MAIN FEATURE
…to Armenia… N ature-based solutions are intrinsically linked with the preservation of biodiversity, a subject which was the theme of the 17th meeting of the Conference of the Parties (COP17) to the UN Convention on Biological Diversity (CBD) in Yerevan, Armenia, from October 19-30. The goal of the conference was a first review of the Kunming–Montreal Global Biodiversity Framework, adopted in 2022. The compact sets 23 targets and the aim was to shift from commitments to tangible results and to evaluate which agreed actions have been effectively implemented. The framework defines four long-term goals for 2050 to maintain the health of ecosystems and 23 action-oriented targets. While supporters hail the plan as a “Paris Agreement for nature,” detractors point out that the agreement is legally non-binding and entirely dependent on political goodwill. The final text also watered down mandatory disclosure requirements for large corporations and financial institutions regarding their environmental impacts, what critics see as loopholes. Despite the establishment of a Global Biodiversity Framework Fund, critics argue the financial mechanisms are highly inadequate: The target of mobilizing US$200 billion per year by 2030 is viewed as a fraction of what is actually required to halt extinction rates. Developing nations, home to the vast majority of the world’s remaining biodiversity, point out that the promised US$20-30 billion per year is insufficient and inequitably distributed to cover the immense economic sacrifices required. The OPEC Fund supports biodiversity with a range of programs and targeted tools, including the Nature Solutions Finance Hub. Established by the OPEC Fund together with the Asian Development Bank and Saudi Arabia in 2023, the facility aims to attract at least US$5 billion for projects involved in protecting, managing and restoring natural ecosystems. These solutions are critical in building climate resilience, with ecosystems like forests, wetlands and oceans playing key roles in carbon sequestration and temperature
regulation. They offer an effective way to tackle at the same time the two key issues mitigating climate change and conserving biodiversity. The Nature Solutions Finance Hub is complemented by regional and national programs such as the
Farmers Association, warned: “We cannot wait for COP18 for solutions.” Linda Krueger, Director of Biodiversity and Infrastructure Policy at The Nature Conservatory, a global environmental non-profit organization, also offered a divided opinion. “Negotiations delivered mixed results and a pace of progress that failed to mirror the pace of environmental change around us,” she said. “More than three billion people are already living with the consequences of land degradation, yet the world still faces a US$278 billion annual funding gap.” Private finance accounts for barely 6 percent of global investment in land restoration, according to UN reports. The UNCCD’s Yasmine Fouad said that “governments need to move from drought plans to investment plans, bringing private companies, local communities, women and young people into national platforms that can develop projects and attract financing.” Gerardo Parco offered direct support: “The OPEC Fund is scaling financing for drought management, nature-based solutions and resilient infrastructure.” This builds on the OPEC Fund’s US$1 billion pledge in December 2024 to the Riyadh Global Drought Resilience Partnership, launched by Saudi Arabia during the predecessor conference COP16. The partnership is designed to move countries from reactive crisis response to proactive drought management by connecting vulnerable nations with technical expertise, knowledge-sharing platforms, capacity- building support and financing for drought resilience investments. “More than three billion people are living with the consequences of land degradation, yet the world still faces a US$278 billion annual funding gap.” Linda Krueger, Director of Biodiversity and Infrastructure Policy, The Nature Conservatory
US$150 million Decentralization and Biodiversity Program for Colombia. The US$3 billion OPEC Fund Green-Blue Connect initiative integrates land and sea solutions, protecting biodiversity hotspots like coral reefs, seagrass meadows and mangroves, which function as crucial natural carbon sinks (also known as “blue carbon”). For the OPEC Fund, the participation in COP17 was a premiere, marking an important step in strengthening its engagement at the intersection of biodiversity, climate action and sustainable development. The OPEC Fund focused on mobilizing finance for nature-positive development and translating biodiversity commitments into concrete investment opportunities. In a series of high-level discussions and events, the delegation addressed the biodiversity impacts of the energy transition, integrating nature-related considerations into investment decisions and scaling up financing for ecosystem restoration. Key areas of engagement included innovative approaches to nature- positive investment through the ADB–EU Nature Solutions Finance Hub, the economics and bankability of ecosystem restoration and practical solutions for advancing a nature- positive socio-bioeconomy, an economic model that combines the sustainable use of biodiversity and ecosystem conservation with social inclusion, fair income distribution and the respect of traditional knowledge. By engaging with multilateral development banks and other partners, the OPEC Fund helped bridge the gap between global biodiversity ambitions and actionable financing, supporting the transition from policy commitments to investment and implementation.
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