Facts for Prelims (FFP)
Source: Mongabay
Context: We already covered the Global Biodiversity Framework Fund (GBFF) yesterday. This is additional information for GBEF.
Global Biodiversity Framework Fund (GBFF) is presented in a tabular format:
| Aspect | Details |
| 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. | |
| Purpose | To mobilize investment and accelerate conservation efforts for global biodiversity. |
| Launch | Ratified at the Global Environmental Facility’s seventh assembly in Vancouver, Canada by representatives of 185 countries. |
| Governance | GBFF Council Representation:
· 16 members from developing countries · 14 members from developed countries · 2 members from countries of central and eastern Europe and the former Soviet Union
Decision-making: Consensus-based decisions, following the GEF Instrument model.
|
| Financial Mobilization Goals | · 20% will be allocated to Indigenous Peoples and local communities (IPLCs)
o The allocation for IPLCs will be reviewed for two years and the allocations for SIDS and LDCs will be reviewed for three years. · 25% to GEF agencies · 36% to SIDS (Small Island Developing States) · 3% to LDCs (Least Developed Countries) |
| Targets | Raise international financial flows to developing countries (at least $20B by 2025, $30B by 2030) |
| Priority Support: | Small Island Developing States (SIDS) and Least Developed Countries (LDCs) will receive over a third of the fund’s resources, prioritizing their biodiversity conservation efforts. |
| Financial Management: | · Trustee: The World Bank will serve as the Trustee of the GBFF.
· Establishment: Modeled after funds like Capacity-Building Initiative for Transparency (CBIT) Trust Fund, Least Developed Countries (LDCs) Fund, Special Climate Change Fund, and Nagoya Protocol Implementation Fund (NPIF) |
| Funding Sources | Governments, philanthropy, the private sector, international financial institutions. |
| Goals | Halt and reverse biodiversity loss, and promote sustainable species and ecosystem health. |
| Addressed Threats | Wildfires, flooding, extreme weather, unsustainable activities, urbanization. |
| Challenges | Need for more contributions, and firm commitment to allocate funds to Indigenous groups. |
