First Global Environment Facility (GEF) Council meeting of Global Biodiversity Framework Fund (GBFF) held in United States

Link copied successfully!

GBFF aims to scale up financing for implementation of Kunming-Montreal Global Biodiversity Framework (KMGBF).
- Ratified by 186 countries and launched in 2023 at Seventh GEF Assembly in Vancouver, Canada.
- Decisions of GBFF Council are to be taken by consensus.
- World Bank invited to serve as Trustee of GBFF.

Key highlights of meeting
- GEF’s member government have agreed to invest $1.1 billion for international action on biodiversity, climate change, nature renewal, and pollution control.
- They endorsed $203 million for 21 climate change adaptation projects funded by Least Developed Countries Fund and Special Climate Change Fund.
- Spain announced 10 million euros to GBFF, adding to contributions announced by Canada, United Kingdom, Germany, and Japan.
- GBFF Resource Allocation Policy and Project Cycle Policy were approved to allocate donor funds based on availability.

About KMGBF
- Adopted at COP15 (held in Montreal) to UN Convention on Biological Diversity.
- KMGBF has set 23 targets to be achieved by 2030 which include 30% conservation of land and sea, 50% reduction of invasive species, raising at least $200 billion per year etc.

About GEF

Established in 1992 Rio Earth Summit, it is a partnership of 18 agencies to address world’s most challenging environmental issues.
GEF's main governing body i.e. Council comprises 32 members appointed by constituencies of GEF member countries (14 and 16 from developed and developing countries respectively, and 2 economies in transition).
GEF serves as a "financial mechanism" to five conventions:
- Convention on Biological Diversity.
- UN Framework Convention on Climate Change.
- Stockholm Convention on Persistent Organic Pollutants.
- UN Convention to Combat Desertification.
- Minamata Convention on Mercury.