Countries meeting at the United Nations Biodiversity Conference on Saturday finalized the Yerevan Pathway, a roadmap to accelerate action for nature.
The agreement comes at the halfway point to 2030, after a global review found the world is off track to meet the 23 targets of the Kunming-Montreal Global Biodiversity Framework. The pathway outlines priorities for the remaining four years.
The conference, known as COP17, concluded in Armenia with parties adopting nearly 50 decisions. The decisions cover protected areas, forests, wildlife management, marine and coastal biodiversity, synthetic biology and invasive species.
The Yerevan Pathway calls on countries to address subsidies that harm nature and increase financial, scientific and technical support for developing nations. It also calls for national budgets and economic decisions to be aligned with the framework, and for stronger monitoring and reporting.
Nearly $2 billion in new biodiversity funding was announced. The total includes $560 million under the Global Environment Facility, $500 million through the Species Recovery Alliance and $330 million for the Value Nature Fund, which seeks to mobilize private capital.
Negotiators also agreed to the Sevan Guidelines. The guidelines set operating rules for a new permanent body strengthening the role of Indigenous Peoples and local communities in shaping global biodiversity policy.
The Asian Development Bank launched a new biodiversity bond and an investment incubator. Other initiatives included new indicators to improve biodiversity monitoring and accountability.
Astrid Schomaker, Executive Secretary of the Convention on Biological Diversity, said countries cannot protect nature while continuing to finance its destruction. Schomaker said the ultimate test is what governments change when they return home.
The next conference, COP18, will be held in Ecuador.