World Faces Nature Crisis

The 17th UN Conference of the Parties (COP17) is underway in Armenia, where world leaders, diplomats, and nature experts have gathered to assess progress on the Kunming-Montreal Global Biodiversity Framework. The framework, adopted in 2022, aims to protect 30% of land and sea by 2030.

One of the key challenges facing the conference is the fact that countries are currently not on track to meet 22 of the 23 goals set out in the framework. Despite this, 144 countries, including Brazil and China, have created action plans under the framework.

Funding is a major issue, with the public finance goal for the Kunming-Montreal framework set at US$30 billion. The broader goal is to mobilise at least US$200 billion per year by 2030. However, subsidy reform is also a critical area of focus, with US$500 billion a year of subsidies for activities that damage nature needing to be reformed.

More than 130 businesses, including H&M and Nestle, have issued an open letter urging governments to set clearer policies and a plan to redirect damaging subsidies. The letter highlights the need for governments to take action to protect nature and halt biodiversity loss.

## Why it matters The stakes are high, with the deterioration of ecosystems threatening food production, water security, and economic stability across the planet. The world is likely to reach an estimated 27.5% of land protection by 2030, but scientists say many of the broader goals needed to halt biodiversity loss remain well off track.

The conference will focus on issues such as funding, subsidy reform, and meeting the framework's goals. The outcome of the conference will be crucial in determining the future of biodiversity protection and the health of the planet. The climate-focused COP31, which begins on November 9 in Antalya, Turkey, will also play a critical role in addressing the global nature crisis.