- Governments adopted the Yerevan Pathway at COP17 to accelerate biodiversity protection, increase conservation financing and reduce environmentally harmful subsidies.
- More than $1.8 billion in funding commitments emerged during the conference, but countries remain short of the $200 billion annual financing target.
Governments have agreed to accelerate global biodiversity protection following two weeks of negotiations at the 17th UN Biodiversity Conference (COP17) in Yerevan, Armenia. However, countries failed to resolve concerns over inadequate funding for conservation efforts.
The conference concluded on October 31 after delegates conducted the first global review of the Global Biodiversity Framework, which countries adopted in Montreal in 2022.
The review found progress towards biodiversity targets insufficient. The United Nations reported that countries remained off track on almost all agreed targets.
Yerevan Pathway Sets Priorities for Action
Delegates adopted the Yerevan Pathway to accelerate biodiversity action through 2030. The agreement prioritises reducing harmful subsidies, increasing financial support for developing countries and aligning national spending with biodiversity objectives.
Governments also acknowledged that existing efforts had fallen short of the commitments they made in 2022.
Anita de Horde, Executive Director of the Finance for Biodiversity Foundation, said COP17 demonstrated the value of international cooperation despite growing pressure on multilateralism.
“At a time when multilateralism is under pressure, COP17 has shown that international cooperation can still deliver,” she said.
De Horde added that governments must translate their commitments into action before COP18. Delegates agreed to hold the next conference in Quito, Ecuador, in 2028.
Countries Face Biodiversity Financing Gaps
The Global Biodiversity Framework established several targets for 2030. These include conserving 30% of land, inland waters, marine and coastal areas, and restoring 30% of degraded ecosystems.
The framework also targets the mobilisation of $200 billion annually to support biodiversity protection.
Nearly 90% of parties to the biodiversity convention had established national biodiversity targets. However, fewer than half of the targets assessed were on track, according to the UN.
Conference organisers announced more than $1.8 billion in funding from governments, philanthropic organisations and investors.
Despite these commitments, conservation groups warned that countries still need substantial financial support to achieve their targets.
Daudi Sumba, Chief Conservation Officer at WWF International, said the global review had sent a “strong signal”. However, he stressed that governments must support the findings with adequate financing.
Governments Target Harmful Subsidies
Governments agreed to accelerate efforts to reduce environmentally harmful incentives by at least $500 billion annually by 2030.
The agreement also requires countries to review existing biodiversity financing arrangements and establish criteria for a future permanent funding mechanism.
Delegates further agreed to broaden the contributor base voluntarily. However, some conservation advocates questioned the pace of progress. Catherine Weller, Global Policy Director at Fauna & Flora, called for stronger corrective action before 2030. “We cannot just plod on to 2030 without a course correction,” she said.
COP18 to Assess Implementation Progress
The Yerevan Pathway establishes priorities for governments to accelerate biodiversity protection before 2030. However, its success will depend on national implementation, stronger financing and progress towards existing conservation targets.
COP18 in Quito, Ecuador, in 2028, will provide the next major opportunity to assess how governments have translated their commitments into action.