Global Biodiversity Framework Fund

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Overview:

Recently, experts said that the world's new biodiversity framework fund is without any real financial commitment to meet conservation targets.

About Global Biodiversity Framework Fund

  • It is created to ramp up investment in nature restoration and renewal.
  • It has been designed to mobilize and accelerate investment in the conservation and sustainability of wild species and ecosystems, whose health is under threat from wildfires, flooding, extreme weather, and human activity including urban sprawl.
  • The fund was established at the 7th Assembly of the Global Environment Facility in Vancouver, Canada.
  • It will help countries achieve the 23 targets set under the Kunming-Montreal Global Biodiversity Framework (KMGBF).
  • The framework was adopted at the 15th Conference of the Parties (COP15) to the UN Convention on Biological Diversity last December.
  • It will be managed by the Global Environment Facility (GEF), and will raise funds through private, philanthropic and government investments.
  • This is a departure from GEF, which relied on just 40 donors for finance.
  • It will also have access to funds earmarked for biodiversity conservation under GEF.
  • The facility has a cumulative budget of $5.25 billion for 2022-26, of which 36 per cent is earmarked for biodiversity.
  • The remaining budget is for projects on climate change, pollution, land and ocean health.
  • The GBF Fund Council will be open to representation by the following members,
    • 16 Members from developing countries
    • 14 Members from developed countries
    • 2 Members from the countries of central and eastern Europe and the former Soviet Union.
  • Decisions of the GBF Fund Council are to be taken by consensus, along the lines of the GEF Instrument. 

Q1) What is the Global Environment Facility (GEF)?

It was established on the eve of the 1992 Rio Earth Summit of UNFCCC to help tackle our planet’s most pressing environmental problems. It is a family of funds dedicated to confronting biodiversity loss, climate change, pollution, and strains on land and ocean health.

Source: Can the Global Biodiversity Framework Fund make a difference?