The European Union is aiming for “financial commitments from oil-rich countries” to support global biodiversity efforts ahead of the Conference of the Parties to the Convention on Biological Diversity (COP17), scheduled in Armenia in 2026.
During a conference on preparation for the meeting, hosted by the Armenian ambassador to the EU and United Nations Development Programme (UNDP), an environmental EU official argued that current funding structures are outdated and insufficient to meet ambitious conservation targets.
Hans Stielstra, adviser at the European Commission’s Directorate-General for Environment, said yesterday the global financing model “was realistic 30 years ago but that is no longer realistic”.
“The world is divided in developing and developed countries where it’s the developed countries that are looked at to contribute to a lot of these financial initiatives,” he said.
“We are having these endless discussions on resource mobilisation. There is a small shift happening, but usually outside the strict UN context.
“One example is what Brazil has been trying to set up with the tropical forest forever facility, which has been able to attract funding from the oil-rich countries,” added Stielstra.
The Tropical Forest Forever Facility (TFFF), endorsed by 53 countries, has already announced over $5.5 billion (€4.75 billion) in funding. It channels contributions from oil-producing nations into forest preservation, aligning finance with climate and biodiversity goals.
Armenia has framed COP17 as a platform to unite global efforts.
Robert Abisoghomonyan, Deputy Foreign Affairs Minister of Armenia, emphasised inclusivity: “Who hosts COP 17 in 2026, we are reminded that biodiversity is not just about nature, it is about people.
“Protecting it requires partnership, vision, and action across borders. Governments, indigenous peoples, local communities, women and youth, academia, civil society and the private sector, all have a role to play.”
He added: “Together, we believe that we can turn ambition into action, and that is what COP 17 in Armenia will be about. Armenia is committed to making COP 17 a platform where all voices are heard, ideas are shared, and solutions are closed.”
The EU’s push comes amid tensions between fossil-fuel production and climate commitments. Bloomberg reported that Brazil, which hosted COP30, is moving a giant drillship off the Amazon coast to maintain oil output.
Brazilian President Luiz Inácio Lula da Silva defended the plan: “We can’t have knowledge of this wealth underneath us and not exploit it. It’s from this wealth that we’ll have the money to build the energy transition we dream of.”
Environmentalists challenge this logic, noting that Brazil allocated only 0.06 per cent of oil revenue to energy transition from 2018 to early 2025. Past COP events in oil-producing nations, including the UAE and Azerbaijan, have raised concerns about the influence of fossil fuel interests on climate negotiations.
Stielstra framed the issue as a broader financing challenge. “Unfortunately, the dynamics we are usually in in these UN meetings … are no longer realistic”.
“We need new approaches to mobilise resources beyond traditional donors. Oil-rich countries have a role to play if COP 17 is to succeed.”
Analysts say the EU’s push reflects recognition that relying solely on traditional donors will not meet the targets of the Global Biodiversity Framework.
COP17 in Armenia will test the international community’s ability to bridge political divides and unlock finance from unconventional sources.
“Biodiversity is not only about protecting nature — it’s about people. Every voice matters, every idea counts, and practical solutions must follow,” Abisoghomonyan said.
