Environment ministers are gathering this week in Yerevan, Armenia, for a biodiversity summit, where they are being urged to address unfulfilled promises made in a 2022 global agreement. The agreement, signed by nearly 200 countries, aimed to halt and reverse the loss of nature by 2030, including commitments to protect 30% of the world's land and oceans and invest $200bn (£150bn) annually into nature.
Despite these pledges, progress has reportedly stalled. Overseas development finance saw a 23% drop last year, the largest on record, with biodiversity-specific funding within that falling by 17%. Public finances are strained globally, and leaders are facing pressure to prioritise other issues over biodiversity protection.
Ministers are called upon to establish a timetable and interim milestones to meet the $30bn public finance promise by 2030, having fallen short of the $20bn target for 2025. There is also a push for finance ministers to meet within the next two years to plan how to address $500bn of harmful subsidies, which have reportedly rocketed to $2.6tn in recent years. Additionally, ministers are encouraged to develop a plan to close the gap in marine protected areas, as only 12% of oceans are covered by protective agreements compared to 27% of terrestrial land.