In the early hours of the morning on 19 December 2022, the gavel came down on the 15th COP of the Convention on Biodiversity, hosted in Montreal under the Presidency of China. The outcome of the COP is the Kunming-Montreal Global Biodiversity Framework (GBF), the product of more than four years of global negotiations. Some of the debates at the negotiations will be familiar to veterans of the climate negotiations, including on the ambition of 2030 and 2050 targets and their specificity, a lack of finance for developing countries to meet the targets, the ability of states to determine how to meet the global targets through national planning frameworks, the ratcheting of ambition, the protection of indigenous community rights and special dispensations and considerations for small island states and least developed countries. In our analysis we highlight some of the key aspects of the GBF, particularly as they relate to climate, focusing on the main targets agreed to. We also discuss the debates around finance, explaining why the DRC understandably objected to the final package that was presented. Lastly, we unpack the interlinkages between two regimes and how they can learn from each other going forward.