This paper assesses the extent to which COVID‐19 directed the attention and resources of the international community away from peacebuilding, and the potential impact on conflict‐affected environments. The paper draws from a global survey, interviews, and conversations with peacebuilding practitioners, publicly‐available data on peacebuilding funding and real‐time data on conflict events from the Armed Conflict Location and Event Dataset (ACLED). The paper argues that resources and attention have “pivoted” away from peacebuilding to address the threat presented by COVID‐19, and that this can – but does not always – adversely impact conflict dynamics. It argues that this “pivoting” belies the interconnectedness of crises, leads to “forgotten crises” and escalating threats, and exposes deficiencies in peacebuilding funding and, more broadly, preparedness and crisis response. Crises do, however, provide opportunities for reflection and change, including how to address these deficiencies and, in so doing, advance more efficient, effective, and ethical practice.