COP17 countries agree to speed up biodiversity action, but funding still falls short

what happened

Governments attending the UN biodiversity conference in Yerevan, which ended on Saturday, agreed to step up efforts to protect global biodiversity, though the money to deliver it is still missing, Reuters reports. Talks ran through the night. The meeting carried out the first global review of the Global Biodiversity Framework adopted in Montreal four years ago, and delegates concluded that progress is not enough, with the world off track on nearly all targets.

The decision, called the Yerevan Pathway, commits to faster work on cutting harmful subsidies, raising finance for developing countries and aligning national spending with biodiversity goals. Organisers said governments, philanthropies and investors had announced more than $1.8 billion during the conference.

why it matters

The direct market impact is minimal. Still, the financing question and the planned reduction of harmful subsidies could matter over the long term for industries that depend heavily on natural resources. The next COP18 is set for Quito, Ecuador, in 2028.

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