On Nov. 3, 2024, the world’s largest biodiversity summit, known as COP16, concluded with several landmark decisions, including an agreement for sharing digital sequence information – genetic codes derived from organism samples that are shared digitally – including sharing from potential financial proceeds.

The agreement specifically states that each signatory country shall respect, preserve and maintain the knowledge, innovations and practices of Indigenous and local communities embodying traditional lifestyles relevant to the conservation and sustainable use of biological diversity.

In another first, COP16 delegates decided to create a global fund for collecting economic resources from the use digital sequence information – genetic codes coming from organism samples that are often shared digitally – and its and fair, equitable distribution.