Countries closed the UN biodiversity conference in Yerevan on Saturday with an agreement to accelerate action to protect nature, after negotiations ran through the night — while conceding that the money needed to turn promises into results remains elusive.
The two-week meeting, COP17, was the first global review of the Kunming-Montreal framework agreed in Montreal in 2022, which set 23 targets to halt and reverse biodiversity loss by 2030 — including conserving 30% of land, inland waters and coastal and marine areas, restoring 30% of degraded ecosystems, reforming harmful subsidies and mobilising $200 billion a year for nature.
Delegates agreed the world is off track on almost all of those targets. Nearly 90% of parties to the biodiversity convention have set national targets, the UN said, but fewer than half of those assessed are on course to meet them.
The deal they adopted, dubbed the Yerevan Pathway, sets out priorities to accelerate progress through to 2030: faster action to cut subsidies that harm nature, more finance for developing countries, and aligning national spending with biodiversity goals. Governments also agreed to review existing funding arrangements, set criteria for a future permanent financing mechanism, and voluntarily broaden the base of contributors — although some delegates said overall progress remained too slow.
On subsidies, countries agreed to accelerate efforts towards the existing goal of reducing harmful incentives by at least $500 billion a year by 2030. Organisers said more than $1.8 billion in finance from governments, philanthropies and investors was announced during the conference — a fraction of the $200 billion annual mobilisation goal.
Anita de Horde, executive director of the Finance for Biodiversity Foundation, said: “At a time when multilateralism is under pressure, COP17 has shown that international cooperation can still deliver,” adding that “the real success of COP17 will be measured by what governments implement before COP18.” Daudi Sumba, chief conservation officer at WWF International, said the review had sent a “strong signal” but needed to be backed up with finance. Catherine Weller, global policy director at Fauna & Flora, said: “We cannot just plod on to 2030 without a course correction.”
Delegates agreed the next conference, COP18, will be held in Quito, Ecuador, in 2028. The biodiversity deal comes just over a week before fresh climate talks open in Turkey on 9 November, where nature and finance are again expected to feature prominently.
Sources: Reuters, “Countries reach COP17 deal to speed up biodiversity action, but money still short” (31 October 2026), https://www.reuters.com/sustainability/cop/countries-reach-cop17-deal-speed-up-biodiversity-action-money-still-short-2026-10-31/
