As the United Nations biodiversity conference (COP17) kicks off in Yerevan, Armenia, the United States and the world face a stark shortfall in the financing needed to protect critical ecosystems. Nations have pledged to raise $200 billion a year by 2030 for biodiversity, yet recent data show they are collecting only between $75 billion and $92 billion annually.
Funding Gap Undermines 30×30 Goal
At the heart of the treaty signed in Montreal in 2022 is the “30×30” target – protecting 30 % of the planet’s land and water by 2030. The agreement also calls for a $500 billion reduction in harmful subsidies and a boost in aid to developing nations, rising to $30 billion a year by 2030. The United Nations progress report released Thursday found fewer than half of the 23 global targets are on track, with current commitments projected to safeguard only 26 % of land and 12 % of sea by 2030.
International Leaders Sound Alarm
Convention executive secretary Astrid Schomaker told the Associated Press, “We’re not moving fast enough.” She warned that without a dramatic upswing in political ambition, the world will fail to meet its biodiversity obligations. Schomaker asked, “Do we have enough money actually to finance the commitments that countries have made? And how do we get more finance to flow toward biodiversity‑positive outcomes?”
Positive Signs Amidst the Shortfall
Despite the funding gap, some progress is evident. Over 5,000 initiatives tied to the treaty have been announced. Latin American nations have pledged to protect 29 % of their land, while Oceania aims to preserve 41 % of its seas. The Philippines recently created a marine protected area banning the capture of rays and sharks, and Cambodia set aside nearly 100,000 acres of flooded grassland for protection in 2023.
A 17‑nation coalition launched at the conference will accelerate species recovery, and nine private organizations, including the Bezos Earth Fund, pledged $500 million over five years to prevent extinctions.
Developing Nations Need More Support
Developing countries argue that financing shortfalls jeopardize conservation efforts. Dorothy Maseke of the African Natural Capital Alliance noted that many nations lack the resources to protect biodiversity while also funding health, education and infrastructure. Congo’s biodiversity negotiator Daniel Mukubi warned that reduced overseas assistance, including from the United States, has weakened law enforcement and eco‑guard patrols in critical habitats.
“If these valuable ecosystems collapse because international funding fails to secure them, the resulting economic damages will cost the global market tens of trillions of dollars,” Mukubi said, calling investment in the Congo Basin “the most cost‑effective insurance policy the West can buy.”
Subsidy Reform Remains Elusive
Another central topic at COP17 is the need to curb an estimated $7.3 trillion in subsidies that harm nature. Patricia Zurita of Conservation International warned that trillions flow each year into activities that drive deforestation, overfishing and pollution, while funding for nature‑based solutions remains far below what is required.
“Every year, trillions of dollars go into subsidies that harm nature, even as funding to protect it falls far short of what’s needed,” Zurita said. “We can’t reverse biodiversity loss while continuing to finance the activities that destroy it.”
Looking Ahead
The conference runs through October 30, giving nearly 200 parties a chance to assess progress and raise ambition. While the funding gap is a sobering reminder of the challenges ahead, the increased participation of private donors and the launch of new coalitions suggest a growing recognition that protecting the planet’s biodiversity is both a moral and economic imperative.
Original reporting: Texarkana Gazette — read the source article.
