Source: DTE
Context: During the 64th Global Environment Facility (GEF) council meeting in Brazil, $1.4 billion was approved for disbursement to address climate, biodiversity, and pollution issues.
Other decisions:
- Of the total 4 billion, $653 million has been allocated specifically for biodiversity, aiming to support countries in updating their National Biodiversity Strategies and Action Plans and meeting the targets of the Kunming-Montreal Global Biodiversity Framework by 2030.
- Latin America and the Caribbean region receive the most funding, followed by Africa.
- The United Nations Development Programme, UN Environment Programme, and Food and Agriculture Organization are the top recipients among the 18 implementing agencies for GEF.
- A new trust fund called the Global Biodiversity Framework Fund will be established to support the implementation of the Kunming-Montreal biodiversity framework.
About GEF
GEF (est. during 1992 Rio Conference; HQ: Washington, D.C) is a multi-stakeholder partnership to tackle various environmental issues. Its funding is provided by participating donor countries and is mobilized through a replenishment process every four years.
It funds:
- Convention on Biological Diversity (CBD).
- United Nations Framework Convention on Climate Change (UNFCCC)
- Stockholm Convention on Persistent Organic Pollutants (POPs)
- UN Convention to Combat Desertification (UNCCD)
- Minamata Convention on Mercury
About Kunming-Montreal Global Biodiversity Framework:
It is a global agreement adopted at the 15th Conference of Parties (2022) to the UN Convention on Biological Diversity (CBD). It sets forth four goals and 23 targets to be achieved by 2030 to address the biodiversity crisis. The framework aims to restore and conserve ecosystems, reduce species extinction risk, mitigate pollution, promote sustainable practices, and allocate financial resources for biodiversity conservation. It also emphasizes the need for international cooperation and monitoring to track progress.
