Bogotá, August 2024.

In just a couple of weeks, Colombia will host the 16th Conference of the Parties (COP16) for the first time in history. The event will take place in Cali from October 21 to November 1, 2024. This will be the ideal opportunity to showcase the advancements made thus far and solidify the implementation of the Kunming-Montreal Global Biodiversity Framework, which was formally adopted at COP15 in 2022 and has been endorsed by 196 countries. This framework is centered on the preservation of the UN's migratory species of wild animals, with the overarching goal of fostering a harmonious coexistence between humanity and the natural world.

While progress on the Biodiversity Strategies and Action Plans (NBSAP), one of the commitments of the Kunming-Montreal Global Biodiversity Framework, will be presented, it should be noted that the country's Biodiversity Action Plan (2016-20 Furthermore, the current funding shortfall is estimated at 15% without accounting for the additional resources required for plan updates and the new targets set by the Convention on Biological Diversity (CBD) adopted in December 2022.

This event, which brings together world leaders, scientists, and environmental advocates, is poised to be a pivotal moment in the discourse on global biodiversity, particularly in regard to strategies for its preservation.

In this context, the concept of habitat banks has gained prominence. These restored or conserved areas of land serve to offset environmental damage caused by activities related to infrastructure projects, which have a significant impact on ecosystems.

By leveraging the legal framework set forth in Decree 2099 of 2016, which governs the establishment and operation of these habitat banks in Colombia, Terrasos is positioned to offer cutting-edge environmental compensation solutions. Our expertise lies in the structuring of these banks, with the aim of restoring and conserving vital ecosystems that facilitate a sustainable balance between economic growth and biodiversity protection across Colombia.

Terrasos' habitat banks provide effective solutions to offset the negative impacts of business activities on ecosystems and biodiversity. These banks are legally recognized in Colombia and approved by regional environmental authorities, enabling long-term conservation of ecosystems while maintaining equilibrium between social, economic, and environmental factors.