Global Biodiversity Framework Fund (GBFF)
- 28 Aug 2023
Recently, in Vancouver, Canada, the Seventh Assembly of the Global Environment Facility (GEF) witnessed the long-awaited ratification and launch of the Global Biodiversity Framework Fund (GBFF).
Key Points
- Enabling Global Contributions: Governments, non-profits, and the private sector can now direct their resources to the GBFF, a pivotal step to ensure the realization of the Kunming-Montreal Global Biodiversity Framework (GBF) goals by 2030, as established by the Convention on Biological Diversity (CBD).
- Advancing Biodiversity Goals: The contributions pledged in Vancouver hold the potential to propel the world toward the aim of halting and reversing biodiversity loss by 2030, setting a course for nature's recovery by 2050.
- Impressively, Indigenous-led initiatives for biodiversity protection and conservation are set to receive 20% of the funds, reinforcing their crucial role.
- Prioritizing Support: The GBFF will prioritize Small Island Developing States and Least Developed Countries, allocating over one-third of its resources to these regions.
- This marks a significant stride, as non-state actors, including indigenous communities, are now eligible for funds allocation.
- Pursuing Ambitious Targets: As per GBF's Target 19, a minimum of $200 billion annually needs to be raised by 2030.
- Early Contributions: The initial contributions from Canada and the UK align with the GEF Council Decision from June, aiming for at least three donors to contribute $200 million to GBFF by December 2023.
- Challenges Ahead: Despite Canada and the UK's contributions, an additional $40 million is required to operationalize the fund by the end of 2023, a concern raised by civil society organizations like Avaaz and Conservation International.
