UN nature summit reaches deal on payment for use of genetic information

UN nature summit reaches deal on payment for use of genetic information

Sub: Env

Sec: Int Conventions

Context:

Countries at the UN COP16 of CBD nature talks in Colombia on Saturday agreed to how companies in sectors such as pharmaceuticals and cosmetics should pay for the use genetic information drawn from biodiversity in their research and development.

Details:

• The deal on using genetic data, officially called digital sequence information, will create a new fund for collecting and distributing the proceeds for use in nature conservation.
• Digital Sequence Information, or “DSI”, is a policy term that refers broadly to genomic sequence data and other related digital data. This includes the details of an organism’s DNA and RNA, which determine its characteristics and unique traits.
• The payments could generate billions of dollars for nature conservation that would be directed to a fund that would distribute half of the proceeds to Indigenous peoples and local communities.
• Genetic data from nature is used in a wide range of products from nutrient-enriched rice to stone washed denim jeans distressed using enzymes derived from microbes.
• The agreement could mean that billions of dollars for nature conservation be directed to the fund, with half of the proceeds to go to Indigenous peoples and local communities.
• The fund called “Cali Fund” will help in the equitable sharing of DSI benefits.