YEREVAN, Armenia — Visitors entering the main hallway of the 2026 U.N. biodiversity conference (COP17) encounter a mural of a herd of elephants. The installation, led by the NGO Friends of the Earth International, doesn’t celebrate the gains that some elephant populations have made in recent decades. Instead, it uses the “elephants in the room” metaphor for the entrenched, but often-ignored financial systems that lead to widespread biodiversity destruction. “It is astounding that the global economy is spending only $1 on nature protection for each $30 that it spends on nature destruction,” said An Lambrechts, a biodiversity politics expert with Greenpeace International, at a COP17 press conference. Lambrechts was referring to a key finding from the State of Finance for Nature 2026 report from the U.N. Environment Programme (UNEP). WWF International’s recent Living Planet report found that populations of wild vertebrates fell by an average of 73% between 1970 and 2022. The authors tagged climate change, agriculture and — notably — the flow of money toward nature-averse industries and practices. Industrial logging in Papua New Guinea’s New Ireland province. Image by John Cannon/Mongabay. The 196 parties that adopted the Kunming-Montreal Global Biodiversity Framework (GBF) in 2022 laid out the ambition in its Target 18 of slashing $500 billion annually from subsidies and other financial support for activities that harm biodiversity. Unsustainable fishing and industrial agriculture, for example, contribute directly to the dwindling of plant, animal and fungal life. But financial support for such “nature-negative” activities remains high — at $7.3…This article was originally published on Mongabay

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