The 15th UN Biodiversity Conference (COP-15) in Kunming, China, presents an opportunity for transformative change to address the biodiversity crisis. However, a lack of consensus on two key issues—mobilization of the necessary resources; and the scope and functioning of regulatory regimes that govern access to genetic resources and the sharing of benefits resulting from their use—threaten progress under the next 10-year strategic plan of the Convention on Biological Diversity. We highlight systemic misconceptions concerning the financing of biodiversity and the burden this places on the Access and Benefit Sharing (ABS) system. We caution that unworkable ABS regulatory frameworks and conflating ABS with resource mobilization could disrupt science policies built on open access, with potentially severe ramifications for research and innovation. To resolve these tensions, we call for a recalibration of ABS to maximize the value delivered by biodiversity for all of society, including indigenous peoples and local communities.
