COP17 begins in Yerevan

The 17th World Conference on Biodiversity (COP17) opened in Yerevan, Armenia, with nearly 200 countries convening to tackle the challenge of slowing nature degradation. The conference is organized under the United Nations and follows the Kunming-Montreal agreement, which established 23 biodiversity targets to be met by 2030.

Key target focuses on harmful subsidies

One of the 23 targets set by the Kunming-Montreal agreement is to reduce harmful environmental subsidies by at least 500 billion dollars annually. These subsidies, currently estimated at 2.6 trillion dollars per year, include support for industries that damage ecosystems, such as fossil fuels and certain agricultural practices.

Challenges in meeting the targets

Progress on achieving the targets has been limited, according to recent reports. Céline Beaulieu, head of public sector partnerships at WWF, emphasized that harmful subsidies can undo progress made in funding conservation efforts. She highlighted the difficulty of reducing these subsidies, especially in a challenging economic environment.

Leaders stress need for reform

Chinese Environment Minister Huang Runqiu called for addressing "weak links" in biodiversity protection, including reforming harmful subsidies. UN Secretary-General Antonio Guterres compared subsidizing fossil fuels to "subsidizing suicide" during a leaders' summit, underscoring the urgency of shifting financial support to sustainable practices.

Harmful subsidies remain widespread

WWF President Adil Najam noted that harmful subsidies are widespread and difficult to reduce, ranging from agricultural chemicals to fossil fuel production. While these subsidies aim to boost jobs and economic growth, their negative environmental impacts often outweigh their benefits, according to Najam.

Biodiversity loss continues

Despite the urgency, biodiversity loss continues, with species extinctions, forest and coral reef degradation, and increasing natural disasters. The conference will also address financial commitments, including aid for developing countries, which remain a significant gap in global efforts to protect biodiversity.

Armenia hopes for progress

Armenian Minister of Environment Hambardzum Matevosyan, who is leading COP17, expressed hope that the conference would bridge differences and achieve meaningful results. The summit precedes the COP31 climate conference in Turkey by three weeks, with discussions on funding and subsidy reform expected to be central to both events.