Source: DTE
Context: The Global Biodiversity Framework Fund (GBFF) has been ratified and launched during the 7th Assembly of the Global Environment Facility (GEF) in Vancouver, Canada.
What is the Global Biodiversity Framework Fund?
GBFF (1st approved in July this year under the Global Environment Facility (GEF)) aims to support the Kunming-Montreal Global Biodiversity Framework’s goals by 2030. Contributions from countries, non-profits, and the private sector are welcome.
Fund Allocations:
- 20% will be allocated to Indigenous Peoples and local communities (IPLCs)
- 25% to GEF agencies
- 36% to SIDS (Small Island Developing States)
- 3% to LDCs (Least Developed Countries)
The allocation for IPLCs will be reviewed for two years and the allocations for SIDS and LDCs will be reviewed for three years.
What is the Kunming-Montreal Global Biodiversity Framework?
Adopted at COP15 (2022), it includes 4 goals and 23 targets for achievement by 2030. It aims to restore ecosystems, conserve areas, prevent species extinction, reduce pollution risks, tackle climate change, and more.
- Signatories committed to channelling USD 200 billion per year for conservation.
- Companies to report biodiversity impacts.
- Focus on reducing harmful subsidies and enhancing monitoring
