Yerevan biodiversity talks agree faster action as funding gap persists

Governments meeting at COP17 in Yerevan, Armenia, agreed to accelerate biodiversity protection after negotiations continued overnight, according to reports published on October 31. The agreement sets out faster action through 2030, but financing for those efforts remains unresolved.²⁴

A pathway to implementation

The BBC reported that delegates from nearly 200 countries negotiated for almost two weeks before agreeing the main elements of an action plan beyond the scheduled conclusion. The Straits Times reported that governments adopted the Yerevan Pathway, covering harmful subsidies, finance for developing countries and the alignment of national expenditure with biodiversity objectives.¹²

The agreement follows the conference’s first global assessment of progress under the Global Biodiversity Framework, according to The Straits Times. Adopted in 2022, the framework aims to halt and reverse nature’s decline. By 2030, the framework seeks to protect 30% of terrestrial, inland-water, marine and coastal areas and rehabilitate 30% of damaged ecosystems.¹²

That assessment found progress insufficient, The Straits Times reported. National targets had been set by almost nine in 10 convention members, yet less than half of the evaluated parties were on track. The reports agree that most global objectives are behind schedule, although they give different totals for the number of targets.¹²³⁴

Finance remains unsettled

Around $1.8 billion in new finance was announced during COP17, according to Mongabay and The Straits Times. Mongabay reported that annual biodiversity expenditure remains below the framework’s $200 billion goal. Among the announcements was a $500 million Dutch commitment to the Tropical Forest Forever Facility, according to Mongabay.²³

According to The Straits Times, delegates consented to review funding structures, define the requirements for an eventual permanent finance mechanism and allow voluntary additions to the pool of contributors. Climate Home News said large emerging economies, including China and Gulf states, were invited for the first time to assume donor responsibilities for biodiversity efforts.²⁴

The Cali Fund illustrates the difficulty of attracting private contributions. Mongabay reported that the fund, intended for businesses that profit from nature-derived genetic material, held deposits totaling little more than $10,000. The BBC said its voluntary structure limited pressure on companies to contribute and that negotiations made little headway.¹³

Revisiting harmful spending

Governments also agreed to speed up efforts to reduce harmful incentives by at least $500 billion annually by 2030, according to The Straits Times. Mongabay cited the UN Environment Programme as estimating that activities damaging to nature receive $7.3 trillion each year.²³

Attention now turns to implementation before COP18, which delegates agreed would take place in Quito in 2028, The Straits Times reported. “The real success of COP17 will be measured by what governments implement before COP18”, said Finance for Biodiversity Foundation executive director Anita de Horde.²