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Anne Jellema is Executive Director of 350.org.

The war on Iran and Lebanon is a deeply unjust and devastating conflict, killing civilians at home, destroying lives, and at the same time sending shockwaves through the global economy. We, at 350.org, have calculated, drawing on price forecasts from the International Monetary Fund (IMF) and Goldman Sachs, just how much that volatility is costing us. 

Even under the IMF’s baseline scenario – a de facto “best case” scenario with a near-term end to the war and related supply chain disruptions – oil and gas price spikes are projected to cost households and businesses globally more than $600 billion by the end of the year. Under the IMF’s “adverse scenario”, with prolonged conflict and sustained price pressures, we estimate those additional costs could exceed $1 trillion, even after accounting for reduced demand.

Which is why we urgently need a power shift. Governments are under growing pressure to respond to rising fuel and food costs and deepening energy poverty. And it’s becoming clearer to both voters and elected officials that fossil dependence is not only expensive and risky, but unnecessary. 

People who can are voting with their wallets: sales of solar panels and electric vehicles are increasing sharply in many countries. But the working people who have nothing to spare, ironically, are the ones stuck with using oil and gas that is either exorbitantly expensive or simply impossible to get.

Drain on households and economies

In India, street food vendors can’t get cooking gas and in the Philippines, fishermen can’t afford to take their boats to sea. A quarter of British people say that rising energy tariffs will leave them completely unable to pay their bills. This is the moment for a global push to bring abundant and affordable clean energy to all.

In April, we released Out of Pocket, our new research report on how fossil fuels are draining households and economies. We were surprised by the scale of what we found. For decades, governments have reassured people that energy price spikes are unfortunate but unavoidable – the result of distant conflicts, market forces or geopolitical shocks beyond anyone’s control. But the numbers tell a different story. 

    What we are living through today is not an energy crisis. It is a fossil fuel crisis. In just the first 50 days of the Middle East conflict, soaring oil and gas prices have siphoned an estimated $158 billion–$166 billion from households and businesses worldwide. That is money extracted directly from people’s pockets and transferred, almost instantly, into fossil fuel company balance sheets. And this figure only captures the immediate impact of price spikes, not the permanent economic drain of fossil dependence. Fossil fuels don’t just cost us once, they cost us over and over again.

    First, through our bills. Every time there is a war, an embargo or a supply disruption, fossil fuel prices surge. For ordinary people, this means higher costs for energy, transport and food. Many Global South countries have little or no fiscal space to buffer the shock; instead, workers and families pay the price.

    Second, through our taxes. Governments around the world continue to pour vast sums of public money into fossil fuel subsidies. These are often justified as a way to protect the most vulnerable at the petrol pump or in their homes. But in reality, the benefits are overwhelmingly captured by wealthier households and corporations. The poorest 20% receive just a fraction of this support, while public finances are drained.

    Third, through climate impacts. New research across more than 24,000 global locations gives a granular account of the true costs of extreme heat, sea level rise and falling agricultural yields. Using this data to update IMF modelling of the social cost of carbon, we found that fossil fuel impacts on health and livelihoods amount to over $9 trillion a year. This is the biggest subsidy of all, because these massive and mounting costs are not charged to Big Oil – they are paid for by governments and households, with the poorest shouldering the lion’s share. 

    Massive transfer of wealth to fossil fuel industry

    Adding up direct subsidies, tax breaks and the unpaid bill for climate damages, the total transfer of wealth from the public to the fossil fuel industry amounts to $12 trillion even in a “normal” year without a global oil shock. That’s more than 50% higher than the IMF has previously estimated, and equivalent to a staggering $23 million a minute.

    The fossil fuel industry has become extraordinarily adept at profiting from instability. When conflict drives up prices, companies do not lose, they gain. In the current crisis, oil producers and commodity traders are on track to secure tens of billions of dollars in additional windfall profits, even as households face rising bills and governments struggle to manage the fallout.

    Fossil fuel crisis offers chance to speed up energy transition, ministers say

    This growing disconnect is impossible to ignore. Investors are advised to buy into fossil fuel firms precisely because of their ability to generate profits in times of crisis. Meanwhile, ordinary people are told to tighten their belts.

    In 2026, unlike during the oil shocks of the 1970s, clean energy is no longer a distant alternative. Now, even more than when gas prices spiked due to Russia’s invasion of Ukraine in 2022, renewables are often the cheapest option available. Solar and wind can be deployed quickly, at scale, and without the volatility that defines fossil fuel markets.

    How to transition from dirty to clean energy

    The solutions are clear. Governments must implement permanent windfall taxes on fossil fuel companies to ensure that extraordinary profits generated during crises are redirected to support households. These revenues can be used to reduce energy bills, invest in public services, and accelerate the rollout of clean energy.

    Second, we must shift subsidies away from fossil fuels and towards renewable solutions, particularly those that can be deployed quickly and equitably, such as rooftop and community solar. This is not just about cutting emissions. It is about building a more stable, fair and resilient energy system.

    Finally, we need binding plans to phase out fossil fuels altogether, replacing them with homegrown renewable energy that can shield economies from future shocks. Because what the current crisis has made clear is this: as long as we remain dependent on fossil fuels, we remain vulnerable – to conflict, to price volatility and to the escalating impacts of climate change.

    The true price of fossil fuels is no longer hidden. It is visible in rising bills, strained public finances and communities pushed to the brink. And it is being paid, every day, by ordinary people around the world.

    It’s time for the great power shift

    Full details on the methodology used for this report are available here.

    The Great Power Shift is a new campaign by 350.org global campaign to pressure governments to bring down energy bills for good by ending fossil fuel dependence and investing in clean, affordable energy for all

    Logo of 350.org campaign on “The Great Power Shift”

    Logo of 350.org campaign on “The Great Power Shift”

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    UN bid to keep 1.5C alive exposes deepening divisions over fossil fuels

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    A UN effort to keep the threatened 1.5C warming limit alive is exposing deep divisions over the future of fossil fuels, pitting climate-vulnerable nations seeking a faster move away from coal, oil and gas against major emerging economies and producers that oppose targeting particular energy sources.

    As countries weigh in on the “Belém Mission to 1.5”, a new process launched at COP30 last year to address the global shortfall in climate ambition, submissions show that small island nations and least developed countries (LDCs) want the initiative to help speed up a shift away from fossil fuels. Their calls for a focus on emissions-cutting measures in the energy sector are supported by the EU and the UK.

    But the “like-minded developing countries” (LMDC) bloc – which includes China, India – and Arab states led by Saudi Arabia have warned against singling out specific energy sources or using the mission to assess how individual countries are performing on emissions cuts. Instead, they want its scope narrowed to identifying primarily what rich countries should do to cut their own emissions and provide more climate cash to developing nations.

    Keeping 1.5C “within reach”

    The split hints at a fight to come at COP31 in November over what the work programme’s findings should say and how much weight they should carry in the summit’s outcome.

    Governments launched the Belém Mission to 1.5 at last year’s UN climate summit in the Brazilian Amazon city, after the latest round of national climate plans left the world set to shoot past the Paris Agreement temperature goals. Full implementation of current pledges is expected to limit global warming to only around 2.3-2.5 C by 2100, according to the UN. 

    Comment: The case for making polluters pay has moved into the mainstream

    The current and two preceding COP presidencies – Türkiye, Brazil and Azerbaijan – are gathering views from governments on how to raise the ambition of national climate plans (NDCs) and adaptation plans (NAPs).

    The initiative will culminate in a report at COP31 outlining priority actions for keeping the 1.5C goal “within reach”. But the proposals submitted by individual governments and negotiating blocs representing nearly four-fifths of all countries point to wildly diverging visions of what the Belém Mission should achieve, especially on the transition away from fossil fuels. 

    Tracking COP28 commitments

    The Marshall Islands has proposed an ambitious package of concrete actions that would enable deep emissions reductions, led by a global commitment to build no new oil, coal and gas infrastructure. Together with its fellow Pacific island of Vanuatu, it also calls for a formal process to monitor progress towards the COP28 energy commitments, map fossil fuel subsidies and help countries phase them out.

    The EU also said in its submission that the Mission to 1.5C is “well placed” to provide updates on how countries’ national climate plans have incorporated the COP28 agreement, including the commitment to accelerate a transition from fossil fuels in energy systems.

    Sultan Al Jaber and Simon Stiell celebrate as the Cop28 agreement is passed (Photos: Cop28/Mahmoud Khaled)

    Sultan Al Jaber and Simon Stiell celebrate as the Cop28 agreement is passed (Photos: Cop28/Mahmoud Khaled)

    Countries wanting to build on the COP28 Dubai agreement have struggled to find a dedicated space for those discussions in the face of opposition from fossil fuel producers and big emerging economies.

    The COP28 outcomes in response to the first stocktake of global climate action represent “one package… and not a pick-and-choose menu”, the European Commission emphasised in a thinly veiled reference to comments made by the Saudi energy minister in 2024 that the Dubai deal was an “à la carte menu” allowing nations to choose their own priority. 

    Push to boost NDC ambition

    The Alliance of Small Island States (AOSIS) also advocated in its submission for “high-level approaches” towards developed countries and other major emitters ahead of COP31 to spur them to produce updated NDCs with additional emissions-cutting measures. 

    Vanuatu called on the COP presidencies overseeing the Mission to 1.5C to “exhibit leadership” by taking steps at home to phase out fossil fuels and reduce their “inefficient” fossil fuel subsidies.

    Azerbaijan and Türkiye continue to rely heavily on fossil fuels in their energy systems, while Azerbaijan and Brazil remain significant oil and gas producers with plans to expand output.

      In its submission, the LDC group of the world’s poorest nations says the failure to align global climate commitments with a pathway to keep warming under 1.5C is driven primarily by insufficient ambition from major emitters.

      The Mission to 1.5C should focus its efforts on the “highest-impact” and “most feasible” solutions to curb emissions such as phasing out fossil fuels, it added.

      Both the island nations and the LDCs, as well as the African group of nations, stress that significantly scaling up financial resources, and making it easier to access them, are necessary steps to enable the global energy transition.

      Focus on “emissions”, not energy sources

      Fossil fuel producers and several large developing economies, however, argue that the mission risks straying beyond its mandate if it singles out particular fuels or evaluates countries’ climate plans.

      The Arab group, which is led by Saudi Arabia and includes the UAE, Qatar and Egypt, wrote that it should maintain a focus on “emissions management” rather than targeting specific sectors or energy sources.

      Their submission says investments in fossil fuels “must increase” both to better manage the emissions associated with their production and to meet growing energy demand.

      The LMDCs, a negotiating bloc that includes China and India, similarly argue that climate action should address emissions regardless of how they are produced, warning that energy sources should not be traded off against the need for growth. “Poverty eradication and sustainable development remain a key challenge for developing countries, which cannot be compromised in the name of 1.5°C,” the group’s submission says.

      No “parallel” processes

      For both Arab states and LMDCs, the mission’s primary goal should be to identify how rich countries that are historically responsible for the bulk of emissions can be required to further cut their greenhouse gases and channel more money to developing countries. 

      Both groups also caution against allowing the initiative to evolve into what they describe as a “parallel process” that could assess countries’ climate plans or create new expectations for what developing countries should do. Instead, they argue, it should simply produce a report identifying options for international cooperation.

      The two sides disagree just as sharply on what should happen to the mission’s report once it lands. AOSIS and the LDC group explicitly want its findings carried forward into the COP31 outcome decision text and used to inform future negotiating rounds. The LMDC bloc, on the other hand, wants a guarantee that the report will not be used to support other processes.

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      The case for making polluters pay has moved into the mainstream

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      Anne Jellema is executive director of 350.org and David Hillman is director of Stamp Out Poverty.

      This coming week, as record-breaking heat has morphed into killer wildfires, major oil and gas companies will report their second-quarter earnings and are widely expected to announce profits that have doubled or even quadrupled in the last three months. The obscenity of that contradiction is impossible to ignore.

      Oxfam analysis, released as the Q2 earnings season gets underway, shows that the world’s six largest fossil fuel corporations – BP, Chevron, Eni, ExxonMobil, Shell and TotalEnergies – are on course to nearly double their combined net income compared with the first quarter of the year, from $23 billion to around $45 billion.

        Their projected full-year profits of $147 billion would exceed everything the six firms made combined over the previous 21 months. Chevron’s profits alone are expected to have quadrupled to $1,200 a second over the last three months; ExxonMobil’s have roughly tripled to $1,800 a second. The juxtaposition of profit on that scale, arriving in the same weeks that communities are counting the cost of deadly heatwaves, forest fires and high energy bills, is increasingly difficult to ignore.

        Covering the cost of climate damage

        Not long ago, the idea that fossil fuel companies should contribute directly towards the cost of climate damage was dismissed as activist rhetoric. Today it is reflected in legislation, litigation and mainstream policy debate.

        Several US states have passed “Climate Superfund” laws requiring major fossil fuel companies to help fund climate adaptation and disaster recovery. Courts are hearing cases seeking compensation for climate harms, while governments across Europe continue to debate the future of windfall taxes on outsized energy profits.

        Comment: Major emitting countries knew of climate risks decades earlier than claimed

        These developments may appear disconnected, but they reflect a broader shift in public thinking: if societies are paying an ever higher price as our climate warms, should the excessively profitable fossil fuel companies whose products have substantially caused those costs not bear more of the burden of paying for them?

        Europe’s heatwaves fuelled by emissions

        The events of this summer have only sharpened that question. Europe has experienced repeated heatwaves, with temperatures exceeding 40°C across parts of Spain, Portugal, France and Germany. England recorded its hottest June on record, while wildfires have affected communities across southern Europe and, increasingly, parts of the UK.

        According to researchers at the London School of Hygiene & Tropical Medicine and Imperial College London, more than 2,300 heat-related deaths occurred across twelve European cities during one recent ten-day heatwave alone, with climate change estimated to have roughly tripled the number of deaths.

        Separate Oxfam analysis of academic data published in Nature goes further, finding that the emissions of just five of these corporations – BP, Chevron, ExxonMobil, Shell and TotalEnergies – were sufficient to cause around one in four of the heatwaves reported globally between 2000 and 2023: heatwaves that would have been virtually impossible without human-made climate change.

        WHO issues new guidance on heat-health action plans, as El Niño sets in

        Nor is Europe unique. There is looming famine in Uganda and India endured prolonged pre-monsoon temperatures above 48°C earlier this year. North America has faced successive heat domes, while smoke from hundreds of Canadian wildfires has periodically produced some of the world’s worst urban air quality, affecting millions of people across Canada and the United States.

        Scientists have become increasingly confident in attributing many of these extremes to human-caused climate change. Rapid attribution studies, pioneered over the past decade, now routinely assess how much more likely or more intense individual weather events have become because of greenhouse gas emissions.

        ‘Polluter pays’ principle in law

        Against this backdrop, the “polluter pays” principle is a basic standard of responsible behaviour: if you cause damage, it is on you to pay for it. It is a longstanding concept in environmental law and economics that those responsible for creating pollution should bear a proportionate share of the costs it imposes on society.

        In 2025 a survey found that 81% of people supported increased fossil fuel taxes being directed to help communities most impacted by extreme weather. And it is no longer just a hypothetical prospect.

        A mandatory surtax on highly polluting industries is gaining support as part of the UN Convention on International Tax Cooperation, alongside robust measures to prevent jurisdiction-shopping and anchor taxing rights in real economic activity. Governments meeting in New York next month to negotiate the framework convention should seize the moment to get behind both.

        Campaigners from Fossil Free London dressed as firefighters while others poured a black liquid resembling oil over their heads, during a protest outside Shell’s global headquarters ahead of its Q2 results announcement, on July 29 2026. (Photo: Fossil Free London)

        Campaigners from Fossil Free London dressed as firefighters while others poured a black liquid resembling oil over their heads, during a protest outside Shell’s global headquarters ahead of its Q2 results announcement, on July 29 2026. (Photo: Fossil Free London)

        The stakes are high because the economics of the energy transition are increasingly clear. Renewable electricity is now among the cheapest forms of new power generation in much of the world. Yet many countries with abundant renewable resources continue to face prohibitively expensive borrowing costs, limiting their ability to invest at the speed required. Meanwhile, massive fossil fuel profits remain only lightly taxed or entirely avoided in many jurisdictions.

        Analysis by the Global Alliance for Tax Justice and partners estimated that a 20% surtax on the profits of the world’s 100 largest oil and gas companies could have generated more than US$1 trillion since the Paris Agreement was signed in 2015.

        Time to design mechanisms for justice

        Whether governments choose that particular mechanism is ultimately a political decision. But the analysis illustrates a broader point: claims that public investment in climate resilience or clean energy is unaffordable sit uneasily alongside the scale of profits regularly generated by the fossil fuel industry, profits that, this quarter, are on course to nearly double in three months.

        There are legitimate debates about the design of windfall taxes, competitiveness, investment incentives and international coordination. But the wider principle – that those who have benefited most from fossil fuel extraction should pay more towards managing its consequences – is no longer confined to campaign groups.

        Extreme heat costing India’s poorest workers 2% of GDP, survey finds

        It is increasingly part of mainstream discussions among policymakers, economists and legal scholars and, if well designed, such mechanisms will incentivise investment where it’s needed and strengthen international coordination.

        This summer has made that conversation harder to avoid. The question is no longer whether fossil fuel giants should pay for the enormous economic and human costs being suffered by communities every day due to our rapidly warming climate. It is when will governments step up and make them pay, for the damage already done and to build the resilience we need going forward?

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        World falling short on 22 of 23 nature targets for 2030, says draft UN report

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        The global goal to halt and reverse nature loss by 2030 “will not be achieved” unless action by countries “accelerates rapidly”, says a draft UN report.

        Countries are falling short on 22 of the 23 targets for 2030 they set under the Kunming-Montreal Global Biodiversity Framework (GBF), the “Paris Agreement for nature”.

        That is according to a draft version of a global report prepared by the UN Convention on Biological Diversity (CBD), published on 26 July.

        The report will be finalised ahead of the next nature summit, COP17, taking place in Armenia in October of this year.

        The second draft of the global report has undergone “peer review”, but will still be subject to “technical edits” before being formally published ahead of COP17.

        The final version will inform a global review of countries’ progress towards meeting the world’s 2030 nature goals, which will take place in Armenia.

        Below, Carbon Brief explains why the report has been produced and what it says about countries’ progress in areas such as restoring ecosystems and raising funds for biodiversity.

        Article Contents

        Global report

        In Montreal, Canada, in 2022, nearly every country in the world agreed to the GBF. The overall “mission” of the framework is to halt and reverse biodiversity loss by 2030. Its “vision” is to bring the world into “harmony with nature” by 2050.

        The GBF includes a list of 23 targets for 2030. They cover an expansive range of topics, from restoring ecosystems, to addressing pollution and providing developing nations with finance to help cover the costs of protecting nature.

        As part of the GBF and its underlying documents, countries agreed to a schedule for monitoring their progress towards achieving the 2030 targets.

        This included the preparation of a “global report” of progress coordinated by the CBD, which will inform a “global review” undertaken by countries at COP17.

        The global report draws on countries’ national reports, which were due to be submitted to the UN in February of this year. It also draws on countries’ national nature plans, known as “national biodiversity strategies and action plans” (NBSAPS) and national targets, which were both due in 2024.

        Not all countries have met the call to publish these documents and targets. According to the UN, 45% of countries published NBSAPs in time to be considered for the report, 83% had submitted at least one national target and 66% had produced their new national report.

        The first draft of the global report was published on 29 June 2026. This draft was subject to a “peer review process”, which invited countries and observers, such as NGOs and businesses, to submit comments on all aspects of the report.

        The second draft, which has been revised based on the peer review, was published on Sunday 26 July. (This was just ahead of COP17 preparatory talks being held in Nairobi from 27 July to 1 August.)

        A final version of the global report will be formally published ahead of COP17, which will take place from 19-30 October.

        Overall findings

        The second draft of the global report says that the GBF has led to “unprecedented” interest in tackling biodiversity loss, but adds:

        “However, unless collective implementation accelerates rapidly, the 2030 targets and mission will not be achieved.”

        It says that countries have taken some action to address all 23 targets, but that “no target presents a fully positive picture”.

        (The first draft has slightly softer language. It “concludes that the world is not yet on track to collectively meet the global ambitions that the parties to the convention set when they adopted the framework”.)

        The report identifies “two distinct gaps in progress”, relating to ambition and implementation.

        First, that the national targets and plans submitted by countries “do not yet fully reflect the scope and level of ambition” of the global targets in the GBF.

        Second, countries are not taking sufficient action to achieve their targets, according to the report.

        It adds that progress is “particularly lagging” for addressing the “indirect drivers of biodiversity loss”, such as harmful business practices and government subsidies promoting them.

        In addition, countries are showing “consistent gaps” in making progress on taking action to protect “marine, coastal and inland water ecosystems”.

        The report produces a “scorecard” assessing countries’ progress towards meeting each of the 23 targets of the GBF.

        The scorecard includes an “overall score” of between 0 and 1 for each target. This is calculated by considering countries’ self-reported progress in their plans and targets, as well as an assessment of progress based on a set of agreed indicators.

        The results are split into four categories: 0-0.25 is red, 0.25-0.5 is orange, 0.5-0.75 is yellow and 0.75-1 is green.

        The report gives a “green” score for just one target, indicating overall positive progress. This is target 8, on “minimising” the impact of climate change on biodiversity, including through mitigation and adaptation.

        Elsewhere, the draft says that countries have “reported gaps in the scale and timely provision” of “financial resources, capacity-building and development, technical and scientific cooperation, access to and transfer of technology, and knowledge sharing”. It adds:

        “These barriers can result in uneven capacities and cause specific technical and financial constraints for all parties, but particularly for developing-country parties. It is likely these constraints are even more pressing for least developed countries and small island developing states.”

        Protecting and restoring nature

        Target 3 of the GBF is for countries to protect “30% of Earth’s land and sea for nature” by the end of the decade.

        This commitment – referred to as “30 by 30” – is widely considered the flagship target of the agreement.

        Target 3 of the Global Biodiversity Framework. Credit: UN CBD

        The report says that countries are making “progress in expanding and managing protected areas, especially for marine and coastal areas”. But it adds that “current ambition and implementation remain insufficient to fully achieve all aspects of the target”.

        It continues that, according to countries’ available national targets, “monitoring and reporting of some elements of the target remains low”. This includes “those relating to equitable governance of protected areas” and “recognition of Indigenous and local territories”.

        The report adds that countries “face significant challenges in implementation, particularly related to lack of finance and capacity”.

        (An investigation by Carbon Brief and the Guardian in 2025 revealed that more than half of nations that have submitted UN biodiversity plans do not commit to “30 by 30” within their borders.)

        Another conservation measure included in the GBF is target 2, which aims to ensure that at least 30% of land and sea areas are under restoration by 2030.

        Target 2 of the Global Biodiversity Framework. Credit: UN CBD
        Target 2 of the Global Biodiversity Framework. Credit: UN CBD

        The report says that “restoration efforts are expanding”. However, it says that “current commitments to restore areas and implementation of those commitments remain below the level required” to achieve target 2.

        It adds that countries’ national targets are “generally well aligned with target 2”, but that “addressing the effectiveness of restoration efforts is often absent”.

        Moreover, the report adds that monitoring of progress is “constrained by inconsistent definitions and monitoring approaches for ecosystem degradation and restoration”.

        Another “major barrier” is a lack of available finance for developing countries looking to restore ecosystems, it says.

        Target 8 of the GBF is the only one to specifically address climate change, one of the major drivers of biodiversity loss.

        It says countries should “minimise the impact of climate change” on biodiversity through mitigation and adaptation, including “nature-based solutions” and “ecosystem-based approaches”.

        Target 8 of the Global Biodiversity Framework. Credit: UN CBD
        Target 8 of the Global Biodiversity Framework. Credit: UN CBD

        Target 8 was the only one to achieve a “green” marking in the report’s scorecard of progress (see: Overall findings).

        The report says that actions to make biodiversity more resilient against climate change are “progressing”. Yet “implementation remains constrained by data gaps, limited means of implementation and the need for stronger coherence between biodiversity, climate and disaster risk reduction planning”.

        It continues that countries’ national targets “generally” show “good alignment” with target 8, across “all elements apart from efforts to minimise the impacts of ocean acidification”.

        It adds that the deployment of nature-based solutions and ecosystem restoration is not yet at a “sufficient scale”.

        Subsidies

        Overall progress is “insufficient” on target 18, which calls on countries to identify subsidies and other incentives that are harmful for biodiversity by 2025, says the GBF report.

        It also outlines that nations should “eliminate, phase out or reform” these subsidies in a “proportionate” way, reducing them by at least $500bn per year by 2030.

        Countries should first target the “most harmful” incentives, while simultaneously scaling up positive incentives for nature, it adds.

        Target 18 of the Global Biodiversity Framework. Credit: UN CBD (2022)
        Target 18 of the Global Biodiversity Framework. Credit: UN CBD (2022)

        The report finds that countries have made some progress in assessing, compiling inventories and commissioning studies on harmful subsidies.

        But issues remain, such as incomplete data and the lack of agreed definitions on which subsidies are deemed “harmful”.

        Several national reports also note “entrenched interests and political barriers to subsidy reform”, says the report.

        Only one-quarter of countries’ national targets that are “highly aligned” with target 18 are “on track” to be met, it finds. Most show “insufficient progress”.

        It notes that 38% of countries have addressed the 2025 aim to identify harmful subsidies in their national targets “to some extent”.

        Countries’ national reports do not “provide a sufficient basis to determine” whether this goal was met, says the report, but available evidence “suggests” that it was not.

        Recent analysis by Carbon Brief found that just 16% of the 134 national reports submitted so far appear to meet the aim.

        The report outlines that half of countries have set national targets addressing plans to eliminate, phase out or reform harmful incentives. Almost 60% mention scaling up positive incentives, it adds.

        Just 27%, however, address the issue of reducing subsidies by at least $500bn annually by 2030. Also, only 5% set quantitative national targets to reduce subsidies.

        There are two headline “indicators” to measure progress on target 18. The first shows that 30% of countries have outlined information on their nature-positive incentives.

        The second indicator shows that 22 countries submitted the value of their biodiversity-harmful subsidies, which amounted to a total of $268bn spent on harmful subsidies over 2022 to 2025 – averaging $67bn each year.

        Carbon Brief’s analysis had identified an estimated $270bn each year, based on a wider list of submissions from 32 countries. (More countries submitted national reports since the CBD’s deadline to be included in the global report in February.)

        All of these figures remain well below the estimated trillions of US dollars spent annually.

        The report notes that different methodologies could lead to global subsidy estimate “inconsistencies”, meaning that reported values are likely “underestimates”.

        The amount of positive incentives in place is also likely underestimated, it adds.

        The report says that harmful subsidies may have declined by around 20% in recent years, based on figures consistently reported by a minority of countries over 2022-24.

        Despite this, the total value of subsidies “remains higher than the resources that parties reported mobilising for biodiversity”. (See: Mobilising finance.) 

        Mobilising finance

        Overall progress on raising biodiversity finance has been “insufficient”, according to the report.

        Goal D of the GBF, shown below, states that countries must close a $700bn biodiversity gap by 2030 through ending harmful subsidies ($500bn per year) and mobilising resources from the global north to south ($200bn per year).

        Goal D of the Global Biodiversity Framework refers to a $700bn biodiversity finance gap. Credit: UN CBD (2022)
        Goal D of the Global Biodiversity Framework refers to a $700bn biodiversity finance gap. Credit: UN CBD (2022)

        This target aims to raise “at least $200bn per year” by 2030 from “all sources”, including domestic, international, public and private funding.

        In all, countries reported raising a cumulative total of $186.4bn over four years, according to the report.

        While it adds that it “is still too early to conclude”, the report states that the total finance mobilised so far “falls far short” of what is needed to close the biodiversity finance gap.

        Target 19, shown below, states that developed countries and others should boost finance for nature to “at least $20bn” per year by 2025 and “at least $30bn” by 2030. This falls to developed countries and others that “voluntarily assume” the obligation of contributing.

        However, the report suggests that the milestone of raising “at least $20bn per year by 2025” was “likely not achieved”.

        Target 19 of the Global Biodiversity Framework. Credit: UN CBD (2022)
        Target 19 of the Global Biodiversity Framework. Credit: UN CBD (2022)

        Between 2020 and 2023, reporting countries cumulatively raised just $17.7bn in international public funding for biodiversity, according to the report.

        This amounts to an average of $4.4bn per year between 2020-23, with the total touching its highest at $5.2bn in 2023.

        The report cautions that this figure “should be read as a minimum”, as it does not account for all potential flows of biodiversity finance.

        Both estimates “fall below the $20bn milestone”, although the report adds that a “definitive assessment will only be possible” once data for 2024 and 2025 are included.

        An earlier draft of the report included language noting that biodiversity-related “official development assistance” remains “well below the agreed 2025 milestone”. This was cut from the summary in this latest iteration of the report.

        References to the OECD reporting a “shortfall in funding” and projecting “a decrease for 2024 and 2025” – suggesting the $20bn target was “unlikely to be met” – were also removed from the latest draft.

        The chart below shows how international public funding for biodiversity has varied from 2020 to 2023, according to the report.

        Bar chart showing that between 2020-23, countries provided $17.7bn in biodiversity finance, well below a "$20bn by 2025" target
        The yearly sum of official development assistance provided by donor countries (blue) for biodiversity conservation (in billions) and the average share of national GDP (in %) represented by their national value (red). Source: UN CBD 2026

        By comparison, domestic spending makes the largest cumulative contribution to biodiversity finance, at ($135.9bn) over the four years. However, spending has “declined” as a share of GDP. It also notes that spending varies “greatly”, from 0.1% to 2.7% of GDP.

        According to the report, many countries highlighted that national budget allocations for biodiversity are “far too low” and that biodiversity “frequently loses out to competing development priorities”, including “defence, food security and infrastructure”.

        At COP15 in Montreal, the EU and several other countries pushed for the inclusion of “all sources” of finance in the final text – including private finance and “innovative” schemes.

        Private and “innovative” biodiversity finance – which spans a plethora of sources such biodiversity offsets and debt-for-nature swaps – was eventually included in target 19.

        The report, however, notes that private finance “peaked in 2021 and fell afterwards” and “remains particularly undeveloped”, with a cumulative total of $32.7bn between 2020-23.

        At the same time, the report notes that only 26% of all countries had reported data on private biodiversity finance, making it harder to assess funding declines in 2022 and 2023.

        Genetic resources

        The report finds there has been limited progress on sharing genetic biodiversity data.

        ”Digital sequence information” (DSI) refers to genetic data derived from biodiversity, which is often sourced from species in biodiversity-rich developing countries.

        These countries have long called for an international mechanism to ensure that the benefits of DSI are shared fairly with the people living where the resources were “discovered”, including Indigenous communities.

        At COP16, countries agreed to the first-ever global fund, called the Cali Fund, for companies profiting from genetic data to contribute to conservation goals on a voluntary basis.

        However, experts have cautioned that much rests on whether countries develop strong national laws to support the COP16 agreement. This could include incentivising companies in their regions to contribute to the fund.

        In the GBF, target 13 and goal C address elements of DSI, including the sharing of benefits from genetic resources and their digital derivatives.

        Target 13 of the Global Biodiversity Framework. Credit: UN CBD (2022)
        Target 13 of the Global Biodiversity Framework. Credit: UN CBD (2022)

        According to the report, 79% of countries submitted national targets that address legal, policy and administrative measures to enable benefit-sharing from DSI. Some 71% included measures to facilitate access to genetic resources.

        The report finds that the “strongest progress” has been in developing laws and policies, which are now at an intermediate stage.

        The “most fundamental regulatory barrier”, according to many countries cited, is the lack of a “dedicated” national framework to enable access to genetic resources and share benefits with communities.

        This would involve enacting laws compatible with the GBF, setting up digital registries to catalogue and trace genetic resources, as well as implementing tracking systems to monitor how they are used. It would also include a financial mechanism to pay communities for the use of their traditional knowledge.

        Goal C of the Global Biodiversity Framework covers benefit-sharing from genetic resources and DSI, as well as protection of traditional knowledge. Source: UN CBD, 2022
        Goal C of the Global Biodiversity Framework covers benefit-sharing from genetic resources and DSI, as well as protection of traditional knowledge. Source: UN CBD (2022)

        Progress in monitoring monetary and non-monetary benefits from DSI is “much weaker” and is “particularly limited” for measures related to the Cali fund.

        According to the report, most parties have “no monitoring systems [for evaluating benefits from genetic resources] in place, or [are] still developing them”. It says they add that the benefits from genetic resources are hard to track “across borders and along value chains through to the final product”.

        For those that have tracked benefits, it says that countries reported a cumulative $6.9m in receipts from the use of genetic resources between 2022 and 2025. It adds that “several parties reported that they had received no monetary benefits” to date.

        Countries also reported more than 960 non-monetary benefits, ranging from technical training to research participation. The report cautions that these “fluctuated over time rather than increasing consistently, and cannot be seen as indicative of global benefit-sharing”.

        In December 2025, Carbon Brief reported that the Cali fund had received only one contribution of $1,000 as an “icebreaker”. No other major companies have stepped up to fill the fund.

        Meanwhile, the report states that the formal protection of traditional knowledge held by Indigenous peoples and local communities remained “underdeveloped”.

        It says that a “significant number” of countries raised concerns about gaps in recognition of Indigenous peoples’ rights and dedicated registries to document their traditional knowledge.

        The report says it is not yet possible to assess progress towards goal C:

        “To date it is not possible to comment on whether benefits are being shared fairly and equitably nor on the role played by traditional knowledge and Indigenous peoples and local communities. Therefore, progress towards goal C cannot yet be assessed.”

        Pollution

        Target 7 of the GBF focuses on tackling pollution from pesticides, chemicals, plastic and other sources.

        It calls for countries to reduce pollution risks and negative impacts “from all sources” to “levels that are not harmful” to biodiversity and ecosystems by 2030.

        It also aims to reduce excess nutrients in the environment and overall risks from pesticides and hazardous chemicals by “at least half”.

        The draft report finds that there is no significant change or insufficient progress on 60% of national targets categorised as being highly aligned with target 7. Only one-third of these national targets (35%) are on track to be achieved by 2030.

        On average, it says countries have addressed around half of the various elements of target 7 “to some extent” in their national targets.

        The most frequently-mentioned aspect of the target – addressed by 72% of countries – refers to reducing pollution from all sources by 2030.

        One headline indicator related to target 7 focuses on the concentration of pesticides in the environment.

        Just five countries out of 125 submitted estimates on this, according to the report. It says only one country has met the aim of halving the overall risk from pesticides on a national basis so far.

        Measures to address plastic pollution are the most frequently reported actions by countries in relation to this target, including bans on single-use bags and straws.

        A number of countries in Europe and Asia have also implemented measures to reduce nutrient losses from fertilisers and slurry.

        A “major challenge” for countries in advancing pollution aims is “effectively and fairly considering and managing impacts on food security and livelihoods”, according to the report.

        Several countries point to a lack of national funding to implement measures towards achieving this target.

        Some developing countries also list poor wastewater-treatment infrastructure as a “persistent challenge” on this issue.

        Invasive species

        Invasive alien species refers to those that have moved to and become established in a region outside their natural habitat, as a result of human activities. This has negative impacts for local biodiversity and ecosystems.

        Target 6 of the GBF calls for countries to, among other things, reduce the rates of introduction and establishment of invasive alien species by 50% by 2030.

        The draft report says countries are “taking action” on this target, but progress is “difficult to assess”.

        Two-thirds of national targets aligned with target 6 show “no significant progress or insufficient progress”, it finds. Fewer than one-third are on track to be achieved by 2030 and just 1% of these national targets have already been achieved.

        But most countries have made progress in putting in place measures to manage invasive species – mostly focusing on reducing the introduction rate and impact of species.

        Countries have addressed around half of the different elements of the invasive species target “to some extent” in their national targets, finds the report.

        But fewer than one-third (30%) have set national targets that put a numeric goal on reducing invasive species.

        Island biosecurity programmes and measures to intercept invasive species at country borders are among the actions countries have put in place to tackle the issue.

        The report lists some barriers countries say stand in the way of achieving the target. These include a lack of baseline data from which to measure a 50% reduction rate, poor early-detection systems and a lack of funding for long-term reduction efforts.

        Some countries also cite capacity and technical challenges in monitoring invasive species, according to the report.

        They say many of these species “go unnoticed for years before impacts become apparent”, it adds, with countries arguing that setting a specific reduction target is “challenging”.

        The post World falling short on 22 of 23 nature targets for 2030, says draft UN report appeared first on Carbon Brief.

        World falling short on 22 of 23 nature targets for 2030, says draft UN report

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