WWF Applauds the Adoption of the Global Biodiversity Framework Fund

WWF Applauds the Adoption of the Global Biodiversity Framework Fund

The “Global Biodiversity Framework Fund (GBFF)” has been launched at the recently held 7th session of the Global Environment Facility (GEF).

Through the GBFF, governments, non-profits and the private sector can now contribute their funds to the GBFF

With this financial contribution, the goals and targets of the ‘Kunming-Montreal Global Biodiversity Framework’ (KMGBF) will be met.

Target of GBFF:

  • The MGBF aims to protect 30% of land and 30% of coastal and marine areas by 2030, known as 30-by-30.
  • About 20% of the funds from the GBFF are targeted to support indigenous and local action to protect and conserve biodiversity.
  • At least 36% of the Fund’s resources are intended to support the most vulnerable, small island developing states and least developed countries.
  • Around 25% of the fund will be disbursed through selected international financial institutions to ensure streamlining of policies and raising resources through private sector participation.

About GBFF:

  • Governance: The GBFF Council will have the following representation – 16 member developing countries; 14 members from developed countries and 2 members from Central and Eastern Europe and former Soviet Union countries. The decisions of the GBFF Council will be taken by consensus on the lines of the GEF mechanism.
  • Financial Management: The World Bank will be invited to play the role of trustee of the GBFF.
  • The GBFF will be set up on the lines of the Capacity-Building Initiative for Transparency (CBIT) Trust Fund, the Least-Developed Countries (LDCs) Fund, the Special Climate Change Fund and the Nagoya Protocol Implementation Fund (NPIF).

Global Environment Facility (GEF):

  • The Global Environment Facility (GEF) is a financial mechanism that provides grants to developing countries for projects that benefit the global environment and promote sustainable livelihoods in local communities.
  • It was established on the eve of the 1992 Rio Earth Summit.
  • It is an international partnership of 183 countries, international institutions, civil society organizations and the private sector that addresses global environmental issues.
  • Its headquarter is in Washington DC, USA.

Functions:

Seven main areas: biodiversity, climate change (mitigation and adaptation), chemicals, international waters, land degradation, sustainable forest management/REDD and depletion of the ozone layer.

Source – Down To Earth

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