7th GEF Assembly: Global Biodiversity Framework Fund ratified

Source: The post is based on the article “7th GEF Assembly: Global Biodiversity Framework Fund ratified”  published in Down To Earth on 25th August 2023

What is the News?

The Global Biodiversity Framework Fund (GBFF) was finally ratified and launched at the Seventh Assembly of the Global Environment Facility (GEF) in Vancouver, Canada. 

What is the Global Biodiversity Framework Fund (GBFF)?

Aim: To directly support global efforts to halt and reverse biodiversity loss by 2030, a goal agreed to by 196 countries as part of the Global Biodiversity Framework established at COP15.

Hosted by: Global Environment Facility (GEF) 

Funding: Governments, non-profits, and the private sector can now contribute their funds to GBFF.

Fund allocations: 20% will be allocated to Indigenous Peoples and local communities (IPLCs)

– 36% of the fund’s resources are aimed to support the most vulnerable people, small island developing states.

– 3% to LDCs (Least Developed Countries)

– About 25% of the fund will be delivered through selected international financial institutions to increase resources through private sector involvement and ensure policies are streamlined.

Note: This is the first time there would be funds channeled to non-state actors like the indigenous communities.

First meeting: The first GBFF Council meeting will be held in January 2024.

What is the Global Environment Facility (GEF)?

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