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New Global Biodiversity Framework Fund (GBF-Fund) ratified

Published: 1st Sep, 2023

New Global Biodiversity Framework Fund (GBF-Fund) ratified

Context

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

The Global Environment Facility:

  • The GEF is a family of funds dedicated to confronting biodiversity loss, climate change, pollution, and strains on land and ocean health.
  • Its grants, blended financing, and policy support helps developing countries address their biggest environmental priorities and adhere to international environmental conventions.
  • Over the past three decades, the GEF has provided more than 23 billion dollars.

Background

  • The Seventh Global Environment Facility (GEF) Assembly established a Global Biodiversity Framework Fund (GBF-Fund).
  • GBF-Fund is a special trust fund under the GEF, to support the implementation of the Kunming-Montreal Global Biodiversity Framework agreed at COP15 last year.

About the Global Biodiversity Framework Fund (GBF-Fund):

  • As part of the Kunming-Montreal Global Biodiversity Framework agreement, the GEF was requested to establish the Global Biodiversity Framework Fund, a special trust fund to support the implementation of the Agreement.
  • Significance: The creation of this fund and its commitment to supporting Indigenous Peoples and local communities is an important and clear recognition of the fundamental role they have had for generations protecting biodiversity.

Kunming-Montreal Global Biodiversity Framework:

  • The Kunming-Montreal Global Biodiversity Framework (GBF) was adopted during the fifteenth meeting of the Conference of the Parties (COP 15) following a four year consultation and negotiation process.
  • This historic Framework, which supports the achievement of the Sustainable Development Goals and builds on the Convention’s previous Strategic Plans, sets out an ambitious pathway to reach the global vision of a world living in harmony with nature by 2050.
  • Among the Framework’s key elements are 4 goals for 2050 and 23 targets for 2030.
  • The implementation of the Kunming-Montreal Global Biodiversity Framework will be guided and supported through a comprehensive package of decisions also adopted at COP 15.
  • This package includes a monitoring framework for the GBF, an enhanced mechanism for planning, monitoring, reporting and reviewing implementation, the necessary financial resources for implementation, strategic frameworks for capacity development and technical and scientific cooperation, as well as an agreement on digital sequence information on genetic resources.

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