Yerevan Biodiversity Summit Reaches Deal, but Funding Shortfalls Persist

Key points

• Negotiations concluded early Saturday with a new action plan, acknowledging the world is falling behind the 2022 Global Biodiversity Framework.
• The world is currently on track to achieve only one of the 24 targets set in 2022, including the goal to protect 30% of land and seas by 2030.
• Over $1 billion was pledged during the summit, with half coming from philanthropists, but this falls short of the $30 billion public and $170 billion private targets for 2030.
• The Cali Fund, intended to raise $3.6 billion annually from companies using genetic material, saw only $10,000 pledged at the start of the meeting.
• Saudi Arabia and Russia reportedly blocked the approval of scientific reports on the state of nature, a move criticized as a 'blatant political move' by French officials.
• Africa faces specific challenges in meeting the 30x30 target, with only 19.9% of terrestrial and 17.2% of marine areas currently protected.

Background

This summit follows the 2022 Global Biodiversity Framework, which set 24 targets including protecting 30% of the world's land and seas by 2030. Previous climate and biodiversity summits have faced criticism for being 'no longer fit for purpose' due to slow implementation and lack of enforcement mechanisms. The current meeting in Yerevan is the 17th Conference of Parties to the UN Convention on Biological Diversity.

How outlets are covering it

BBC and The Guardian agree that the deal is a necessary but insufficient step, with the Guardian emphasizing the need for process reform due to slow implementation. Mongabay highlights the practical challenges in Africa, noting that while 19.9% of terrestrial land is protected, effective management and local community engagement are critical. Mexico Business News points to the global finance gap, noting that $186.4 billion was mobilized from 2020-2023, well below the $200 billion annual target. All sources acknowledge the political interference in scientific reporting, with BBC and The Guardian highlighting the frustration of delegates and scientists.

Why it matters

The failure to meet biodiversity targets threatens global ecosystems, economies, and human wellbeing. The lack of funding and political interference in scientific reporting undermines the effectiveness of international environmental agreements. Without significant course correction, the world risks missing nearly all 2022 targets, exacerbating the sixth mass extinction event.

What to watch

Countries will gather for COP31, the annual climate conference, next month, where similar challenges in passing scientific reports and securing funding are expected. The implementation of the new action plan and the mobilization of additional funding will be critical in the coming years. The Cali Fund and other voluntary mechanisms will need to be strengthened to ensure companies contribute to biodiversity conservation.