Countries reach COP17 deal to speed up biodiversity action, but money still short

On October 31, governments at the UN COP17 conference in Armenia successfully agreed to accelerate global biodiversity protection efforts, despite the financial shortfall. The two-week conference concluded after marathon negotiations, set against a contentious political climate. COP17 marked the first examination of the Global Biodiversity Framework established in Montreal four years ago.

Although some progress was achieved, governments acknowledged the world was off-track on almost all targets. Delegates adopted the Yerevan Pathway, committing to faster action on issues like reducing detrimental subsidies, increasing financing for developing nations, and aligning national spending with biodiversity objectives. They recognized that current actions were inadequate and outlined priorities to expedite efforts through 2030.

Anita de Horde, executive director of the Finance for Biodiversity Foundation, emphasized that the true measure of COP17's success will be the implementation of commitments before COP18 in Quito in 2028. The Montreal framework aimed to conserve 30% of land, inland waters, marine and coastal areas by 2030, restore 30% of degraded ecosystems, reform harmful subsidies, and mobilize $200 billion annually to preserve biodiversity.

Nearly 90% of parties to the convention had set national targets, but fewer than half were on track. Daudi Sumba, WWF International's chief conservation officer, stated that while the review of progress sent a strong signal, it required financial backing. Organizers reported that over $1.8 billion in financing from governments, philanthropies, and investors was announced during the conference.

Governments pledged to hasten efforts to reduce harmful subsidies by at least $500 billion per year by 2030. Delegates also agreed to review funding arrangements, establish criteria for a permanent financing mechanism, and voluntarily widen the contributor base, although some noted that progress remained insufficient. Catherine Weller, global policy director at Fauna & Flora, emphasized the need for a course correction before 2030.