Efforts by nations to meet financial commitments aimed at preserving the world’s biodiversity are falling significantly short ahead of a major United Nations summit in Yerevan, Armenia. The 17th Conference of the Parties (COP17) to the Convention on Biological Diversity, set to begin Monday and run through October 30, will focus heavily on the shortfall in funding and progress toward global biodiversity goals.
Nearly 200 countries party to the treaty will review their progress on 23 biodiversity targets established at the Montreal conference in 2022. These include protecting 30% of important land and marine areas by 2030—a target known as 30x30—and mobilizing $200 billion annually by 2030 to support biodiversity preservation. Additionally, countries pledged to phase out or reform an estimated $500 billion in subsidies harmful to nature, primarily in fisheries and agriculture, while increasing financial aid to developing nations from $20 billion per year in 2025 to $30 billion by 2030.
However, a recent U.N. progress report reveals that fewer than half of the targets are on track. Projections indicate only 26% of terrestrial areas and 12% of marine zones will be protected by the deadline. Data from the Organisation for Economic Co-operation and Development (OECD) shows that annual funding through 2025 is expected to reach between $75 billion and $92 billion—less than half of the pledged $200 billion.
Financial support to poor countries is nearing the target, with roughly $19 billion raised in 2024 toward the $20 billion 2025 goal, though concerns remain about a potential decline in foreign aid. Meanwhile, efforts to reduce harmful subsidies have seen limited progress, as few countries have identified specific funds targeted for reform.
Astrid Schomaker, executive secretary of the biodiversity convention, emphasized the urgency, stating that advancements are too slow and highlighting the critical need to increase financial flows toward biodiversity-friendly outcomes.
The broader context underscores ongoing challenges: human activity has severely altered three-quarters of the planet’s landmass, pushing one million species toward extinction and reducing wildlife populations by an average of 73% since 1970, according to recent reports. Climate change has exacerbated these issues through wildfires, droughts, and habitat loss.
Despite these setbacks, some regions have made notable strides. Latin American countries have committed to protecting nearly 29% of their land, while Oceania aims to safeguard more than 40% of its marine environments. Recent national conservation efforts include the Philippines’ creation of a marine protected area banning the capture of rays and sharks, Cambodia’s protection of nearly 100,000 acres of flooded grasslands, and Argentina’s establishment of a new national park.
On the sidelines of COP17, a coalition of 17 nations launched an initiative to accelerate species recovery and reduce extinction risks. Private organizations, including the Bezos Earth Fund, pledged a combined $500 million over five years to support these efforts. Colombia’s Minister of Environment Fabio Alberto Arjona Hincapié underscored the shared global responsibility to protect threatened species.
Experts highlight that achieving biodiversity goals requires not only financial resources but also scientific expertise, effective governance, and infrastructure—particularly in developing countries where competing demands on public finances are significant. Daniel Mukubi, Congo’s biodiversity negotiator, pointed out the worsening situation due to declining international aid, which weakens enforcement and protection of critical habitats, including numerous UNESCO World Heritage sites.
Mukubi warned that failure to secure these ecosystems could result in staggering global economic losses, framing investment in regions like the Congo Basin as an indispensable form of risk management.
As the COP17 negotiations commence, participants are expected to focus on bridging financial gaps and stepping up political commitment to reverse biodiversity loss and meet the ambitious targets laid out under the global treaty.