Donnell, Tom O'Keefe, Satya Patel, Ignacio Peña, Evan Rapoport, Royden Saah, Deepak Sathyanarayan, Ted Schmitt, Diane Schrader, Vian Sharif, Karen Sheffield, Tony Stayner