This article explores an evolving topic relating to sustainability. It does not comment on current credit ratings or constitute methodology used for credit ratings. This report does not constitute a rating action. The recently concluded COP17, held this year in Armenia, revealed a critical implementation challenge: 40% of participating countries still have to develop their national biodiversity strategies and action plans. S&P Global Ratings believes sustainable issuance is the primary avenue for debt capital markets to support the objectives of the CBD, although broader structural impediments remain. At each biodiversity conference, the 196 participating countries meet to agree on decisions, targets, frameworks, and guidance for putting the CBD into practice. Most of these agreements are non-binding, however. Key agreements made
